Grenada's Citizenship by Investment programme is a material fiscal line item as well as an immigration route. Recent budget papers show CBI-linked transfers helping fund capital projects, while the IMA reports quarterly application, approval, and revenue movements.
This page uses the IMA's reports and statistics page, the Ministry of Finance's Q1 2026 IMA fiscal release, the 2026 Budget Statement, the 2026 Mid-Year Review, the 2026 budget estimates, the IMF's 2025 Article IV press release of 21 January 2026, and World Bank Grenada data. Treat 2026 figures as year-to-date until the full-year release is published.
Use this page as a trend view. Check the linked IMA release before quoting a quarter, because the programme reports applications, approvals, gross receipts, outflows, and net revenue separately.
Latest Grenada CBI statistics
For quick citation, start with this table. It combines IMA Grenada's quarterly statistics (applications, approvals, new citizens, revenues), the Ministry of Finance's Q1 2026 IMA fiscal release and the older Q4 2023 CBI statistics release, labelled by source, so applications, approvals, gross revenue, net revenue and estimated revenue are not mixed.
| Metric | Latest period | Official figure | Definition / use | Source PDF |
|---|---|---|---|---|
| IMA gross revenue | Q1 2026 | EC$44,167,956.12 | Gross receipts before IMA outflows; not the same as net public revenue. | IMA Statistics Q1 2026 |
| IMA net revenue | Q1 2026 | EC$38,883,057.65 | IMA revenues after commissions, refunds, fees, and charges. | IMA Statistics Q1 2026 |
| IMA gross revenue | Q4 2025 | EC$50,296,075.36 | Comparable prior-quarter gross IMA receipts. | IMA Statistics Q4 2025 |
| IMA net revenue | Q4 2025 | EC$43,140,898.86 | Comparable prior-quarter net IMA revenue. | IMA Statistics Q4 2025 |
| Applications received | Q1 2026 | 103 | Applications lodged in the quarter: 27 NTF and 76 real estate. | IMA Grenada Quarterly Statistics Q1 2026 |
| Applications approved | Q1 2026 | 119 | Quarter-of-decision approvals: 40 NTF and 79 real estate; 3 applications denied. | IMA Grenada Quarterly Statistics Q1 2026 |
| New citizens | Q1 2026 | 539 | Individuals granted citizenship in the quarter: 110 NTF and 429 real estate. | IMA Grenada Quarterly Statistics Q1 2026 |
| Cumulative estimated CBI revenue | To Dec 2023 | EC$1,128,747,211 | Older CBI estimated-revenue format including NTF, approved-project government contribution, related fees, and amounts due to developers. | CBI Statistics 2023 Q4 |
| NTF usage note | IMA reporting note | 90% capital projects / 10% disaster-resilience support | Allocation note for NTF resources; not an annual capital-budget percentage. | IMA Statistics Q1 2026 |
| Applications received | 2025 | 469 | Year to date at Q4 2025: 135 NTF, 333 real estate, 1 significant investment; 495 approved, 62 denied. | IMA Grenada Quarterly Statistics Q4 2025 |
| New citizens | 2025 | 1,124 | Individuals granted citizenship: 333 NTF, 789 real estate, 2 significant investment. | IMA Grenada Quarterly Statistics Q4 2025 |
| Central government net revenues | 2025 | EC$152,999,122 | NTF, approved-project government contribution and other revenue, less EC$39,258,500 associated expenditure. | IMA Grenada Quarterly Statistics Q4 2025 |
| IMA receipts (Ministry of Finance) | 2025 / 2026 projection | EC$192.3 million / EC$182.4 million | Ministry of Finance basis; not the same measure as IMA net revenues. | 2026 Mid-Year Review |
Methodology and limits
This page treats Grenada's older CBI statistics PDFs and the newer IMA releases as separate datasets. The Ministry of Finance's CBI releases (to 2023) report applications received, Cabinet approvals, new citizens, rejections, estimated CBI revenues, cumulative estimated revenues, eligible NTF revenue and NTF usage. From 2024, IMA Grenada's quarterly statistics report applications received, processed, approved and denied, new citizens, central government revenues and developer escrow inflows, and the Ministry's IMA fiscal releases report gross receipts, outflows, net revenue and NTF transfers.
Applications received are quarter-of-receipt counts. Cabinet approvals are quarter-of-decision counts and can relate to applications received earlier; the Q4 2023 CBI release states that estimated-revenue figures are based on applications approved by Cabinet irrespective of the calendar year in which the application was received.
