In 2013, the Grenadian authorities updated their citizenship by investment program to increase the demand among potential foreign investors.
Because their primary passports are not as powerful, wealthy people, VIPs, business heavyweights, famous personalities hailing from Russia, China, Pakistan, South Africa, India are especially interested in obtaining a second citizenship of a Caribbean country, most notably, one of Grenada’s.
Within the last year, the interest in the island nation’s passport has skyrocketed by 300%, and the rejection rate was at an all-time low of just 8%. In the first half of 2017, 449 persons have became nationals of Grenada.
Though no direct flights to Grenada are available today, international airlines provide connections into Grenada’s international airport from, say, Europe, or the US. British Airways offer a two-leg London – Saint Lucia – Grenada flight, while Lufthansa and Condor both offer to reach Grenada through Germany’s Frankfurt.
To begin with, a foreign citizen should deliberate over the suggested investment options. The two primary ones are either donating to the National Transformation Fund, or investing in a government-approved real estate object.
Once the choice is made that suits the investor’s particular situation, it is time to apply for the program and start gathering the necessary documents. The investor’s candidacy is reviewed within 3 to 5 months before the authorities announce their decision to grant them citizenship.
The investor may include in the application their spouse, financially dependent children up to 25 years of age, and parents or in-laws.
The aforementioned due diligence takes maximum of 2 months, and includes:
Once the application is approved, the investor pays the fees and full investment amount.
As we have already mentioned, the entire process may be managed outside of Grenada, and the passports sent to the investor by mail.
The principal documents are:
All the documents must be legally translated and notarized. Only a government-approved, certified, Grenada-based agent may handle the paperwork.
A one-time, non-refundable donation of US$200,000 to the National Transformation Fund is one way to acquire Grenadian citizenship. The passport is issued 1 or 2 weeks after the certificate of naturalization.
Another way is to invest at least US$350,000 in Grenadian real estate, and then own it for at least 4 years, after which it is possible to sell the object and recover the funds.
It is also possible to invest at least US$1,5 million in a local business.
There are other countries who accept foreign investment in exchange for their citizenship: Antigua and Barbuda, Saint Lucia, Dominica, Saint Kitts and Nevis. The minimum donation amounts to the countries’ respective state funds are compared in the table below:
If the foreign national is contemplating investing in real estate, Grenada is the most credible option among other similar offers. Thanks to the nation’s geographical location within the Caribbean Basin, Grenada stays out of the way of hurricanes – unlike Dominica, where hurricanes and tropical storms have inflicted sufficient damage three times within the last decade, or the island of Barbuda, one of the two islands comprising the country of Antigua and Barbuda, where the 90% of homes and infrastructure were destroyed by the recent hurricanes Irma and Maria.
Peter de Savary, a prominent English entrepreneur and founder of the luxury St. James’ Clubs, was granted Grenadian citizenship in 2003, after investing in the construction of over 30 real estate objects. What is more, the authorities of Grenada recognized his contribution in the form of an ambassadorial role with full-spectrum diplomacy.
The Grenadian authorities reserve the right to deny citizenship request on the following grounds:
Note that certain countries do not allow their nationals to hold dual citizenships. In order not to miss any important nuances, and to minimize the time and efforts spent on paperwork-related questions, it is best if you turn to trusted, certified specialists with considerable expertise in the field.
The Grenadian citizenship by investment program is easily comprehensible and transparent, and this second passport facilitates travelling across Europe and the rest of the world.
You don’t have to wait until you find yourself in the middle of an unforeseen unfavourable situation caused by forces you cannot control. Start thinking about your own safety, safety of your close ones, your asset protection, and business expansion prospects in advance – the future of your children can be that much brighter, too.
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