In a recent turn of events, Grenada’s Citizenship by Investment Program (CIP) has seen a significant decrease in the number of applications, marking one of its quietest second quarters in recent memory. Despite this downturn in application volume, the program’s revenue per approval has soared to unprecedented levels, presenting a complex picture of its current state and future prospects.
### Grenada CBI Revenue Trends: A Closer Look at the Numbers
During the second quarter of 2025, Grenada’s CIP received a mere 68 applications, a figure that aligns with the second quarter of 2024, yet falls dramatically short of the surge in applications from Russian nationals that characterized the period from 2021 to 2023. This decline in applications is part of a broader trend that saw the program process 119 approvals in Q2, down by 20% from the 149 approvals in the first quarter. By mid-year, the program had processed a total of 191 applications and 268 approvals, even achieving the first-ever approval in the Significant Investment category.
Despite the reduced number of applications, Q2 revenue reached EC$90.7 million, a 27% decrease from Q1’s EC$124.47 million. This decline in quarterly revenue contributed to a half-year total of EC$215.17 million, a stark contrast to 2024’s EC$1.12 billion. Current projections suggest that 2025 is on track for 382 applications and 536 approvals, with new citizens totaling 1,786, representing a 67% decline from 2024’s naturalization volume.
### Understanding the Shift in Revenue and Applications
The processing efficiency of Grenada’s CIP remains robust, with a notable 1.6 processing-to-intake ratio highlighting the program’s ongoing efforts to clear backlogs. This aggressive approach to processing has resulted in a processing rate that outpaces new submissions by 62%, yet the absolute number of approvals reflects the diminished volume of applications rather than a decrease in processing capacity.
### Historic Peak in Revenue Per Approval
In an intriguing turn of events, the average revenue per approval within Grenada’s CIP soared to EC$802,889 in 2025, surpassing the previous record set in 2023. This increase translates to approximately US$297,000 per approval, marking the highest figure in the program’s history despite the matching application volume of Q2 2024. The composition of revenue sources has shifted, with National Transformation Fund (NTF) contributions and real estate investments experiencing significant reductions.
### The Real Estate Sector’s Continued Dominance
Despite the overall contraction in application volume, real estate approvals continue to dominate, accounting for 69% of all processing activity in the first half of 2025. This period also witnessed the program’s first approval in the Significant Investment category, although real estate volumes remain well below the levels seen in 2023 and 2024.
### Diversification in Market Distribution
The distribution of applicant nationalities has seen notable changes, with a decrease in Chinese applicants from 23% in 2024 to 13% in the first half of 2025. Meanwhile, American applicants have emerged as the second-largest nationality group, underscoring a more diversified middle tier of contributing markets.
### What This Means for Investors
The current trajectory of Grenada’s Citizenship by Investment Program, characterized by low volume but high revenue per approval, suggests a strategic pivot towards maximizing value amidst declining application numbers. According to Yusuf Boz of Notte Global, this trend indicates a market adjustment where quality is prioritized over quantity, potentially offering more sustainable long-term benefits for both the program and investors. As Grenada continues to navigate these changes, investors are encouraged to closely monitor these developments for insights into the evolving landscape of global citizenship and investment migration.
—
Source reviewed and rewritten for originality and clarity by GoldenVisaNews.com.
