Nigeria and China are now among the five biggest source markets for citizenship-by-investment (CBI) applicants to Grenada, underlining how demand for second passports is shifting well beyond traditional Western buyers.
Fresh data from the Investment Migration Agency shows that Nigerians and Chinese nationals claimed the top two spots among new citizens approved in the final quarter of 2025. Iraq ranked third, the United States fourth, and Pakistan fifth, an eclectic mix that reflects both geopolitical uncertainty and the growing global appetite for mobility.
Yet the headline number tells a more nuanced story. For the first time since 2021, Grenada approved fewer than 1,200 new citizens through its CBI programme in 2025. That marks a sharp cooling from the post-pandemic surge: 5,443 approvals in 2024, 4,794 in 2023 and 1,396 in 2022.
The slowdown, however, has not dented the programme’s fiscal importance. Presenting the 2026 budget, finance minister Dennis Cornwall described the agency’s performance as “strong and credible”, positioning the CBI scheme as a pillar of foreign investment and budget stability. By the end of the third quarter, he said, the agency had already met its annual revenue target and was on course to exceed it by up to 10 per cent.
Two projects, One True Blue Beach Hotel and Residence, and La Sagesse Collections, were added to the approved roster in 2025, bringing the number of active CBI-linked developments to eight. Officials argue that broadening the pipeline of real estate options has helped maintain investor confidence even as application volumes moderate.
Behind the scenes, the agency has also tightened its guardrails. Cornwall told parliament that enhanced due diligence, operational upgrades and alignment with evolving global compliance standards were central to the programme’s reset. An “Enhanced Local Developer Policy” aims to channel more of the economic upside to domestic players rather than overseas intermediaries.
Looking ahead, the agency plans a legislative overhaul in 2026, including repealing and replacing the existing CBI law. Digital upgrades, deeper diaspora engagement and expansion into new source markets are also on the agenda, a signal that, despite softer approval numbers, Grenada is betting that structured, better-regulated growth can sustain the programme’s long-term credibility.
