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Grenada to repeal and replace CBI Act and regulations

IMA will accelerate digital transformation and deepen diaspora engagement
CBI committee will changes to prepare for Eastern Caribbean Citizenship By Investment Regulatory Authority
Authority will be established by 5 Eastern Caribbean nations to regulate their citizenship by Investment programmes

After undergoing more than 20 legislative amendments to both the principal act and the regulations, Grenada will repeal and replace the 2013 Citizenship by Investment legislation in 2026 as part of strengthening its governance and oversight role.

The 2023 Act enables people to acquire permanent residence and citizenship of Grenada by registration following investment in Grenada by depositing a certain amount into the National Transformation Fund (NTF) or investing in an approved real estate project.

Finance Minister Dennis Cornwall announced having the new legislation in 2026 while presenting the 2026 budget statement during a sitting of the Lower House on Monday, 1 December 2025. “The IMA will accelerate digital transformation, deepen diaspora engagement, expand into new source markets and strengthen customer service. The CBI Committee will strengthen its governance and oversight role. This will include the repeal and replacement of the existing legislation,” he said. “Additionally, the CBI committee will make the necessary internal changes in preparation for the advent of regulatory functions of the Eastern Caribbean Citizenship By Investment Regulatory Authority.”

Both Houses of Parliament approved the legislation for the new authority, which is expected to be based in Grenada. The Eastern Caribbean Citizenship by Investment Regulatory Authority will be a new regional body established by 5 Eastern Caribbean nations to regulate their Citizenship by Investment programmes.

Its purpose is to harmonise standards, increase transparency, enforce compliance, and improve the integrity of the region’s CBI programmes by introducing common due diligence standards, minimum investment thresholds, and mandatory biometric data collection.

The Citizenship by Investment Programme was rebranded as the Investment Migration Agency (IMA) in 2024, and, according to Cornwall, in 2025, it delivered another strong and credible performance. “By the end of the third quarter, the agency had already achieved its budgeted revenue with a surplus and is on track to exceed the annual target by as much as 10%,” he said while presenting the 2026 budget statement.