The unprecedented increase in the number of applications for "golden visas" of Grenada in 2022-2023 is due to the fact that the program remained open to Russians until April of this year, while the rest of the Caribbean programs were closed. This was stated by the head of the country's Investment Citizenship Committee, Richard Duncan. According to him, "perhaps about 90% of the currently approved applicants have Russian passports."
According to the latest report of the Ministry of Finance, a total of 573 million Eastern Caribbean dollars ($212 million) were raised in the first 6 months of 2023. This amount includes donations, fees and real estate investments. The first six months of 2023 turned out to be record-breaking for the Grenada CBI program in several parameters at once. According to the Committee, the results of the third quarter of the year "will be even better".
Since April 1 of this year, Grenada has imposed a ban on participation in the program for Russians and Belarusians. This will undoubtedly affect the number of applicants, believes IMI edition.
