Written by on January 25, 2018

The Grenada Government has been praised for introducing the Citizens by Investment Programme (CBI) as a way of stimulating growth and expanding the economy.

Director at Savvy’s Grenada, Barry Collymore, says the programme is vitally important since traditional sources of investments have dwindled and people are more apprehensive.

“Government quite wisely uses the citizenship by investment programme to drive investment and to drive clients to stimulate the real estate market,”said Collymore, during a recent interview with the Government Information Service.

“Somebody investing in traditional real estate not only gets the sharing of business or the setup but they get the passport which is very important now”.

Collymore says the CBI programme is creating expansion in a number of areas, which in turn translates into more employment for locals.

After a sluggish start, 2017 turned out to be a record year for the program, with revenues totaling more than 130 million dollars.

A growing number of applications are being sent from China and officials in St.George’s say they are coming in at an average of one a day.

“We’re going to double the size of our resort just based on citizenship by investment and that speaks for itself, already we’ve had to employ more people because we have more rooms, in a very short space of time we will double the size of our hotel and also offer a high quality product,” said Collymore.

“In terms of jobs, all of these new suites and villas have to be built, so immediately there is construction jobs but then sustainable direct jobs because you have a bigger resort”.

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