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In the world of Citizenship by Investment (CBI) programs, 2023 was a tale of two islands in the Caribbean. Grenada celebrated a monumental achievement, while St. Kitts and Nevis faced unexpected challenges due to program alterations.

Grenada’s Historic Triumph

Grenada, often hailed for its pristine beaches and vibrant culture, made waves in the CBI landscape by breaking records left, right, and center. The island nation soared past the EC$1 billion mark in revenues, marking a staggering 310.1% year-on-year increase. The Investment Migration Agency (IMA) Grenada, formerly the CIU, witnessed a surge in applications, culminating in a record-setting 442 submissions in December alone.

Despite grappling with a backlog, Grenada’s diligent efforts saw 1,561 applications processed in 2023, triple the figure from the previous year. With increased processing capacity and a shift in investor demographics, Grenada is poised for continued success in 2024, gradually chipping away at the remaining backlog.

St. Kitts and Nevis Faces Headwinds

In stark contrast, St. Kitts and Nevis, once a titan in the CBI arena, faced a downturn following policy adjustments under the new administration led by PM Drew. Doubling the citizenship price and other program modifications led to a predicted revenue dip, with the CEO of the CIU, Michael Martin, acknowledging a decline in application volumes.

From averaging $415 million in CBI revenue between 2007 and 2021, St. Kitts and Nevis anticipated a significant drop, potentially reaching around $190 million. However, the reality might be even bleaker, as decreasing application volumes hint at revenue figures below projections.

A Shift in Dynamics

The dynamics of the Caribbean CBI landscape are undergoing a significant transformation. Grenada, once a contender, has now claimed the throne, leaving St. Kitts and Nevis playing catch-up. Many key players from St. Kitts and Nevis have migrated to Grenada and St. Lucia, replicating their success in these burgeoning markets.

St. Lucia, along with Grenada, has witnessed substantial increases in both application volume and revenue, further highlighting the shifting power dynamics within the Caribbean CBI sphere.

Conclusion

As Grenada celebrates its record-breaking year in CBI revenues and applications, St. Kitts and Nevis face the repercussions of ill-advised program changes. The contrast between the two islands serves as a testament to the volatility and competitiveness of the CBI market. While Grenada basks in its newfound dominance, St. Kitts and Nevis must navigate through turbulent waters to reclaim their erstwhile glory in the realm of Citizenship by Investment.