Sunday, July 3, 2022
Custom Text
HomeREGIONALGRENADA EARNED MILLIONS FROM CBI LAST YEAR

GRENADA EARNED MILLIONS FROM CBI LAST YEAR

Custom Text

Grenada has received EC$281.6 million (One EC dollar=US$0.37 cents) during the fourth quarter of 2021 from the Citizenship by Investment Programme (CBI) according to the figures released by the Ministry of Finance.

But Permanent Secretary in the Finance Ministry, Mike Sylvester, who is also the interim chairman of the CBI Committee, said that not all of the EC$281,610,000 ended up in the Consolidated Fund. 

“While it is correct to say that the country earned that amount of money, it’s a reflection of money paid to project developers that the government must record but does not have access to. 

“That is money investors invest in the hotel projects for example, there is an amount set in law that investors can invest in these investments and that is the money that goes to the developers. What the government receives from those investments is a set amount of US$50,000,” he said. 

“If you look at the data on the website you will see a section listed as “budgetary fees”, that is what the government receives from these hotel investment projects,” he explained. The amount in the data document is listed as EC$32,265,000. 

Under the CBI programme, Grenada provides citizenship to foreign investors in return for making a substantial investment in the socio-economic development of the island. 

The other source of income for the government under the CBI is the National Transformation Fund (NTF) and according to the Ministry of Finance, the amount the government received for the fourth quarter was EC$52,812,000. 

According to the data, 1, 272 applicants were granted citizenship during the fourth quarter while 24 others were denied. 

- Advertisement -
SourceLoop News
- Advertisement -Custom Text

Most Popular

- Advertisement -Custom Text
Get new posts by email

- Advertisement -Custom Text

Recent News

- Advertisement -Custom Text

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -Custom Text

You might also likeRELATED
Recommended to you