{"id":182084,"date":"2023-08-10T12:05:41","date_gmt":"2023-08-10T16:05:41","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=182084"},"modified":"2023-08-10T12:05:41","modified_gmt":"2023-08-10T16:05:41","slug":"grenada-decertifies-five-cbi-companies","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/grenada-decertifies-five-cbi-companies\/","title":{"rendered":"Grenada decertifies five CBI companies"},"content":{"rendered":"
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Grenada has decertified five projects under its Citizenship by Investment Programme (CBI) announcing also that the persons associated with these projects \u201cshall immediately refrain from sourcing potential investors to invest in the decertified project\u201d.<\/p>

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Under the CBI, foreign investors are granted citizenship of Grenada in return for making a substantial investment in the socio-economic development of the island.<\/p>\n

In June, Prime Minister Dickon Mitchell had announced the authorities were in the process of decertifying several projects because they failed to commence despite being approved years before his administration was elected to office in June last year.<\/p>

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\u201cIf you have been approved and you have not started the project, there is no indication that you intend to do so, we will not hesitate in ensuring that we decertified the project,\u201d Mitchell said then.<\/p>

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Chief executive officer of the CBI Office here, Thomas Anthony, signed the notices decertifying the five companies on July 7.\u00a0 The notice\u00a0was published in the official Government Gazette.<\/p>\n

Among the companies decertified is one of the Canadian-based New Opportunities Investment Limited (NOIL) that had been informed that its \u201capproved project status is hereby revoked effective as of the 7th day of July, 2023\u201d.<\/p>

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The other companies decertified are all locally based, namely Hope Development Limited, Grenada Corolla Consultant Limited;\u00a0Horseshoe Cove Resort\u00a0and\u00a0Port Louis\u00a0Ltd.<\/p>\n

Like the Canadian company they are all barred from July 7\u00a0advertising their \u201cdecertified project as an approved project on any websites and on any promotional advertising material; and shall immediately refrain from sourcing potential investors to invest in the decertified project\u201d<\/p>

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The notice did not give the description of the projects involved.<\/p>

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Since 2014, more than 8000 people from different parts of the world including China, Russia, Nigeria, South Africa and India have become citizens of Grenada through the CBI programme. Applicants can either pay a prescribed amount to the National\u00a0Transformation Fund or become an investor in a CBI approved project.<\/p>\n

Grenada is reported to have earned an estimated EC$362.5 million (One Ec dollar=US$0.37 cents) through its CBI programme in 2022, 23 per cent more than the previous year and 30 per cent more than in 2020.<\/p>\n

The majority of investors, 332 out of 453, chose the option of buying real estate.<\/p>\n

The authorities have approved 578 new citizens during the first quarter of 2023, earning was just under EC$57 million. A review of the 2023 Estimates and Revenue shows that the government is projecting it will earn EC$240,461,920 for the year. (LOOP)<\/p>\n

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Grenada has decertified five projects under its Citizenship by Investment Programme (CBI) announcing also that the persons associated with these projects \u201cshall immediately refrain from sourcing potential investors to invest in the decertified project\u201d. Under the CBI, foreign investors are granted citizenship of Grenada in return for making a substantial investment in the socio-economic development […]<\/p>\n","protected":false},"author":3,"featured_media":87583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-182084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-regional"],"yoast_head":"\nGrenada decertifies five CBI companies - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/grenada-decertifies-five-cbi-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grenada decertifies five CBI companies\" \/>\n<meta property=\"og:description\" content=\"Grenada has decertified five projects under its Citizenship by Investment Programme (CBI) announcing also that the persons associated with these projects \u201cshall immediately refrain from sourcing potential investors to invest in the decertified project\u201d. 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