Grenada’s Citizenship by Investment Programme (CIP) entered 2025 with strong application volume but a noticeable dip in revenue, suggesting a shift in how investors are engaging with the programme.
While more people applied for citizenship in the first quarter of the year, the government brought in 38% less revenue compared to Q4 2024. This contrast points to a growing preference for real estate investments and highlights the evolving dynamics within Grenada’s investment migration landscape.
Application Growth Continues
From January to March 2025, Grenada received 123 new CIP applications, up 31% from the previous quarter. The country also processed 174 files, continuing a five-quarter trend of reducing the application backlog [source].
Despite the increase in activity, total revenue fell to EC$124 million (approximately US$46 million), down from EC$200 million in the final quarter of 2024. This was due, in part, to a shift away from government donations and toward real estate, which generated the majority of revenue this quarter.
Real Estate Outpaces Donation Route
Real estate applications accounted for 74% of all approvals in Q1 and brought in EC$65 million. By contrast, only 38 applicants chose the National Transformation Fund (NTF) option, generating EC$29 million. Government fees also contributed EC$30 million.
The growing preference for real estate reflects investor interest in asset-backed options that offer both lifestyle benefits and long-term value. Properties approved under the programme can be resold after five years, and some even generate rental income during ownership.
To learn more about current projects available through the real estate option, explore our CIP real estate opportunities.
New Leading Nationalities
This quarter also brought a shift in who is applying. Nigerian nationals made up 14% of applications, overtaking Chinese applicants, who accounted for 12%. Iraq followed with 11%, and Lebanese applicants made up 7% of submissions.
Grenada continues to attract global interest due to its strong passport, visa-free access to China, and eligibility for the United States E-2 visa through treaty provisions. Its family-friendly application structure is another draw.
In Q1 2025, Grenada naturalized 632 new citizens, with an average of 4.2 people per application—the highest ever recorded for the programme.
Rejection Rate on the Rise
The programme’s rejection rate rose to 14% in Q1, more than double the 2024 annual average of 6%. While it’s too early to determine whether this marks a permanent shift, it does reinforce the importance of working with an experienced advisor.
At Citizens International, we guide clients through every step of the process, from initial consultation to application and final approval. Our team ensures all documentation is prepared to the highest standard, reducing the risk of delays or complications. Book a complimentary consultation to get started.
Looking Ahead
While Q1 brought in less revenue than the previous quarter, Grenada is still on track to post one of its strongest years yet. Projections suggest total revenue could reach EC$500 million in 2025, which would make it the third-highest annual result in programme history.
For investors looking at Caribbean second citizenship, Grenada remains one of the most compelling options. With flexible investment pathways, global access, and family-focused benefits, it offers more than just a second passport—it offers a long-term opportunity.
Interested in learning more about Grenada’s programme and how it compares to others in the region? Connect with our team to explore your options.
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