Grenada is one of the five Caribbean islands offering a “golden passport” in return for an investment in the country. the country runs a “Citizenship by Investment” program from $150,000 donation to the country’s National Transformation Fund, which was set up to boost its economy by financing areas such as tourism and agriculture or a $220,000-minimum investment into real-estate development.
The process is anonymous and requires “no interview, education, or management experience,” and there is no obligation to live in Grenada “before or after citizenship is granted.”
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Demand for the program surged following Russia’s invasion of Ukraine in February 2022, as wealthy Russians looked to flee abroad, Richard Hallam told Bloomberg. Hallam helped develop the program and noticed a striking rise in numbers following Putin’s mobilization announcement in September 2022.
The total number of applications in 2022 hit 1,251 — an increase of around 87% from 2020. That trend continued into the first quarter of 2023, with 576 applications to the program, up from just 164 in the first quarter of 2022, according to statistics from Grenada’s Ministry of Finance.Â
The “Isle of Spice” welcomed 980 new citizens in the first quarter of 2023, far above the 391 it had in Q1 2022.Â
Fleeing Russians seeking to evade the war in Ukraine were likely enticed by the access to travel that the Grenadian passport provides, as it enables holders to visit over 100 countries without visa restrictions, including the UK and all EU member states.
Bloomberg reported that Grenada initially banned Russian nationals from applying after the war with Ukraine broke out. It then reversed the ban in June 2022, before reportedly imposing it once again from April 2023 following its agreement to follow the United States”6 CBI Principles Guide”.
