Grenada Citizenship through Investment Breaks Records in 2024

The Grenada Citizenship through Investment Unit achieved unprecedented efficiency in 2024 by processing over 1,580 applications compared to 1,500 applications processed the year before it.

In addition, the Grenada Citizenship through Investment Unit granted Grenada citizenship to over 5,440 individuals, another record number of citizenships granted in a single year.

These successes coincide with a significant decrease in the number of applicants to the program, which reached about 80% less compared to the previous year. The number of applicants in 2023 was about 2,300 and in 2024 about 420.

The explanation behind this is that the number of applicants to the program has gradually increased over the past six years and was at its highest at the beginning of the war between Russia and Ukraine, but after the cessation of Russian and Belarusian applications, applications stabilized at their normal levels.

Approximately 90 applications were rejected and given the number of applications received, the rejection rate was 6%, which is lower than the overall rejection rate since the inception of the Grenada Citizenship through Investment Program, which is 8%.

When it comes to Grenada Citizenship through Investment Program revenue, it ranked second in terms of volume, down 1% from the previous year, generating approximately $413 million in 2024 and $417 million in 2023.

When it comes to the nationalities that benefited the most in 2024, China ranked first with 23%, followed by Nigeria with 19%, and Ukraine with 6% of the total number of applications.

The efficient operation of Grenada Citizenship through Investment Unit, especially in 2023 and 2024, has accelerated processing times to just 6 months, making it the fastest citizenship after investment program.

Grenada Citizenship through Investment Processing Details

The Grenada Citizenship through Investment Programme has set another record with over 565 applications processed in the third quarter of 2024, making it the largest quarterly processing in the programme’s history.

The last quarter of the year was down slightly to 185 applications processed following a decline in incoming applications and processing of previous applications. Around 51 applications were processed in October, 56 in November and 78 in December, and these are just the approved applications.

The first quarter of 2024 saw over 300% more applications processed compared to previous years, which the programme attributed to the implementation of a dual-track system where new and backlogged applications are processed separately.

As for the investment pathways available for Grenada Citizenship through Investment, real estate investment accounted for a higher share of investment in the National Transformation Fund, with around 57% of applicants choosing the real estate route and 43% choosing the second route.

The reason behind the desire to invest in real estate is to reduce the cost gap between the real estate investment option and the National Transformation Fund option following the recent reforms under the Memorandum of Understanding signed between the countries offering Caribbean citizenship.

Improving Grenada Citizenship through Investment Procedures

In order to reduce waiting times and speed up processing, the Grenada Citizenship through Investment unit is firstly seeking to convert the application process to a fully electronic process and secondly the unit is considering completing the application process in two stages instead of one stage.

Previously, applicants were required to submit documents that took months to collect, authenticate, translate and then submit, now the documents required for background checks will first be requested through agents on behalf of their clients and then the remaining required documents will be prepared for the program which will relatively shorten the processing process.

It was also agreed to find alternatives for some documents depending on the country and its culture as not all customs and laws in countries are the same, for example, family records from Islamic courts have been accepted instead of birth and marriage certificates in some Arab countries.

For more information about the Grenada Citizenship through Investment Program and to inquire about its benefits and application requirements, you can contact us through our communication channels in the link below, as we are the authorized Global Citizen Consultants agency for obtaining a Grenada passport and second citizenship by investment worldwide. Speak to one of our consultants now.