Moving the Money for Grenada CBI: Transfers, Timing and Proof

A Grenada citizenship by investment application involves several large international payments: fees when the file is lodged, real estate deposits into escrow, and, after approval, the National Transformation Fund contribution or the completion of a property purchase. Each payment is scrutinised, both by the programme and by the banks that carry it, and each creates a record that may be examined years later.

Problems with payments are an underrated cause of delay and loss. Transfers get held by compliance teams, approval deadlines slip past, and fraudsters send false bank details to applicants expecting to pay a six-figure sum. This page explains how the money flows, what banks will ask, how to protect yourself and what records to keep. Specific procedures change, so confirm instructions with your licensed agent and, where appropriate, the Investment Migration Agency.

The usual payment sequence

Most applications follow a broadly similar order of payments, although amounts and details depend on the route, the family and the current rules:

1. Professional fees to the authorised local agent and any international adviser, under the engagement letter.
2. Government application, processing and due diligence fees, usually paid through the agent when the file is lodged.
3. On the real estate route, the purchase price, or a deposit, paid into escrow under the purchase agreement, often before or at lodging.
4. After approval in principle, the NTF contribution or release of escrow funds to complete the purchase, together with any government fee due on the real estate route, within the deadline stated.
5. Fees for certificates, the oath and passports, paid before documents are issued.
6. Ongoing costs on the real estate route, such as owner charges, during the holding period.

Why the source of every payment matters

Due diligence does not stop at the applicant's history. The money that pays for the investment and fees must be traceable to the source described in the application. A file explaining that funds come from the sale of a company in one country, followed by a transfer from an unrelated account in another, invites questions.

The cleanest approach is to pay from an account in the applicant's own name, holding funds whose origin is already documented in the file. If money must move between accounts first, keep statements showing each step. Payments from relatives, companies or third parties are possible in some cases but need clear evidence, such as a documented gift letter with proof of the giver's own funds, and should be discussed with your agent before the application is lodged.

Cash deposits shortly before a large transfer, unexplained loans and funds routed through payment platforms or cryptocurrency exchanges create the most difficulty. If any part of your funds has that history, deal with it in the file openly rather than hoping it will pass unnoticed.

What banks will ask, and how long it takes

Your own bank. A large transfer to a Caribbean government fund or escrow account may trigger a compliance review at your bank. Expect questions about the purpose, the recipient and the source of funds, and possibly requests for the approval letter or purchase agreement.

Correspondent banks. International transfers often pass through intermediary banks, usually in the United States, which may hold a payment while they check it. This can add days.

The receiving bank in Grenada. Banks receiving NTF contributions and escrow funds apply their own anti-money-laundering checks and may ask the agent for supporting papers.

Currency. Payments are generally made in US dollars. The Eastern Caribbean dollar is pegged at EC$2.70 to US$1, but your own bank's conversion rate and fees will determine the cost if you start in another currency.

Timing. Allow at least two weeks of margin for a large transfer, more if your bank is known for slow compliance reviews. Warn your bank in advance where that is possible.

Escrow on the real estate route

Where purchase funds go into escrow, they are held by an independent party, typically a law firm or bank, until the conditions in the purchase agreement are met, usually approval in principle of your application. If the application is refused, the agreement should provide for the funds to be returned, minus any deductions it clearly states.

Escrow is only as good as the arrangements behind it. Check who the escrow agent is, whether it is independent of the developer, which bank holds the account and what the agreement says about releases. Funds should not be released to the developer before approval unless the agreement explicitly allows staged releases against verified construction milestones, and you have agreed to that.

Ask for written confirmation when your funds arrive in escrow and again when they are released, with the date and the basis for release. These confirmations form part of the evidence that you made the qualifying investment.

Protecting yourself from payment fraud

Investment migration clients are attractive targets: they are known to be sending large sums abroad on a deadline. Common frauds include intercepted emails with altered bank details and fake notices claiming to come from the agency. Basic protections:

• Get payment instructions for government amounts from your licensed agent, and check that they match details the agency has published or confirmed.
• Treat any change of bank details, especially one sent by email close to a deadline, as suspect until verified by a separate, known contact route.
• Never pay government amounts into the personal or business account of an adviser or agent.
• Send a small test payment first where time allows, and confirm receipt before sending the balance.
• Be wary of messages that create urgency, threaten loss of approval or ask for secrecy.
• If you suspect fraud, contact your bank immediately to try to recall the transfer, and inform your agent.

Records to keep, and for how long

Every payment should leave a paper trail: your bank's transfer confirmation, the recipient's receipt, and the agent's or agency's acknowledgement. For the NTF contribution, keep the approval letter that stated the amount, the transfer confirmation and the agency's confirmation that the contribution was received. For real estate, keep the purchase agreement, escrow confirmations, completion papers and title or share certificates.

Keep these records permanently, not only until the passport arrives. They may be needed if the agency reviews the file, if you renew a passport under new rules, if a bank abroad asks how you acquired your citizenship or if your home tax authority asks about the payment.

Store originals securely and keep digital copies in at least two places. If you change agents, make sure the new firm has a complete set.

Meeting the deadline after approval

Approval in principle normally comes with a deadline for completing the investment, often a matter of weeks. Missing it can mean asking for an extension, which may or may not be granted, or in the worst case losing the approval after paying all the fees that led up to it. That makes the post-approval transfer the most time-sensitive payment in the process.

Preparation removes most of the risk. Before the file is even lodged, make sure the funds are sitting in the account you will pay from, already documented in the application, and not tied up in investments that take time to sell. Ask your bank in advance what it will need to release a large transfer and whether any daily or online limits apply.

Keep your agent informed. If a bank holds a payment for review, the agent can tell the agency and provide evidence that the transfer is under way. Silence until the deadline has passed is the worst outcome.

Frequently asked questions