On November 2, 2023, the annual Investment Migration National Interest Stakeholders Roundtable Meeting (IMRT) was held at the Grand Anse Hotel in Grenada.
IMRT Conference Highlights
Richard W. Duncan, Chairman of the Grenada CBI Committee (L2)
Thomas Anthony, CEO of the Grenada CBI Unit (R2)
The Investment Migration National Interest Stakeholders Roundtable Meeting (IMRT) serves as a crucial annual forum that aims to strengthen Grenada's investment migration sector as a key component of the national economy. This conference is a collaborative effort between the Grenada Co-operative Bank and the Citizenship by Investment Unit (CBI Unit), with Heng Sheng (HSG) as a gold sponsor.
The roundtable brought together influential figures, including:
• Deputy Prime Minister and Minister of Finance of Grenada, Dennis Cornwall
• Larry Lawrence, Managing Director of the Grenada Co-operative Bank
• Richard W. Duncan, Chairman of the Grenada Citizenship by Investment Committee
• Thomas Anthony, CEO of the Grenada Citizenship by Investment Unit
• Mike Sylvester, Permanent Secretary, Ministry of Finance of Grenada
• Mehdi Kadiri, Managing Partner of Henley & Partners US
• Dr. Kristin Surak, Associate Professor of Politics and Sociology at the London School of Economics
CBI Program Achievements
The Grenada Citizenship by Investment (CBI) program achieved significant milestones in 2023, including:
• Regulatory Changes, including the inclusion of an interview process.
• Increased application processing rate.
• Budgeted revenues achieved in Q3.
• Commencement of CBI compliance/process audit.
• Completion of job evaluation and pay & grade exercises.
• Investment in capacity building.
• Activation of the project auditor pool.
• Development of a strategic plan.
The program's achievements were reflected in its revenue growth, with the first three quarters of 2023 generating $120,562,770.02. This marked a remarkable 12-fold increase compared to 2015 and a 169% growth over the entire revenue of 2022, with $36,660,000.00 generated from real estate investments.
The Grenada CBI authority placed a strong emphasis on optimizing and reforming the Citizenship by Investment (CBI) processing workflow. Mr. Thomas Anthony, the CEO, has prioritized improving processing efficiency since taking office. Compared to 2022, there was a 136% increase in the number of investment applications received in the first three quarters of 2023. Processing efficiency for customer applications improved significantly, with the authority achieving a rate of 65% in the first three quarters of 2023 compared to the 39% rate in 2022.
Future Outlook (2024 Plans)
• Core marketing functions, including the engagement of a marketing & communications officer, brand consultant, and recruitment of an international marketing firm.
• Industry events participation.
• Diaspora integration.
• PR and corporate affinity, including public education programs to counter misinformation locally and internationally.
• Stakeholder engagement and training.
• Media management, including the creation of a social media presence and the update and modernization of the Unit’s website.
• Consolidation of CBI regulations.
• Implementation of a strategic marketing plan for the program.
• Automation of the certification process.
• Commencement of project audits regularization.
• Active involvement with operational launch.
Thomas Anthony, the Chief Executive Officer of the Grenada Citizenship by Investment Unit, announced Grenada's marketing plan for 2024. The plan includes establishing mechanisms for collaboration between stakeholders and the Grenadian government, enhancing compliance, and automating the citizenship by investment process. This involves the creation of a citizen database, upgrading the digital platform of the Banking, Insurance, and Securities Unit, and involving marketing communication officers and brand consultants. The collaborative effort with international marketing companies and social media platforms aims to boost the visibility of the Grenada CBI brand.