Investment Preferences: NTF Overtakes Real Estate

For the first time in over a year, the National Transformation Fund (NTF) overtook Real Estate as the preferred investment option — accounting for 54.4 percent of total applications submitted to the programme compared to 44.1 percent for Real Estate.

While both options require the same level of documentation and processing time, this shift reflects a change in investor priorities rather than convenience. Many applicants appear to favour the certainty of a contribution-based investment amid lingering caution in the property resale market and a global emphasis on liquidity.

Despite the quarter’s reversal, Real Estate remains the dominant cumulative pathway and a cornerstone of Grenada’s investment-migration ecosystem. The quarter also saw one submission under the Significant Investment category, which continues to attract limited participation.

Revenue Declines Despite Steady NTF Performance

Grenada’s CBI-related government revenue fell sharply by 47.7 percent, dropping from EC$ 50.8 million in Q1 to EC$ 26.6 million in Q2 2025.

While NTF receipts declined modestly (–10.7 percent to EC$ 26.0 million), Real Estate contributions fell by nearly 40 percent, reflecting a 67 percent reduction in related application volume.

Rising operational expenditures further constrained overall returns, pulling revenue levels back to those last seen in early 2023.

Given that only the government-contribution portion of real-estate projects feeds directly into state coffers, a strong NTF performance remains essential to sustaining fiscal stability under the programme. 

Source Market Dynamics: U.S. Investors Surge

In recent quarters, China and Nigeria have consistently traded places as Grenada’s leading source markets.

Q2 2025, however, brought a clear shift: the United States — which previously accounted for just 1 percent of applications — climbed to second place with 12 percent, only one percentage point behind China (13 percent).

This surge highlights a decisive trend among affluent U.S. investors seeking second citizenship as a hedge against mounting political, economic, and social uncertainty at home. Concerns over potential policy changes, rising polarisation, and volatile global relations have made Caribbean programmes like Grenada’s particularly appealing for their stability, neutrality, and mobility advantages.

Many now view Grenadian citizenship as a strategic insurance policy — offering freedom of movement, diversified tax options, and a safeguard against unpredictable U.S. and global dynamics.

Beyond the U.S. rise, Vietnam has quietly re-emerged as a growth market. Once among Grenada’s most active source countries, Vietnam has regained momentum with 6 percent of total applications, placing it fifth overall. Similarly, Pakistan has advanced rapidly — moving from a 1 percent share in Q1 2024 to 9 percent in Q2 2025, now ranked as the fourth-largest source market.

Together, these developments point to a widening geographic footprint for Grenada’s CBI Programme. New entrants from Asia and the West are complementing the established presence of China, Nigeria, and Africa, building a more balanced and resilient investor base aligned with Grenada’s long-term diversification goals.

Outlook: Quality Over Quantity

While Q2 2025 reflected softer volumes, the underlying trends point to a more discerning and diversified investor base. The pivot toward NTF investments, strengthened compliance protocols, and growing Western interest all reinforce Grenada’s position as a reliable and reputable player in the global citizenship landscape.

The Grenada CBI Q2 2025 trends suggest that quality applicants and regulatory transparency will continue to shape programme growth in the coming quarters.

With the IMA advancing the region’s enhanced regulatory standards, the remainder of 2025 is expected to focus on sustaining quality applications, deepening investor trust, and balancing revenue recovery with transparency-driven growth.

What the NTF Shift Could Mean

From an industry perspective, the renewed investor interest in the NTF option highlights a preference for certainty and transparency in a period of global uncertainty.

Unlike real-estate projects that depend on construction timelines and market resale potential, NTF contributions provide a direct route to citizenship through a government fund, eliminating external development risks and offering a clear, predictable process from payment to approval.

This behavioural shift, combined with the rise of U.S. and emerging-market participation, suggests that Grenada’s CBI Programme could be attracting more risk-averse investors who prioritise efficiency, compliance, and confidence in the programme’s governance.

At My Grenada Solutions Inc., we guide clients in selecting the route best aligned with their goals — whether through a tangible real-estate investment or a straightforward contribution under the NTF — ensuring every application is strategically positioned for success.