Caribbean island of Grenada plans to revive program selling citizenship to global investors

Grenada intends to revive a program that essentially allows investors to buy citizenship on the Caribbean island.

Governor General Carlyle Glean made the announcement during a Wednesday speech at the opening of parliament. He says it is part of a strategy to drum up revenue on the struggling island.

Glean says the government will review other nations' citizenship-by-investment programs and decide the best way forward.

Newly re-elected Prime Minister Keith Mitchell had previously hinted that he planned to revive a citizenship-for-cash program that was suspended after the Sept. 11, 2001, terror attacks due to fears that local passports could mistakenly be sold to terrorists.

The islands of St. Kitts, Dominica and Antigua currently allow investors to secure local citizenship in return for a healthy contribution or investment.