Gross IMA revenue is not the same as net revenue. Gross receipts include NTF contribution, application and processing fees, approved-project government contribution, approved-project fees, and related fees. Net revenue subtracts IMA outflows such as commissions, refunds, fees, and charges.
This page does not annualize 2026. Q1 2026 is treated as a year-to-date quarter until Grenada publishes later 2026 IMA releases or a full-year release.
Capital-project claims use only the IMA transfer note that 90% of NTF resources finance capital projects and 10% supports disaster resilience. The page no longer treats CBI revenue as a precise annual percentage of Grenada's capital budget unless the source basis is reconciled.
Key Highlights: Grenada CBI at a Glance
Since its official launch in 2014, Grenada's citizenship-by-investment programme has become a recurring source of application activity and public-sector revenue reporting.
Headline figures below are compiled from the IMA Grenada reports and statistics page. Treat older application and estimated-revenue rows as compiled quarter-by-quarter figures, not as a single consolidated official dataset.
Citizenship-grant totals should be checked against the quarterly releases before reuse, because they are published by quarter rather than in one master table. The 2023 figures are the Ministry of Finance PDFs for Q1, Q2, Q3 and Q4; since 2024, IMA Grenada counts new citizens as the individuals granted citizenship.
Over EC$1.1 billion in cumulative estimated CBI revenues by end-2023
The Q4 2023 CBI statistics release reported cumulative estimated CBI revenues of EC$1.128 billion by December 2023, including NTF, approved-project government contribution, related fees, and amounts due to developers.
Record application year in 2023
Adding the four 2023 quarterly CBI releases gives 2,297 applications (576, 501, 621 and 599 by quarter), 1,503 Cabinet approvals and 4,794 new citizens for the year (Ministry of Finance CBI statistics). The Q4 release alone reported 599 applications and 426 approvals.
Real Estate vs NTF in 2024
The 2024 IMA fiscal reports split revenue between NTF and approved-project lines. The Q4 2024 release reported EC$103.6 million gross IMA revenues and EC$82.7 million net revenue in Q4, with NTF and approved-project components shown separately.
Capital-project support, not a fixed 2024 budget-share claim
IMA fiscal notes state that 90% of NTF resources are used to finance capital projects listed in the Estimates of Revenue and Expenditure. See the Q1 2026 IMA statistics PDF and the 2026 budget estimates. This page no longer states a fixed 2024 capital-budget percentage because revenue recognition and budget bases need to be reconciled first.
The following in-depth breakdown is based on these headline statistics.
Grenada CBI programme history and reporting milestones
Grenada's Citizenship by Investment program was introduced in 2013 and became operational in 2014, with the aim of attracting foreign capital in exchange for economic citizenship.
What began as a low-volume programme became a recurring fiscal source, but the scale and route mix need to be checked against the relevant quarterly release.
Over the course of a decade, the programme moved from early-stage reporting to regular quarterly statistics covering applications, approvals, revenue, and NTF usage.
The CBI timeline below outlines the major milestones and structural shifts that shaped this transformation:
2013–2014: Programme Initiation
Grenada enacts the Citizenship by Investment Act in 2013 and launches the programme in 2014. Uptake is slow, with minimal global visibility and limited agent infrastructure in place.
2016–2019: Surge and Expansion
CBI applications rose sharply in this period. Route mix changed by quarter, so real-estate and NTF shares should be taken from the source release for the period being quoted.
2020: COVID-19 Disruption
The pandemic year coincided with a 36% drop in applications in the compiled annual table. Treat this as a year-level application trend, not a statement about current-quarter revenue.
2021–2022: Post-COVID Recovery
Applications recovered in 2021 and 2022. Nationality and route patterns for those years should be checked in the relevant quarterly tables before quoting a market explanation.
2023: Geopolitical Reset
Grenada temporarily suspended new applications from Russian and Belarusian nationals in March 2022, as reported at the time by regional media (Jamaica Gleaner, 11 March 2022). In 2023 the Q2 CBI release reported 501 applications received, down from 576 in Q1, a decline of about 13% from the immediately preceding quarter.
2024–2025: Institutional Reform and Backlog Clearance
Since 2024 the programme's statistics have been published by IMA Grenada, the Investment Migration Agency that runs it under the Grenada Citizenship by Investment Act, 2013 (Act No. 15 of 2013). The IMA's 2024 report shows 1,583 approvals against 420 new applications, which should be read as backlog and decision-timing context rather than a same-year demand spike.
