Due diligence fees in Grenada’s Citizenship by Investment programme (CBI) will increase in September 2023. The change is due to the introduction of a mandatory interview for applicants 17 years or older as part of the application review process.
The new fee is expected to be no more than $1,000 says Thomas Anthony the Chief Executive Officer of the Grenada Citizenship by Investment Unit. With the increase, the due diligence fee could move from $5,000 to $6,000 per person.
Speaking recently with the Managing Director of My Grenada Solutions Inc. Anthony explained that the fee increase is forward looking and will only be applied to applications submitted on or after the September 1st start date for the mandatory interviews.
“It’s unreasonable for us to go back to the marketplace and say, ‘by the way there’s this new fee, and you must now pay it,’” said Anthony. “Only those people, who have submitted applications after the introduction of the fee will be interviewed.”
According to Anthony, the interviews will be conducted virtually following the receipt of due diligence reports from the Unit’s respective providers. As such, its questions will be based on the findings of the report. Where necessary, translators will be used, and transcripts provided. A key goal of the exercise is to reduce the risk profiles of applicants by providing them with an opportunity to clarify flagged issues.
“When we look at an application, it’s to have any identified risk mitigated and to that end, we have a ranking system, [of ranking applications] low medium, and high,” Anthony said. “We are always trying to get the applications to a low-risk rating and so, for those who are determined to be high or medium risk during the enhanced DD component, the interview will be an attempt to reduce the risk.”
Historically, whenever applicants were ranked high or medium risk, they were allowed to address the issues by providing certified documents that clarified them. Although they will now have the opportunity to address such issues in person, Anthony insists that applicants will still be required to provide the necessary documentary evidence supporting their explanations.
The introduction of the interview to Grenada’s citizenship by investment application process comes as Grenada seeks to uphold the promises its Prime Minister made to the US Treasury earlier this year. When questioned as to whether the new requirements should be treated as a signal of more changes to come given the current climate within the regional CBI industry, Anthony insisted that the evolution of the program is inevitable if it is to remain sustainable.
“With all of the headwinds these programmes are facing, there is going to be a more dynamic environment and for us to survive and make this sustainable, we are going to have to innovate and adapt otherwise the programmes as we know them will come to an end.”
Grenada’s CBI programme started in 2013 and has survived several iterations in its bid to stay competitive. Should you wish to learn more about the programme or apply for citizenship, our trusted advisors are standing by to assist you.