Grenada Cracks Down: Rejects 8 CBI Applications, Revokes Citizenship Over Illegal Discounts!

In a statement issued yesterday, Grenada’s Investment Migration Agency (IMA) announced that it had rejected eight Citizenship by Investment (CBI) applications due to “clear and incontrovertible evidence of owner loan financing and illegal price discounting” — a practice that the IMA declared “completely unacceptable and subject to strict penalties.”

The IMA uncovered evidence showing that a marketing agent and its sub-agents had offered illegal financing arrangements to prospective citizenship applicants. One of the cases involved a $100,000 loan from a developer with registered offices in Grenada, used to reduce the applicant’s investment cost.

Grenada Takes Swift and Decisive Action

The Grenadian government responded swiftly and decisively to address these violations:

• 6 applications were rejected in late 2024
• 2 applications were rejected in early 2025
• 1 more rejection is expected this week

The enforcement measures are not limited to application rejections. The IMA has also initiated the process of revoking the citizenship of one previously approved applicant after confirming that they had obtained citizenship through illegal discounting.

The IMA’s statement did not disclose the names of the marketing agent or the developer involved in the violations. However, the agency confirmed that the CBI Committee had ordered the termination of relationships with the offending sub-agents.

Investment Requirements Under Grenada’s CBI Program

Grenada’s CBI program currently requires the following minimum investments:

• $270,000 in an approved real estate project plus a $50,000 government contribution
• $350,000 for non-tourism projects
• Alternatively, applicants can contribute $235,000 to the National Transformation Fund

Tighter Monitoring and Severe Penalties

The IMA stated that it has intensified monitoring efforts by deploying advanced technology and gathering intelligence on the ground. The agency has also instructed international due diligence providers to “pay particular attention” to applications from the implicated marketing agent.

Officials have outlined strict consequences for those violating the program’s requirements, which include but are not limited to:

• Revocation of licenses
• Rejection or denial of applications
• Revocation of Grenadian citizenship
• Project decertification

The IMA emphasized that these measures reflect the Grenadian government’s strong commitment to “eradicating illegal and unacceptable practices” from the CBI program.