Grenada decertifies five CBI companies


Grenada has decertified five projects under its Citizenship by Investment Programme (CBI) announcing also that the persons associated with these projects “shall immediately refrain from sourcing potential investors to invest in the decertified project”.

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.

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.

“If 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,” Mitchell said then.

Chief executive officer of the CBI Office here, Thomas Anthony, signed the notices decertifying the five companies on July 7.  The notice was published in the official Government Gazette.

Among the companies decertified is one of the Canadian-based New Opportunities Investment Limited (NOIL) that had been informed that its “approved project status is hereby revoked effective as of the 7th day of July, 2023”.

The other companies decertified are all locally based, namely Hope Development Limited, Grenada Corolla Consultant Limited; Horseshoe Cove Resort and Port Louis Ltd.

Like the Canadian company they are all barred from July 7 advertising their “decertified 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”

The notice did not give the description of the projects involved.

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 Transformation Fund or become an investor in a CBI approved project.

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.

The majority of investors, 332 out of 453, chose the option of buying real estate.

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)

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  1. Well done to you Prime Minister Dickon Mitchell. You are putting your country and citizens first, after recognising that the CBI was being abused by outsiders.

    Homeland security in Grenada 🇬🇩 could have also been compromised as well.

    Why has Antigua & Barbuda ended up with such a DUD of a Prime Minister?

  2. No surprise to me, but it’s interesting to note the countries listed here.. it doesn’t take a rocket scientist to figure out why these rich people from such countries seek refuge in the Caribbean, for the same reason that some islands in the Caribbean were once the laundry capitol of the world.

    If Antigua has made this kind of money from its CBI, well where is the damn money, why do many sectors of government are lacking funds?

    Get rid of this corrupt CBI, but then again that might be wishful thinking 🤔 on my part.

  3. Numbers have been published for Grenada, so where are our stats? The same program that the ALP opposed when they were office is now their saviour and they abused and practically destroyed it. They know just how to spoil a good.

  4. PM Mitchell is just playing games, he is decertifying operations that have been defunct, some never got off the ground. Did these decertified operations received CBI funds and were passports issued?

    • Bwoi, if Mitchell is just “playing games” I dread to think what our FINANCIALLY EVASIVE Prime Minister is playing at @ Point?

      Food for thought, don’t you think?🤔

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