Grenada looking to citizenship by investment programme
Grenada says it is hoping to develop certain sections of the economy from revenue earned under its citizenship by investment programme.
The controversial scheme allows direct citizenship by investment, as well as a path to citizenship for wealthy investors.
Even though actual gains have so far been lower than projected, prime minister Keith Mitchell told reporters at the just-ended CARICOM summit that the government in St George’s had not been targeting large numbers under the programme, which was reintroduced in 2013.
“I think it’s a good tool in the present circumstances to help in development.
“All we have to do is make sure that the persons we give the citizenship to are people that will not embarrass us. In other words, all the checks and balances must be in place to do so,” Mitchell said.
“And Grenada has not been going for numbers, we’ve been very careful. In fact, the only area of our budget that we fell short in last year and this year again is the projection of the amount we will be getting under the citizenship programme because we’ve been extremely careful,” Mitchell said.
He said despite the lower than expected revenue from the programme, other sections of the economy were performing well.
“It’s the first time in my 30 years as a government person where parliament projected to earn revenue and met that target. In most cases not only did we not meet the target, but we fell 40, 60, 70 million dollars short. Today, we are making more than we are projecting,” the prime minister explained.
Grenada is one of four Caribbean islands to introduce citizenship by investment programmes, the other three being Antigua & Barbuda, Dominica and St Kitts and Nevis.