Caribbean Investment Summit Addresses Key Changes
Last week, La Vida attended the annual Caribbean Investment Summit which gave us further insight into the pending changes and evolvement of the Caribbean Citizenship by Investment programmes. The conference facilitated substantive discussions, allowed us to reconnect with our industry peers and meet with key stakeholders, including the Prime Minister of Grenada and the heads of the Citizenship by Investment Unit (CIU).
Hosted this year in Grenada, the conference covered all the Caribbean nations offering CBI programmes, including St Kitts, Antigua, Dominica and St Lucia. A number of positives came from the conference and a key takeaway from our team was that Grenada’s Citizenship by Investment programme has begun to address application processing times. By doubling the CIU staff headcount, the estimated processing timeframe is now between 3-4 months from the date of submission. In most the other nations, processing is taking around 6 months.
Alongside conference engagements, our team conducted several site visits to some of the key real estate investment projects under our portfolio. One highlight of our visits was seeing one of our top-selling projects in its final construction stages. We also had the privilege of staying in one of the completed resorts that sold out last year ago and is now fully operational. This five-star luxury resort boasts breathtaking views and exquisite interiors. The local Grenadian staff provided us with exceptional, heartfelt service, making our stay truly unforgettable. Seeing both resorts – one fully operational and the other progressing towards its full potential, reaffirmed our confidence in the quality of the projects we represent. It is always a pleasure to see the vision of the developers we work with come together.
All Caribbean nations, including Grenada, are poised to increase their minimum investment thresholds to $200,000 USD by June 30th, 2024, and this was confirmed once again by heads of state at the conference. With less than 30 days remaining until the impending adjustment, investors are presented with a final opportunity to apply under the existing lower investment requirements, which range from $100,000 to $150,000 across most nations. While a price increase is not ideal for everyone, ultimately the new pillars, influenced by the EU and US, which include stronger due-diligence checks, will strengthen the integrity and longevity of the programmes.
Whether you decide to go down the donation avenue or real estate investment route, Grenada truly provides a prosperous and compelling citizenship by investment offering to those looking to secure a Plan B. Contact our team for more information and a full quotation.
