Grenada introduced new regulations to ensure that property developers will complete the qualifying projects for citizenship.
According to the amended Grenada Citizenship by Investment law, future projects must invest minimum equity of 20 per cent of the total cost of construction into the project before approval.
The reason to introduce stricter conditions for the developers is that several luxury hotels and projects did not finish in the Caribbean region not only in Grenada. “White elephants litter the beaches of the region, some half-built and others never to be completed”, according to Caribbean News Now.
Meanwhile, the new regulations guarantee the much-required protection for the investors participating in the citizenship program. Now, the investors must use their money as well to get approval, and the applicants may have more trust in the qualifying projects.
Even beautiful Grenada felt the danger of the unaccomplished projects. The government started an investigation in the GSA case. The Grenada Sustainable Aquaculture (GSA) introduced the so-called “Zero-Water Exchange Sustainable Organic Shrimp Farm”. Later appeared, that the company allegedly took money from investors in exchange for citizenship, but they did not construct the facility.
A recent analysis of data from imidaily’s CBI Real Estate Watch showed that less than a third of the region’s approved projects are complete. In Grenada, that proportion is fewer than 20%. However, not all players on the Spice Isles’ citizenship market are happy to accept the new regulations.
Grenada’s Citizenship by Investment Programme is one of the most attractive immigration schemes for wealthy applicants to obtain a second passport and enjoy the freedom of travel, even in the Schengen zone. Another impressive feature of Grenada is that its citizen qualifies for the E2 US Entrepreneur Visa. Practically, investing for the Grenadian citizenship and then move to the US as a passport holder of Grenada, through the E2 scheme is more affordable and significantly faster than wait in the queue for the US EB-5 program.
The government also amended the regulations to decrease the minimum amount of investment in real estate to 220,000 USD, perhaps the reason behind the move is to compete with the new European citizenship by investment programs of Moldova and Montenegro.
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