Despite Increase in Grenada CBI Applications, Revenue Drops by 38% in Q1 of 2025
Grenada CBI program remains strong despite the significant decline in revenue in first quarter of 2025, showing global investors interest and decrease in application backlog. Grenada’s citizenship program experienced a 38% decline in revenue during first quarter despite noticeable rise in new applications.
Grenada CBI Applications on the Rise: Investor Interest Rebounds
Grenada CBI program received 123 new applications in the first quarter of 202 that shows 31% increase from 94 applications submitted in last quarter of 2025. This represents investors confidence increasing despite global economic shifts.
Notably, Grenada approved 174 applications during the same period significantly outpacing the number of new submissions. This marks the fifth consecutive quarter in which the country processed more applications than it received, a clear sign of its commitment to efficiently managing and reducing its backlog.
Reduced Revenue for Grenada CBI but Program Fundamentals Stay Strong
Total revenue from the Grenada CBI in Q1 amounted to EC$124 million ($46 million) a marked decrease from EC$200 million generated in Q4 2024. Still, experts project that Grenada may reach EC$500 million positioning third-highest revenue year on record.
Interestingly, the average revenue per approved application rose to US$309,000 up 18% from the previous year’s average of US$261,000.
Real Estate Leads the Way, While NTF Slows Down
Investment in real estate remains the dominant choice among applicants. In Q1, 110 approvals are linked to real estate projects, slightly down from 116 approvals in Q4 but still accounting for 74% of all approved applications.
Revenue from real estate contributions totalled EC$65 million, representing 52% of quarter’s total intake. In contrast, applications through the National Transformation Fund (NTF) saw a drop of 32%, with only 38 approvals, a decline from 56 in the previous quarter.
Where are The Investors coming from?
Investor demographic shows that Nigeria led the applicant pool in first quarter with the largest share of 14% of total approvals followed by China (12%), Iraq (11%) and Lebanon (7%).
While in 2024 China dominated with 23% of total approvals and Nigeria was close behind with 19%.
Growing Family Sizes and Tighter Scrutiny
During first quarter 2025, Grenada grant citizenship to a total of 632 individuals, equating to an average of 4.2 persons per application, the highest recorded family size in program history. This points to an increasing number of families choosing Grenada as a pathway to global mobility and future security.
Meanwhile the rejection rate doubled compared to the last year. In first quarter 2025 14% of applications were rejected, up from 6% in 2024. Although Q1 2025 made up just 9% of total approvals seen in 2024, it was responsible for 27% of year’s rejections, pointing toward either stricter scrutiny.
