ST. GEORGE’S, GRENADA –Grenadian developers will now benefit from significantly reduced fees and escrow contributions under the country’s Citizenship by Investment (CBI) Programme, following recent legislative amendments.

The changes, enacted under the Grenada Citizenship by Investment (Amendment) Regulations, 2025, are aimed at increasing local participation in the lucrative program while ensuring economic benefits remain within the country.

The amendment, gazetted on March 21, 2025, introduces a new category of “Grenadian Developer,” referring to individuals or corporate entities wholly owned by Grenadian nationals, who have never participated in similar investment-based citizenship programmes in other countries. These developers now benefit from a 70% reduction in capital contributions, application fees, and due diligence costs compared to foreign developers, specifically for projects in priority economic sectors.

Lower Fees for Grenadian Developers in Priority Sectors

One of the most notable changes is the adjustment of equity contribution requirements for approved real estate projects in the tourism accommodation sector – particularly the $270,000 price category. Previously, all developers were required to invest a minimum of 20% of the total cost of construction before an application could be submitted. Under the new regulations:

• Grenadian developers are required to invest only 6% of the total cost of construction.
• Other developers must maintain the original 20%

The amendment also introduces reduced fees for Grenadian developers:

• Application Fee: Reduced from $10,000 to $3,000.
• Due Diligence Fee (for developers and directors): Reduced from $7,500 to $2,250.
• Annual Project Administration Fee: Reduced from $20,000 to $6,000.
• Extension Request Fee: Reduced from $10,000 to $3,000.

Government’s Perspective: Supporting Local Participation and Mentorship

Grenada’s CBI Programme has long been a key driver of foreign direct investment, particularly in the tourism and real estate sectors. However, there have been increasing calls by locals to reduce the programme’s barriers to entry, allowing for the inclusion of more locals and the creation of a home-grown initiative. These new incentives are expected to create opportunities for local entrepreneurs and companies, allowing them to compete more effectively and contribute to national economic development.

During the 2025 budget presentation, Finance Minister Hon. Dennis Cornwall emphasized the government’s commitment to increasing local participation, stating, “We have listened to the genuine advocacy of local businessmen and women for their participation in the program.” He added that while some local developers have already found success, “the years ahead would witness a ramping up of such projects.”

Beyond financial incentives, the government also plans to provide structured support for local developers. Cornwall stated, “We will facilitate the mentoring and coaching of our local Grenadian developers with the international developers to help them execute their projects with utmost efficiency.”

With these latest amendments, Grenada is taking a bold step toward promoting local business growth within its investment migration framework. The move is expected to not only make the CBI Programme more inclusive but also strengthen its long-term sustainability by retaining more economic value within the country.

Additionally, with government-led mentorship initiatives, local developers will be better positioned to execute high-quality projects that contribute to Grenada’s economy. As these changes take effect, stakeholders will be watching closely to assess their impact on both investor interest and the local real estate development landscape.

Grenadian developers interested in learning more about participating in the CBI programme are encouraged to contact our team at My Grenada Solutions Inc.