Grenada issues deadline for CBI registry

Local and international marketing agents for Grenada’s Citizenship by Investment (CBI) programme are to compile a list of all Russian and Belarussian applicants for submission to the CBI Unit by midnight on March 31, 2023. Grenada will not accept applications to the program from these two countries after that date.

These two countries will join North Korea, Iran, and Palestine as countries barred from participating in the Grenada CBI program. The decision to establish the registry is part of Grenada’s decision to comply with a request from the US following the historic US-Caribbean Roundtable on Citizenship by Investment held in Saint Christopher (St Kitts) and Nevis on February 25, 2023.

The participating countries agreed on six principles for the future at the meeting. They are as follows:

1. Collective agreement on the treatment of denials: Not to process applications from persons whose applications have been denied in another CBI jurisdiction, by proactively sharing information on denials
2. Interviews: Conduct interviews with applicants, whether virtual or in-person
3. Additional checks: Each jurisdiction will run checks on each application with the Financial Intelligence Unit of its respective country
4. Audits: Audit the Programme annually or every 2 years in accordance with internationally accepted standards
5. Retrieval of passports: Request law enforcement assistance to retrieve revoked/recalled passports
6. Treatment of Russians and Belarusians: Suspend processing applications from Russians and Belarusians. Four jurisdictions have already suspended applications and Grenada which processes applications from Russians and Belarusians with enhanced due diligence will suspend processing new applications from Russia and Belarus from 31 March 2023

“The Committee is aware that the process is a lengthy one, sometime between 6 and 9 months before there is a denial or acceptance. So, all applicants from Russia and Belarus who are currently in the system will be treated fairly. It, therefore, means that once that registry is submitted there can be no other applicants from these states,” said one local agent.