Grenada's Citizenship by Investment Programme — Funding a National Transformation Fund

Grenada launched its Citizenship by Investment (CBI) Programme in 2013, following the model pioneered by neighbouring St Kitts and Nevis. Applicants obtain Grenadian citizenship either through a non-refundable donation to the government's National Transformation Fund or by investing in an approved real-estate project.

CBI revenues have averaged roughly 5% of GDP annually since the programme's launch, according to IMF surveillance data. In 2022, foreign direct investment reached 14.1% of GDP, driven in part by CBI inflows. The government has used Fund proceeds to pay down budgetary arrears, build fiscal buffers, finance infrastructure projects, and — like St Kitts and Antigua — pay off IMF loans directly with CBI revenue.

The IMF's February 2025 Article IV consultation is explicit that this is not a stable, permanent revenue base: Grenada has stopped accepting applications from Russian nationals, and other CBI jurisdictions are tightening due-diligence scrutiny, both of which the Fund projects will reduce future inflows. Any government considering a similar mechanism should treat it as a supplementary, cyclical revenue source rather than a foundation for long-term fiscal planning.

Read the full analysis: https://cbi.gov.gd/