The programme's public reporting now links application trends, approvals, IMA receipts, NTF transfers, and capital-project notes more clearly than the older statistics releases did.
In the next section, we turn to the concrete numbers that underpin this story, year by year and quarter by quarter.
Applications and Approvals: Year-by-Year Breakdown (2014-2025)
The compiled annual table shows applications rising from 393 in 2016 to 2,297 in 2023. Nationality explanations and route shares should be checked in the quarter-specific source PDFs before reuse.
However, the volume alone does not provide a complete picture. Below we break down the programme’s performance by year, tracking applications received, approvals granted, rejections, rejection rate, and estimated total new citizenships issued.
The annual table shows the application peak: 2,297 applications in 2023 versus 393 in 2016. The rise was uneven, with COVID-era decline, 2023 policy changes, and later backlog effects all affecting the trend.
The annual table shows a 2020 contraction and then higher application counts in 2021-2023. Use the quarterly releases for route mix and nationality-specific explanations.
The rejection rate is useful mainly as a screening signal. Higher rejection or withdrawal rates should be interpreted with application mix, due diligence policy, and reporting definitions in mind.
The lowest rejection-rate year in the compiled table should be treated as a historical datapoint, not as proof of easier screening or stronger applicant quality.
| Year | Applications received | Applications approved by Cabinet | Applications rejected by Cabinet | Rejection rate (%) | Number of new citizens |
|---|---|---|---|---|---|
| 2014 | 93 | 45 | 3 | 6.25 | 128 |
| 2015 | 137 | 126 | 4 | 3.08 | 322 |
| 2016 | 393 | 375 | 35 | 8.54 | 925 |
| 2017 | 515 | 507 | 22 | 4.16 | 1,253 |
| 2018 | 873 | 866 | 29 | 3.24 | 2,150 |
| 2019 | 1,003 | 1,002 | 25 | 2.44 | 2,492 |
| 2020 | 642 | 453 | 39 | 8.61 | 1,222 |
| 2021 | 566 | 402 | 24 | 5.63 | 1,047 |
| 2022 | 1,251 | 453 | 8 | 1.74 | 1,127 |
| 2023 | 2,297 | 1,503 | 58 | 3.72 | 4,794 |
| 2024 | 420 | 1,583 | 93 | 5.55 | 5,443 |
| 2025 | 469 | 495 | 62 | 11.13 | 1,124 |
In the compiled table, 2024 looks like a transition year: new applications declined while approvals remained high. Read that as timing and backlog context, not as evidence that 2024 demand rose.
2,297
Highest Applications
in 2023
1.74%
Lowest Rejection Rate
in 2022
1,583
Most Approvals
in 2024
These stat cards offer a quick glance at some of the standout moments from the last decade. They’re more than trivia; they reflect inflection points in policy, perception, and global mobility economics.
Quarterly Trends and Market Volatility (Q1 2017-Q1 2026)
While annual numbers show the long-term trajectory of Grenada’s CBI program, quarterly data unearths the volatility hidden beneath the surface. From sudden surges to abrupt collapses, these fluctuations often reflect global political shifts, processing bottlenecks, and the lag time between application submission and approval.
The Q1 2023 CBI release reported 576 applications received, not 1,251. The larger 2023 full-year total comes from combining the four quarterly releases.
The Q2 2023 CBI release reported 501 applications received, down from 576 in Q1, a decline of about 13%. The Q3 release then reported 621 and Q4 reported 599.
Restrictions on Russian and Belarusian applicants, first announced in March 2022, changed the applicant pool. Later approvals can reflect earlier submissions because Cabinet approvals are decision-period counts.
2024 was unusual: IMA Grenada recorded 420 new applications but 1,583 approvals and 5,443 new citizens (IMA Grenada Q4 2024 statistics), consistent with older applications being decided that year.
This mismatch between applications and approvals creates a revenue lag: cash can be recorded after the application quarter that generated it. The IMA fiscal releases separate gross receipts, outflows, and net revenue, which is why current-quarter applications should not be treated as current-quarter revenue.
The quarterly releases show the same pattern: approvals and revenue can land several quarters after the applications behind them.
Revenue Sources: NTF Donations vs Real Estate Investment
Grenada’s Citizenship by Investment program is structured around two primary streams: National Transformation Fund (NTF) donations and approved real estate investments. Both offer a pathway to citizenship, but they differ significantly in their financial characteristics, economic impact, and reporting dynamics.
