Despite Covid-19, Grenada’s citizenship by investment program was very successful in the first half of 2020. The program in this period has accumulated $40.11 million. This amount was generated through 161 main applicants and 328 dependents. These figures make 2020 potentially a record-breaking year. The first half of 2020 is shown to be 34% more successful than the same period of 2019. The six-month performance of 2020 is the best the program has ever seen yet.
If the trend of income in the first six months continues until the end of 2020, Grenada’s program is going to break its record again. The projection predicts that the overall income is going to be $80.29 million. It means 2020 is set to be the fourth consecutive record-breaking year.
Rejection and Family Size Rates Mimic 2019
In the first six months of 2020, Grenada’s citizenship by investment program received 176 applications. The authorities rejected 18 of these applications. Thus, the rejection rate in 2020 currently stands at 10.2%. Compared to 2019, this rate is slightly lower. The rejection rate for Grenada’s citizenship by investment program in 2019 was 11.8%.
The average family size in applications was 3.1 in 2019. This rate did not change drastically either. In 2020, applications involved three people on average. Two dependent applications accompanied each main applicant.
Real Estate Investment Option of the Program is on the Rise
Real estate investments hit a low point in 2018. In 2019, the rate of real estate investments went up to 37% from 28%. In the first half of this year, this rate went further up to 47%. This three-year course suggests that the real estate investment option of the program is on the rise.
Generated income through different options already favors the real estate investment option. Since this option has a higher minimum investment requirement, the income generated is higher even when the number of investments is lower.
The otherwise most popular investment option of the program is the NTF option (National Transformation Fund). Although the NTF’s rate was higher in previous years, the real estate option generated more income for Grenada’s economy. Revenues brought by the NTF option amounted to $17.02 million. Real estate investments, on the other hand, brought $20.35 million.