Upcoming Suspension of Russian Nationals Confirmed by Grenada CIU
In the wake of the February 25th United States – Caribbean Citizenship by Investment Roundtable, the Grenada Citizenship by Investment Unit has confirmed the upcoming suspension of Russian and Belarusian citizens effective March 31st, 2023. Grenada is the only Caribbean Investment Programme currently accepting prospective Russian and Belarusian applicants following the suspensions imposed by the four other Caribbean programmes in 2022.
Representatives from Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, The Organisation of Eastern Caribbean States (OECS) and Eastern Caribbean Central Bank convened with US delegates to discuss the critical role of the Citizenship by Investment Programmes in Caribbean economies, the evolving challenges surrounding international security, and commitment to regional consistency.
Six principles were agreed upon at the roundtable to preserve the integrity of the investment programmes:
1. Collective agreement on treatment of denials: Applicants who have been denied in one CBI jurisdiction will not be processed in an alternative CBI jurisdiction; jurisdictions will collaborate, proactively sharing information on denials.
2. Interviews: Virtual or in person interviews for programme applicants.
3. Enhanced Checks: Each jurisdiction will carry out checks on applications with their respective Financial Intelligence Units.
4. Audits: Programmes to be audited annually or biennially as per international standards.
5. Passport Retrieval: The assistance of law enforcement will be requested to recover revoked or recalled passports.
6. Treatment of Russians and Belarusians: New applications from Russian and Belarusian citizens will be suspended as of March 31st, 2023. Applications registered and submitted before this date will continue processing with enhanced due diligence.
Russian and Belarusian citizens now have until midnight on the 31st of March to register their interest in the Grenada Citizenship by Investment Programme, prior to the timely implementation of the collective principles. Contact us today to take the next steps in safeguarding your international mobility and security through Citizenship by Investment.
