Rich Russians are paying $224,000 for Grenada passports. Here's why

Vladimir Putin's military draft following his invasion of Ukraine has triggered a flood of Russians moving to nearby countries with visa-free entry, such as Turkey or Georgia. For some wealthier citizens, an alluring alternative has opened on a faraway island in the Caribbean. Demand from wealthy Russians looking to flee is helping drive the spike in applications for Grenada's citizenship by investment initiative, according to Richard Hallam, a special adviser to the program. He estimates they could make up the biggest chunk of applicants this year. Grenada has been a politically stable tax haven since the US-led invasion in the…