Grenada, Realising The Benefits Of A New Approach To Citizenship By Investment

St. George's Grenada
Alexandra Otway-Noel
Minister in the Prime Minister’s Office

Grenada’s Citizenship by Investment (CBI) Programme continues to be an attractive avenue for investors the world-over and Grenada has strategically positioned itself neatly in the foresight of those who can not only afford to invest but are also interested in legitimately establishing a new home, away from home.

Grenada more than 3 years ago re-joined the CBI community of nations and under the direction of the prime minister and minister for Finance Dr the right Hon Keith Mitchell. Minister in the Prime Minister’s Office Hon Alexandra Otway-Noel is charged with promoting the programme and has established Grenada’s CBI in the same lines as “prestige” and “integrity” due to the outstanding calibre of high net worth investors coming to the island, the quality of the projects and the tremendous success currently being seen in Grenada in growth and development.

In a sit-down with Business Focus OECS, Minister Otway-Noel outlined the separations between Grenada’s programme and that of other islands.

“Grenada’s CBI Programme has been extremely well received around the world with several major marketing groups having dubbed it the best in the Caribbean.

“We don’t skimp on our due diligence at all. We continue to ensure it is ironclad to guarantee longevity in the program,” Minister Otway-Noel said.

She went on to note that in order to preserve the standing of projects and other initiatives that fall under the CBI Programme, the island has established a series of legal protocols and requirements.

According to the former Tourism and Implementation Minister, Grenada’s CBI Programme is set up in a manner that takes into consideration the shortfalls and lessons taught by other more established programmes from around the Caribbean and the world.
She cited some 14 projects currently active through the CBI with the intention of the Grenada Government to keeping a tight lid on the number of approved projects.

“The ultimate goal is to see these projects built so that we have jobs and opportunities for our people,” the Minister said, adding, “there must be a domino effect.”

More than seven of these CBI-linked projects are ongoing construction initiatives. Tourism, Hospitality and Fisheries industries are among those in active progress.

Despite its successes though, the Minister underlined her Government’s determination to “protect” the island’s sovereignty and makes clear its intention to control the volume of CBI investors and approved projects in order to ensure that what is approved is actually realisable.

“We want to make sure that we protect our sovereignty. We are not interested in huge volumes. We are interested in investors who are looking to have a good return on their investment as well as have respect for our citizenship,” the Minister said.

Grenada boasts one of the fastest growing economies in the region and Minister Otway-Noel has sought to create a linkage between the existing economic growth and the contribution made by the CBI Programme.

Citing the many benefits for CBI investors, the Minister noted Grenada’s “excellent diplomatic relations around the world along with unique visa free access to key territories including China.

“There is a lot going for someone investing in Grenada because of the strength and diversity of our economy as well. There is a lot of potential for investment and development opportunities for people looking to take advantage of Grenadian citizenship,” the Minister said.

The island’s CBI Programme is marketed by a series of firms around the world including Europe and North America.

“Citizenship by investment is not something that is uncommon. All countries have some level of investment opportunity that could lead to citizenship. So, we are out there with Cyprus and Canada and other countries that are interested in such programmes,” the Minister said.

She cited “friendly competition” with CBI Programmes in other islands but maintained that there was “enough [credible investors] to go around and as a region we must pay close attention to protecting the region”.

“We live in a global village where people want to become global citizens and more and more people are moving around the world for various reasons. We are ready to be a part of that and we recognise the opportunity to build our economy as a result of it,” the Minister stated.

Minister Otway-Noel noted a wealth of investment opportunities that exist in Grenada across all sectors and the island’s exceptional standing with the IMF and other global institutions.

“We are moving forward and we can see that we have a very bright future ahead of us,” the Minister said.

To qualify, each applicant, their family and or business partners must be approved individually by the Government of Grenada through a strict due diligence process.