Grenada’s Investment Migration Agency (IMA) has issued a stern warning against illegal discounting and unauthorized financing schemes within Grenada Citizenship by Investment (CBI) Programme, following recent findings that a Marketing Agent affiliated with a developer and several sub-agents have engaged in such illicit activities.
According to Circular No. 2 of 2025, the agency has uncovered documentary evidence showing that a developer with a registered office in Grenada provided unauthorized loans of $100,000 to applicants. The IMA has categorically condemned these practices, stating that they violate legal and regulatory frameworks, threatening the integrity of the country’s investment migration industry.
“This is an illegal, unauthorized, and egregious act which will not be tolerated by the Government, CBI Committee, or the Investment Migration Agency,” the IMA emphasized in its statement.
Violations and Consequences
The agency reiterated that all applicants for Grenada Citizenship and stakeholders must adhere to the established minimum investment requirements, which include:
- The minimum investment for real estate approved projects is US$270,000 to the developer and US$50,000 to the Government. Investment under this option must meet this statutory requirement.
- For projects not within the tourism sector, the minimum investment is US $350,000.
- In the case of contributions to the National Transformation Fund (NTF), the minimum investment required is US $235,000.
- The above price points relate to a single applicant or up to a family of four (4) people.
As a result of these illegal financing arrangements, the IMA reported that six applicants were denied in 2024, with two denials already in 2025, and a third rejection expected this week. The agency also confirmed that it has directed its international due diligence providers to intensify scrutiny on applications submitted through the implicated Marketing Agent and sub-agents.
Strengthened Due Diligence and Legal Sanctions
In response to these violations, Grenadian authorities have ramped up investigations and monitoring efforts, employing advanced technology and on-the-ground intelligence to detect and prevent further misconduct.
Moreover, the revocation process has been initiated for one approved applicant who benefitted from an unlawful discount. The IMA reaffirmed its commitment to upholding the program’s integrity and warned that legal and administrative sanctions would be imposed on violators, including:
- Revocation of licenses
- Rejection or denial of applications
- Revocation of Grenadian citizenship
- Project decertification
Additionally, the CBI Committee has demanded the termination of relationships with offending sub-agents to prevent further breaches.
Commitment to Compliance
The IMA stressed that it will continue working with international due diligence firms and relevant authorities to ensure strict compliance with Grenada’s CBI regulations. Further updates will be communicated as necessary.