Re-launched in 2013, Grenada’s Citizenship by Investment Program is drawing the attention of financially independent persons and businessmen of outstanding reputation. Often, such persons are interested in a safe haven for themselves, their families, and their businesses. They also strive to distance themselves from any adverse events in their home countries, to scale their business for growth or change its trajectory. Not only does a second passport offer all of the above, but also opens even more particularly attractive windows of opportunities.
Who will be interested in Grenada’s economic citizenship?
Grenada is the right choice for you if:
- You’re looking for a safe place to settle;
- You’re looking for ideal business immigration destination;
- You own an international business and are looking for better tax planning and optimization options;
- You would like to pursue and develop multinational business partnerships;
- You travel frequently and are interested in visa-free entry to over a hundred countries in the world, in order to save time and efforts on visa-related paperwork;
- You are interested in establishing a business in the US as effortlessly as possible;
- You would like to transfer your assets and/or personal savings to trustworthy international banks;
- You are interested in a simplified scheme of relocating to Commonwealth of Nations countries (Canada, Australia).
So, you may ask, why Grenada? Simple. One just has to look at the impressive list of advantages of owning this Caribbean nation’s passport. Apart from the common standard set of proposals, the local authorities are gladly offering a number of exclusive opportunities in exchange for foreign investment.
1. Low cost threshold of entering the program citizenship-by-investment
The list of countries that have signed a visa-free travel agreement with Grenada is a tad shorter than that of other competitors. Admittedly, this seems fairly compensated by a lower cost bar.
There are several ways one can obtain this second passport:
- By way of one-time non-refundable USD200,000 donation to the National Transformation Fund (for a family up to 4 people the sum is the same). Within 4 months, the investor obtains a permanent residence permit and in a year’s time – the citizenship. For additional dependents, a USD25,000 fee is applied. Some other fees, like due diligence and processing fees, are applicable as well.
- By way of investing in government-approved real estate projects. Going through the stage of tourism boom, Grenada is now constructing and developing resorts, villas and hotel complexes – urging wealthy individuals to invest at least USD350,000 in this sector (not counted in are additional government and processing fees which constitute at least USD58,000). The list of pre-approved projects is constantly expanding, and this option attracts investors who want to gain some profit and later sell the real estate shares.
2. A whole-family deal, fast and easy processing
The application procedure isn’t complicated, though there are several strict eligibility requirements: to be of outstanding reputation and excellent health, to have no legal problems, a required amount of savings in the bank account, and compliance with age restrictions.
Every participant of the CBI program must undergo the due diligence check – which is mandatory for all such programs around the globe. This background check guarantees that the persons enjoying their second citizenship benefits are not posing a threat to Grenada, its residents, other program participants, and their businesses.
The application process goes as follows:
- After choosing the most satisfying investment option, one submits the application form and the necessary papers (it is possible to do so via courier mail). Note that applicants are expected to act through a certified international market agent.
- Before submitting the documents to the authorities, the investor must sign real estate sale and purchase agreement (if the real estate option is chosen), as well as pay additional fees.
- Once due diligence process is complete and the authorities make a favourable decision (the application is approved within 60 business days), an applicant pays the additional government fees (if the real estate option is chosen) and either makes the contribution (for the NTF option) or completes the purchase of their real estate.
- The passport is issued shortly afterwards.
Thus, the whole process takes up to six months – and the applicants are not required to stay within the country during the processing.
3. Favourable tax policies
Grenada’s authorities have made sure those residents who are heading international businesses are satisfied with tax planning and optimization, and are comfortable with business management options.
There are no capital gains, inheritance, wealth, gift, foreign income taxes, no restriction on the repatriation of profits and imported capital in Grenada.
4. No visa-related headache
Obviously, business management involves a lot of travel around the globe. Once you have Grenada’s economic citizenship stashed away safely in your pocket, over 100 countries will open their borders for you on the visa-free, or visa-on-arrival, basis: the UK, South America, China, Hong Kong, Singapore…
5. US visa, UK options
Grenadian passport holders may participate in the US’ visa program by obtaining the E-2 Investor/Business visa. No other Caribbean passports have this on their benefits list. As long as the investor renews the visa and continues to adhere to the program’s requirements, they retain their residency status and may continue operating their US-based business.
Grenada is also a member of Commonwealth of Nations, headed by Queen Elizabeth II, which means a simplified process of relocating to other Commonwealth nations – for instance, Canada, Australia, and India.
6. Recover your investment
Grenada’s Caribbean neighbours (Saint Kitts and Nevis, Antigua and Barbuda), whose authorities are also interested in foreign investments, condition their passport holders to keep the real estate for at least 5 years. That is, it is only possible to re-sell the property, or property rights, after 5 years of continuously owning it. Grenada’s government has imposed a 3-year retention period. By selling the project, or the share, an investor would be able to regain the funds invested, essentially investing only in legal paperwork.
7. The required residency period: Zero days
To retain the status of a Grenadian citizen, one is not legally bound to reside in the country. So, unless the passport holder personally wants or needs to relocate, there is no obligations to do so. This is in stark contrast with some other economic citizenship programs like Malta, which requires to prove a genuine link to the country; Portugal, which requires that the applicants reside within the country for at least 7 days a year; or, say, the UK, which monitors the implementation of the rule to stay in the country for at least 50% of the time.
In case you choose to invest in a tourism sphere-related project, a specialized administrative company will handle the management of your share – without any additional costs.
Obtaining the status of a citizen of Grenada is confidential. No data is disclosed to any third parties. Grenada allows dual citizenship, and the investors get a unique opportunity to enjoy and utilize the advantages of both their first and second passports to the fullest.
Comparing Caribbean CBI programs
Interested in expanding your personal and economic freedoms by investing in a Grenadian passport? Our qualified experts will consult you on your specific case, calculate the precise cost, and provide advice at every stage of the passport acquisition process.
We also urge our clients to compare conditions of the various CBI programs to make up their minds and opt for what suits them best. Speaking of Caribbean nations, here are some more reasons to strongly consider one of the countries in the region as your second home:
- Antigua and Barbuda passport: visa-free entry to over 136 countries; passports are issued within 3-5 months.
- Dominican passport: visa-free entry to 91 country; passports are issued within 3-6 months; no residence requirements; no personal interview.
- Saint Kitts and Nevis passport: visa-free entry to 132 countries; no residence requirements; passports are issued within 3-5 months. The program has been active since 1984!