By Caribbean News Global
ST GEORGE’S, Grenada — Grenada Citizenship by Investment (CBI) unit is currently conducting an investigation into ostensibly ‘Illegal discounting of investment amount for application under Section 11” that are illegal and in breach of the Grenada CBI Act and regulations.
“It has come to the attention of the Grenada Citizenship by investment committee that there is aggressive promotion of a share buyback arrangement with a substantial reimbursement to the purchaser, via the marketing agent, immediately post the applicant obtaining their citizenship. […] Furthermore, it is understood that this process is inducing applicants to invest amounts below the qualifying investment stipulated by regulations under Section 10 of the Grenada CBI Act for the National Transformation Fund,” the Grenada CBI circular said.
The committee advises that based on the findings, “this could include the revocation of approval,” and further, “any buyback or rebate prior to the said statutory 5-year holding period is illegal”.
The Grenada CBI circular sign by chief executive officer, Percival Clouden, reiterates that, “these illegal actions undermine the success of the National Transformation Fund which is vital to the economic interest of Grenada; and further undermines investment in legitimate Section 11 approved projects…”
Grenada’s citizenship by investment came into being in August 2013, when the Grenadian parliament passed Act No. 15 of 2013, otherwise referred to as the ‘Grenada Citizenship by Investment Act, 2013.’
Recently, Grenada opened a Consulate in Dubai, United Arab Emirates, to further develop economic, cultural, and scientific ties between the two countries. Grenada’s Consulate in Dubai aims to bolster the country’s citizenship by investment program, working actively to promote it to potential investors and its many benefits for family members and the peace of mind that comes with convenient global mobility.
Grenada retained top CBI programme rankings due to its low pricing, powerful passport, and E-2 treaty, that offers incentives inclusive of an investment allowance, tax credit for training and customs duties exemptions. USA’s E-2 visa as well as visa-on-arrival and visa-free travel to over 143 countries.