The Price We Pay (pt.I)

The true cost of citizenship by investment programs on small island nations such as Grenada.

The Citizenship by Investment Program (CBI now ‘Investment Migration Programme’) is a government initiative that allows foreign nationals to acquire Grenadian citizenship through substantial financial investment. Introduced in 2013, the program aimed to stimulate economic growth. Applicants can gain citizenship by investing in government-approved real estate projects or contributing to the National Transformation Fund, which finances various development projects across the country. Granting citizenship and residency to wealthy investors through 'golden' passport and visa programmes can potentially lead to economic growth. But, they can and are being exploited by unsavoury wealthy players from all over the globe. And unmoderated, a CBI program could be like walking a tightrope with no safety net. Which is why it is so important that those who take advantage of CBI in Grenada are held to stringent standards to mitigate corruption and misuse.

We have witnessed the CBI program’s threats to Grenada’s global reputation, diplomatic relationships, and precarious ecosystems. Archaeological sites also continue to be destroyed without prejudice by CBI participants who circumvent our protocols and requirements for development. A report published in the 1990s indicated that Grand Anse Beach was already saturated with development and that La Sagesse was unsuitable for further projects. The much-opposed Six Senses resort has since had its grand opening, sacrificing an irreplaceable mangrove ecosystem that was completely destroyed to make room for the resort.

A jewel of the Caribbean…gone.

Forever.

Photo credit: NOW Grenada

While we can try to remain hopeful, the reality is that many of the current and proposed developments will not directly benefit Grenada beyond menial housekeeping and concierge jobs for locals.  Just as many Caribbean islands are beginning to gain our stride in independence,  the world’s elites are finding new ways to exploit our nations: displacing millions and destroying natural resources to make way for playgrounds for the wealthy. 

While PM Mitchell stated himself in 2022: 

“We have to stand up for the Caribbean – we don’t want drugs, we don’t want arms running, we don’t want poverty, money-laundering, we don’t want destabilization” 

We have already seen troubling contradictions in how the current administration has played out its reform of the program. 

On the positive side, CBIs can generate significant revenue for the host countries, leading to improved infrastructure, increased employment opportunities, and enhanced public services. In Grenada, we are told funds from the CBI contribute to tourism development, education, and healthcare projects. Over 100 countries have some form of investment migration legislation in place. Yet, only about 30 of these programs run successfully. Historically, the countries that suffer the most pitfalls associated with these programs are those with predominantly racialized and/or indigenous populations. 

We are promised economic stability, development for local industries, and tourism dollars that will have positive impacts. However, once we welcome the Trojan horse, we swiftly fall victim to a deceptive bait and switch and remain powerless to mitigate or regulate the ensuing devastation.

All the while already wealthy foreign developers grow more entitled to our lands and benefit from our exploitation.

Read part two this Friday and stay tuned for our next piece in this three-part series.