My friend is initiating a real estate project in Grenada and I would like to invest in exchange for Grenadian citizenship. However, he is not sure if the project can get approval for the citizenship by investment program of the country. Can I still qualify for the program if the project is not an approved one by the country? If so, what are the differences in terms of investment amounts and procedures?
For you to obtain citizenship by investment under the current law, you must invest in an approved project, that is, a project designated under the law that allows for investors in it to obtain citizenship upon meeting the necessary criteria. You should consult a local attorney before making any investment.
You can only invest in an approved project. If you wanted to apply via the NTF and if your friend's development was approved before your approval came through, you could theoretically switch, but there is a fee payable to the CBI committee to approve the same as well as the fee difference between the donation and investment routes. The Approved Development process is a complex and detailed one to ensure that those developments granted CBI access are properly funded, managed and stand the best chance of success.
No applications will be entertained and approved by the CBI Committee in relation to a project if it is not approved.
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