The Two Routes
NTF contributions are paid to the state. The IMA's fiscal notes say 90% of NTF resources finance capital projects listed in the Estimates of Revenue and Expenditure and 10% supports the Disaster Resilience Strategy through the Contingency Fund.
Real estate investments, by contrast, involve purchasing shares or units in approved development projects. While the dollar figures tend to be higher, the government doesn’t receive the payment all at once. Much of it is routed through escrow accounts, with portions disbursed in stages, often months after the initial application.
Dominance and Utility
The fiscal tables separate NTF and approved-project revenue lines. Do not treat headline investment volume, government contribution, fees, and net public revenue as interchangeable. The Q4 2024 IMA release is a useful example of the split.
Approved-project money goes mainly to the developer's escrow account (EC$211,216,473 in 2025, according to IMA Grenada); only the government contribution and related fees count as central government revenue.
This dynamic becomes even clearer when looking at recent data:
| Year | Approved-project/developer amount (approx. USDm) | NTF contribution (approx. USDm) | Government contribution and fees (approx. USDm) |
|---|---|---|---|
| 2020 | 56 | 31 | 6 |
| 2021 | 60 | 33 | 12 |
| 2022 | 83 | 24 | 26 |
| 2023 | 248 | 101 | 67 |
| 2024 | 209 | 129 | 77 |
This table shows annual revenue totals per stream between 2020 and 2024. You’ll notice that:
- 2023 was the highest application year in the compiled table. Route-level explanations should be checked in the quarterly source releases before attributing the peak to one route.
- 2024 had far fewer new applications than 2023 (420 against 2,297), yet IMA net revenues reached EC$472,981,142 for the year (IMA Grenada Q4 2024 statistics), because approvals and payments trail applications.
The “Revenue Echo”
The same lag applies to NTF flows. Because approvals often trail applications by several quarters, and funds are paid after approval, cash received in 2024 largely reflects applications lodged in 2023.
It's crucial to understand this delay: CBI revenue today doesn't necessarily correlate with current application activity; it's a reflection of past demand.
Budget Impact: How CBI Funds Grenada’s Growth
The clearest current budget link is in the IMA fiscal notes: 90% of NTF resources are used to finance capital projects listed in the Estimates of Revenue and Expenditure. Any annual budget-share percentage should be recalculated from the budget paper and the relevant IMA release before quoting.
The 2026 Budget Statement (1 December 2025) says that by the end of the third quarter of 2025 the IMA had already achieved its budgeted revenue with a surplus, that two new developments were approved, bringing active CBI projects to eight, and that in 2026 the CBI legislation will be repealed and replaced in preparation for the regulatory role of ECCIRA.
IMA notes allocate most NTF resources to capital projects and a smaller share to disaster-resilience support. See the Q1 2026 IMA statistics PDF for the current reporting note.
CBI revenue and capital-project support
The strongest current budget-support claim is the IMA transfer note: 90% of NTF resources finance capital projects listed in the Estimates of Revenue and Expenditure, while 10% supports disaster-resilience strategy.
This page no longer states a precise CBI-share-of-capital-budget percentage. To calculate that safely, reconcile the IMA revenue release with the budget estimates on the same currency, fiscal year, revenue-recognition, transfer, and outflow basis.
Older CBI estimated-revenue tables can be useful for trend context, but they should not be treated as the same metric as net IMA revenue or actual Treasury receipts.
Who’s Buying Grenada Citizenship? Applicant Demographics & Geography
Grenada's CBI releases include nationality and route details in some periods, but the country mix changes by quarter. Treat the notes below as directional unless you have checked the source release for the period.
Nationality mix changes by period. IMA Grenada's 2025 year-to-date figures put Nigeria first with 16% of applications, then China 12%, Iraq 9% and the USA 7%; in Q1 2026 Nigeria had 24%, China 15%, the USA 9%, Iraq 7% and Germany 6%; in 2024 China led with 23%, ahead of Nigeria 19% and Ukraine 6% (IMA Grenada quarterly statistics).
Top Applicant Nationalities
The nationality notes below are directional and should be verified against the quarterly CBI/IMA releases before quoting a country share.
For cumulative citizenship grants, add up the quarterly releases; since 2024 the IMA counts every individual granted citizenship. The IMA's reports page is the source of record.
India & South Asia
South Asia appears in several market discussions, but official country share should be checked in the relevant quarterly release before quoting growth or ranking.
