In June 2023, Grenada´s Prime Minister Dickon Mitchell declared that the process of decertification was underway for multiple approved real estate projects under the citizenship by investment program. These projects had been granted approval years prior to his administration taking office in June 2022, but failed to initiate development. In an interview commemorating the first anniversary of his administration, Prime Minister Mitchell stated, “If you’ve obtained approval but show no intention or progress towards project commencement, we will not hesitate to proceed with the decertification of said projects. “
As a result, the Grenada Citizenship by Investment(CBI) office took the decision to decertify a total of five projects that had previously been approved. Among these projects was one that had its headquarters situated in Nova Scotia, Canada. Despite receiving approval before June 2022, all of these projects had not initiated their development as required.
The decertification notices were signed by Thomas Anthony, the CEO of the CBI office. All five projects received their decertification status on the 7th of July, 2023, and this information was officially published in the Government Gazette edition released on the 4th of August.
The decertification has had an impact on several local companies, namely Hope Development Limited/La Pointe Grenada, Grenada Corolla Consultant Limited, Horseshoe Cove Resort, and Port Louis Ltd. In response to this action, the developer(s) or owner(s) of these projects are explicitly directed to halt their efforts in attracting potential investors for these undertakings.
This decisive action undertaken by the government underscores its unwavering dedication to upholding the initiation and progression of projects within the specified and approved timeframe. By implementing such measures, the government is underscoring its commitment to ensuring that approved projects not only gain approval but also follow through on their intended development objectives.
English 
Russian 