Grenada —Grenada’s Citizenship by Investment (CBI) programme has entered 2025 on a steady and promising note, according to the latest CBI performance figures released by the Investment Migration Agency (IMA) Grenada.

Applications Stay Robust

In the first quarter (Q1) of the year, the IMA received 123 applications, a slight uptick compared to the same period in 2024. The real estate option continues to lead the charge, accounting for 80% of all applications submitted to the IMA – a notable year-on-year increase of 15 percentage points over the National Transformation Fund, which continues to decline in popularity.These numbers reaffirm investors’ strong appetite for real estate-linked options, likely spurred by luxury developments and the enduring appeal of Grenadian property. 

As for the Significant Investment option, though no new applications were submitted for the option in Q1 2025, at least one application was processed. The inactivity in the category may warrant fresh outreach or refined incentives to encourage larger scale investments into Grenada that facilitate the naturalisation of investors while directly spurring economic development in the country.

Confidence Reflected in Citizenship Approvals

Grenada granted citizenship to 632 individuals in Q1 2025, highlighting consistent international confidence in the programme. Of these, 481 new citizens came via Real Estate investment, while 151 opted for the NTF route. The figures continue to demonstrate trust in Grenada’s offerings and underscore the attractiveness of its property-focused pathways.

Due diligence at work

A telling revelation in the data provided by the IMA Grenada is the year-on-year increase in denials recorded in Q1. In 2024, Grenada recorded a denial rate of 5.67% during the first quarter, the majority of which, some 64%, came from real estate applications. In the Q1, 2025, the denial rate increased exponentially to 14.37%, this time with 72% of the total denials being driven by the real estate option.  

Revenue from NTF to the Government and Real Estate Contributions

CBI-related inflows contributed EC$29.1 million directly to the government in Q1, 2025. However, a more comprehensive picture of fiscal performance comes from the IMA’s overall revenue collections between January and April. According to Mike Sylvester, Permanent Secretary in the Ministry of Finance, actual collections during this period exceeded government projections by EC$7.7 million.

Despite this overperformance, Sylvester noted a year-on-year decline in revenues, one that was anticipated and addressed in the 2025 national budget. “The decline is attributed to the extraordinary revenue surge in 2024, driven by a backlog of applications, particularly from Russia and Belarus and faster processing times. That backlog was fully cleared in 2024, and current revenues reflect a return to historical norms. Notably, IMA revenues now represent approximately 12 percent of total government income”, he said.

Meanwhile, real estate developer escrow inflows totalled EC$65.1 million in Q1 2025, down from EC$118.8 million during the same period in 2024. While this drop suggests a cooling from the highs of last year, real estate remains the dominant driver of investment activity under the programme.

Diverse Global Interest

Grenada continues to attract a wide pool of investors from across the globe. In Q1, 2025, applications were submitted from 34 different countries. The largest source markets continue to be Nigeria, accounting for 14% and China, accounting for 12%. The two countries have been steady sources of citizenship investors for Grenada in recent years. 

Notably missing from the spread of source markets for the quarter is Ukraine.The Eastern European country was the third largest source market for Grenada in Q3 and Q4, 2024 – accounting for 6% of all applications respectively.  However, no applications from Ukrainians were received by the IMA Grenada for the first quarter.

The leading source markets for the period were:

• Nigeria: 14%
• China: 12%
• Iraq: 11%
• Egypt: 7%
• Lebanon: 7%

This geographic spread confirms Grenada’s position as a preferred destination for high-net-worth individuals, from emerging and frontier markets.

For the full in depth report you can view this here.