In the first quarter of 2026, Grenada received 16.3% fewer citizenship by investment applications than during the same period a year earlier.
At the same time, the approval rate among processed applications more than doubled over the year, while real estate investment paid into developers’ escrow accounts increased by 13.2%.
Lyle Julien analyses the latest programme statistics.
What changed over the year
IMA Grenada has published the Citizenship by Investment programme statistics for January—March 2026[1]Source: IMA Grenada website, Q1 2026 statistics.
Investors submitted 103 applications, compared with 123 during the same period in 2025. The number of processed applications fell from 174 to 122 year on year.
The agency approved 119 applications in the first quarter of 2026 and rejected only three. A year earlier, 149 applications were approved while 25 were refused. As a result, the approval rate reached 97.5% of processed applications, compared with 85.6% in the first quarter of 2025.
Lyle Julien,
Investment programmes expert
A higher approval rate does not necessarily mean that the application process has become easier. The statistics do not show whether the result reflects stronger applications, changes in due diligence procedures, or the order in which cases were processed.
The number of applications submitted under the non-refundable contribution to the National Transformation Fund increased from 24 to 27, a rise of 12.5%.
Applications under the real estate option fell from 99 to 76, down 23.2% year on year. As a result, the share of real estate applications declined from 80.5% to 73.8% of the total.
On a quarter-on-quarter basis, however, real estate strengthened its position as the programme’s most popular investment option.
Of the 103 applications submitted in the first quarter of 2026, nearly 74% were based on investments in government-approved real estate projects. In the previous quarter, the share stood at 63%.
Government revenue declined. Net revenue amounted to approximately US$14.46 million, a decrease of 23.5% compared with the same period a year earlier.
Contributions to the National Transformation Fund fell from US$10.83 million to US$6.5 million over the year, while government revenue from approved real estate projects decreased from US$7.6 million to US$6.78 million.
At the same time, investments paid into developers’ escrow accounts increased from US$24.23 million to US$27.44 million year on year.
Citizenship was granted to 539 applicants in Q1 2026. By comparison, the 2025 statistics recorded applicants who had been approved for citizenship, rather than those who had already been granted citizenship.
Nigeria and China accounted for about 39% of all applications in the first quarter of 2026, up from 26% a year earlier. Strong demand from these key markets continues to support the programme, but it also increases concentration risk.
A broader geographic mix of applicants would make application volumes more resilient over the long term.
Lyle Julien,
Investment programmes expert
The first quarter of 2026 does not point to a straightforward decline but rather to a shift in the programme’s dynamics. The number of applications fell, and government revenue decreased. At the same time, the approval rate increased, while refusals dropped sharply.
It will take the next few quarters to determine whether these changes represent a lasting trend. The key questions are whether the flow of new applications will stabilise and whether rising real estate investment will prove sustainable over the long term.
How to obtain Grenada citizenship by investment
Investors can choose between making a non-refundable contribution to the National Transformation Fund or investing in government-approved real estate projects.
The most suitable option depends on the applicant’s objectives. A contribution to the fund is non-refundable, whereas real estate is an investment asset that may be resold, subject to the programme’s holding requirements.
A preliminary Due Diligence check helps identify potential risks before the application is submitted to IMA Grenada. Immigrant Invest lawyers conduct this assessment, helping reduce the risk of refusal to as little as 1%.
