Grenada plans to revive programme selling citizenship to investors

Grenada announced that it intends to revive a programme that will essentially allow investors from across the globe to buy citizenship on the sparsely populated Caribbean island known for its beaches and spice-scented forests.

The strategy is part of a growing trend in the Caribbean to drum up much-needed revenue on tiny islands struggling with massive public debt.

The nearby islands of Dominica and St Kitts & Nevis allow investors to secure local citizenship in return for a healthy contribution or real estate investment. Cash-strapped Antigua & Barbuda is planning on launching its own programme this year.

The Grenada "government will soon introduce a citizenship-by-investment programme. Such programmes have existed for a long time in many developed and developing countries," said Governor General Carlyle Glean during his ceremonial speech at the March 27 opening of parliament.

The 'investor visa' or citizenship programmes are offered by many nations, including the United States and Britain.

But the Caribbean countries offer a very fast path to citizenship at a very low cost and the whole process, including background checks, can take as little as 90 days in St Kitts.

Plus, there's no need to ever live on the islands, or even visit.

Grenada's programme will require approval by the legislature, which is controlled by the ruling New National Party of newly re-elected Prime Minister Keith Mitchell.

Glean said the government is "committed to bring appropriate legislation to parliament for this programme within its first year in office". In the meantime, officials will review other nations' citizenship-by-investment programmes and decide the best way forward.

Mitchell, whose party won all of the island's 15 constituencies after trouncing the former ruling party in February elections, had previously hinted that he planned to revive a citizenship-for-cash programme that was suspended after the September 11, 2001, terror attacks due to fears that local passports could mistakenly be sold to terrorists.

- AP