Regional Shifts and Market Signals
The March 2022 suspension of Russian and Belarusian applicants changed the applicant pool. Use release-specific nationality tables before stating that one region displaced another.
African applicant share should be checked in the relevant quarterly release before quoting a rank.
North American interest is often discussed alongside Grenada's E-2 treaty access, but official applicant share should be verified in the quarterly tables.
Asian applicant patterns vary by quarter. Avoid treating one period's country mix as a permanent shift.
European applicant patterns should be quoted only from the specific release period being analysed.
Why It Matters
A broader nationality spread can reduce dependence on one applicant market, but this is a risk-management interpretation rather than a figure reported directly by the CBI PDFs.
Check whether the latest nationality table is concentrated in one market before drawing sanctions or recession-risk conclusions.
Revenue stability depends on approvals, route mix, payment timing, refunds, and outflows, not applicant nationality alone.
Policy alignment with partners such as the United States should be tied to official programme notices, eligibility rules, and due-diligence changes.
Compliance, Scrutiny & Programme Risks
Grenada's CBI programme has faced tighter due diligence expectations, regional harmonisation, and partner-country scrutiny. Those changes should be discussed as policy signals, not as proof that one programme is categorically stronger than another.
The table below lists compliance and policy events that affect how Grenada CBI demand and reporting should be interpreted:
| Policy / action | Year | Focus | How to interpret it |
|---|---|---|---|
| Suspension of Russian and Belarusian applicants | 2022 | Eligibility and partner-country alignment | Changed applicant pool; compare pre- and post-suspension periods separately |
| Enhanced due-diligence measures | 2023-2024 | AML / KYC screening | Can affect approval timing, rejection rates, and applicant mix |
| Reporting moves to IMA Grenada quarterly statistics | 2024 | Institutional reporting | Later releases use IMA fiscal-performance format rather than older CBI tables |
| Regional CBI harmonisation | 2024 | Pricing and programme standards | Compare official minimums and rules before making route-value claims |
| Global AML and partner-country scrutiny | Ongoing | External compliance pressure | Supports cautious language around mobility and processing risk |
| Visa-waiver and mobility-policy reviews | Ongoing | Geopolitical risk | Treat passport-mobility claims as changeable, not guaranteed |
| U.S. Proclamation 10998 (Antigua & Barbuda, Dominica) | 2026 | Partner-country scrutiny | U.S. visa suspension from 1 Jan 2026 for two CBI states; Grenada not named |
| ECCIRA establishing agreement published | 2026 | Regional regulation | Regional standards still to be published; Grenada plans to replace its CBI law |
| IMA Grenada independent programme review | 2026 | Programme governance | Run September-October 2026; public summary to follow |
Future Outlook: Policy Changes & Market Positions
The current phase is more regulated and more expensive across the Caribbean. For Grenada, the key questions are official pricing, due-diligence expectations, processing capacity, and fiscal transparency.
Programme trajectory into 2026
The data points to a post-COVID recovery, a 2023 application peak, later policy tightening, and a revenue lag between application intake and recorded IMA receipts.
A stylised reading of the data is that Grenada moved from high-volume growth into a more compliance-led phase after regional pricing and due-diligence changes.
Caribbean CBI landscape in 2026 (headline view)
| Programme | Headline minimums | Relevant factor to verify |
|---|---|---|
| Grenada | US$235,000 NTF (family of up to four) | U.S. E-2 treaty country since 1989 (9 FAM 402.9-10) |
| St Kitts & Nevis | US$250,000 SISC (family of up to four) | Official minimums and family-pricing rules |
| Dominica | US$200,000 EDF (single applicant) | U.S. visa suspension for nationals from 1 Jan 2026 (Proclamation 10998) |
| St Lucia | US$240,000 NEF (applicant + up to 3 dependants) | Multiple investment routes; verify route-specific rules |
| Antigua & Barbuda | US$230,000 NDF per application | U.S. visa suspension for nationals from 1 Jan 2026 (Proclamation 10998) |
The headline terms reflect the regional harmonisation process under the Caribbean Memorandum of Agreement. Investors should always verify the latest official regulations before committing.
Closing Analysis
Grenada's Citizenship by Investment programme combines application demand, fiscal impact, due-diligence scrutiny, and the separate investor appeal of U.S. E-2 treaty access. The data shows a system moving from volume spikes toward more detailed revenue and compliance reporting.
As pricing harmonises across the Caribbean, Grenada's competitiveness should be judged on official terms, processing evidence, due diligence, route mix, and long-term value for applicants rather than broad positioning claims.