Prime Minister Cites Due Diligence As Cornerstone Of Grenada’s Citizenship By Investment Programme

PR – Prime Minister, Dr. the Right Honourable Keith Mitchell, has cited due diligence as the cornerstone of Grenada’s Citizenship by Investment Programme.

Delivering remarks Thursday at an Investment Migration Round Table, organised by Grenada Co-Operative Bank, Dr. Mitchell spoke of Grenada being recognised as the gold standard for investment migration, and he underscored Government’s commitment to maintaining what he termed its “unapologetically rigid” approach to due diligence.

The Prime Minister also welcomed recent statements by the United States Ambassador to Barbados and the OECS, Ms. Linda Taglialatela, in which she praised Grenada for making excellent use of the Joint Regional Communications Centre, which is the regional mechanism for providing due diligence on CBI applicants.

He said, “External recognition of Grenada’s unwavering commitment to due diligence confirms that we are in fact, doing an excellent job. We will continue to be thorough in our due diligence because the integrity of the Citizenship by Investment programme is a valuable selling point that is not easily replicated.

The Prime Minister described the CBI Programme as a “development imperative for Grenada as it provides a significant source of Foreign Direct Investment. Revenue generated by CBI is helping to fill the void left by the rapid and significant decline in direct foreign aid in recent decades.”

He noted too, that CBI-generated revenue has become even more critical because the COVID-19 pandemic caused a significant decline in Government’s overall revenue collection.

Dr. Mitchell added, “Fortunately for Grenada, the pandemic has not led to any significant fallout in the number of applications received. To the contrary, the Citizenship by Investment Unit is reporting an increase in the number of applications, a fact which speaks to continued confidence in Grenada, amidst the current global uncertainties.”

The Prime Minister has commended Grenada Co-operative Bank for initiating the Investment Migration Round Table, which brought together key industry stakeholders. Expressing Government’s commitment to working with stakeholders, Dr. Mitchell said, a collaborative approach is necessary if Grenada is to remain competitive and protect the integrity of its CBI programme.

He issued a call to local agents and other stakeholders to actively partner with Government, “in helping to nurture, promote, expand and safeguard Grenada’s investment migration initiative to give it longevity that in turn will facilitate further infrastructural development as well as development in health, education and other sectors.”

Dr. Mitchell further stated, “In the global village that now exists, investment migration is likely to continue growing. As a legitimate player in this ballgame, we are duty-bound to effectively position Grenada to promote its brand and claim a stake in this multi-billion-dollar sector.”

Outlining the objectives of what is intended to become an annual event, Managing Director of Grenada Co-operative Bank, Mr. Richard Duncan said it provided a platform for sharing ideas and insights to make the investment migration programme sustainable; to enhance relationships through shared perspectives, and to build understanding through clarifying doubts and promoting goodwill.

Several presentations formed part of the round table including- A Compelling Case for Citizenship by Investment; Problems and Pitfalls of AML/CTF Regime and their Implications for Investment Migration Programmes; Investment Migration and Local Agents; Identifying Potential Risks and Branding Grenada’s Investment Migration Programme.