The Grenadian authorities launch an investigation into a failed Grenada alternative citizenship project.
The Grenada Citizenship Investment Programme was recently amended yet it has not been done so with an intention to draw in additional investors at a lower price point, instead various fees were increased, as the Grenadian authorities are committed to bolstering their programme and more importantly of ensuring all due diligence is adequately implemented.
Scandalous shrimp farming for Grenada alternative citizenship program
Amongst those senior level officials who support the Grenada CBI are the Foreign Affairs Minister Mr David and the Finance Minister who wish to uphold the integrity of the programme. The programme has come under fire due to the failed aquaculture project that was registered as Grenada Sustainable Aquaculture. There remit was to produce environmentally friendly shrimps yet since February 2017 this project never came to fruition. The Grenadian government have been swift to respond and have opened an investigation into this project as CBI funds were used by the owners for this project.
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Delays and scandals
As a result of this scandal, Grenada has implemented new processes whereby funds for investment under the Grenada alternative citizenship program are routed to escrow accounts. These accounts are in turn supervised by the government.
Grenada may not be dependent on the alternative citizenship program economically but it is a significant source of income, earning almost US$ 30 Million in 2018, therefore upholding its rectitude is key.
This is all occurring at a time when the RCBI’s integrity is suffering due to the failed or delayed projects that have been put in place in nearby St. Kitts & Nevis. Grenada is keen to ‘clean up’ its image and implement further safeguards for its investors.
The question investors are asking is whether this is sufficient and substantial?
