As some European countries begin to tighten so-called golden visa programs, one Caribbean country is taking a different tact and establishing the world’s first official “citizenship by invitation” program.

Grenada will launch the program with the goal of selecting “hand-picked investors” that the country hopes will bring entrepreneurial innovation to the country. Most citizenship by investment programs are inherently exclusive, typically requiring interested parties to invest hundreds of thousands of dollars—if not more—to attain an expedited residency or citizenship.

But Grenada’s new offering is even more so. “The concept of ‘citizenship by invitation’ is set to revolutionize the way that investment is channelled into communities,” reads the press release announcing the initiative.

“It will empower governments such as Grenada to tailor their citizenship programs and attract hand-picked investors with the talent, experience, and capital to make an impact.” It comes as popular golden visa programs in countries like Spain and Portugal begin to wind down. While those countries make moves to limit how many wealthy investors can gain residency and eventually citizenship, Grenada is doubling down on its efforts.

Source: FORTUNE