No unique immigration solutions are using a single passport or residence permit. But there are such tools, which, if added to your current citizenship, can significantly expand your capabilities in all areas. Read about a passport that will give visa-free border crossings for 143 countries, plan B, immigration to the United States with a Grenada passport and much more in this article.
Island for relaxation and life
Statistics in recent years show that the popularity of Grenada among tourists is growing. And not so much from the mass market as from citizens with requests for vacations in a high price segment. Life on the island is not cheap. According to conservative estimates, a couple of holidaymakers need more than $3,300 per week. This amount does not include the purchase of air tickets.
What’s attractive about the “Spice Island”?
Ecotourists from all over the world are attracted by the picturesque countryside of Grenada. Elevation changes, mountains, waterfalls, rainforests, volcanic lakes and ponds, vibrant flora and diverse fauna. About a third of the country’s territory is occupied by national parks and reserves. Others are drawn to white sandy beaches, bays, exotic reefs and sunken ships. The republic is well known among yachtsmen for its sailing regattas. Lovers of West Indian history have something to see: forts, excursions to plantations, factories for the production of spices and nuts. It is thanks to the abundance of spices that the country received its unofficial name “Spice Island”.
The country’s government considers the tourism industry to be one of the drivers of the development of Grenada. In 2019, more than 525 thousand tourists visited the country. At the same time, the construction of resort areas and hotels was actively developing. The result was a GDP growth of 3.1%. Due to the COVID-19 pandemic, the IMF predicted a slowdown in national economic growth to -8% in 2020. But the situation, according to the report, should return to pre-crisis levels in 2021. Hoteliers and restaurateurs in Grenada also have reason to be confident that with the opening of borders, tourists will return. The country rather quickly coped with the threat of the coronavirus epidemic.
There is no doubt that people will want to come on vacation to a place where it is safe and nice. Cruise companies have announced an increase in the number of stops for their ships at the port of Grenada. This means that the demand for hotels and resorts will grow. According to the largest search engines for booking, more than 190 places are available in the republic where travelers can stay. However, among them, there are no more than a dozen luxury and 5-stars, so it is necessary to build new ones.
According to the Minister of Health, Social Insurance and International Business of Grenada, Nicholas Steele, the country’s authorities are interested in the development of an Accommodation Fund. The official told travel markets insider that in the last 2 years alone, the number of rooms of different classes has increased by 20%. Back in 2017, there were only 1.5 thousand of them.
The island State with a small economy (in the second hundred in the global ranking of national GDPs), focused on tourism, actively attracts foreign money to the development of this industry. A Grenada passport brings a lot of benefits to investors.
- 143 visa-free countries (Schengen countries, Great Britain, Russia, China, Hong Kong, Singapore).
- Convenient tax climate. Grenada positions itself as an attractive business jurisdiction, where the most comfortable conditions for both local and foreign businesses are created. Minimum entry requirements, no restrictions on foreign business owners, as well as currency conversions, simple capital flows, profits and dividends.
- Stability. Democratic style of government, change of power through elections, relatively stable economy, well-developed infrastructure, low crime rates and a good standard of living.
- Access to the largest international markets: USA, Canada, Latin America, Europe. There are no sanctions restrictions.
- Confidential registration of citizenship in 3 months for all family members. No presence is required on the island.
- Privileges of a citizen of the Commonwealth of Nations. Grenada is a member of this association, and its residents can count on grants, international assistance, social support and other benefits available to the countries of this association.
Participation in the passport program is offered to those who have capital of $150,000 or more. This is the minimum amount of donation to The National Transformation Fund (NTF). The investor will receive a passport that will transform his life and benefit the business, and Grenada will receive money for infrastructure development and social spending. The country reports annually for every dollar spent by the Fund.
You can also invest in one of the approved Citizenship by Investment projects. It will be possible to sell them in 5 years with a small percentage. And in this case, the one who invested will have a passport forever.
According to the head of the Office for Citizenship by Investment of Grenada, Percival Clouden, now 60% of investors choose real estate and only 40% are willing to spend on donations. In his opinion, soon the ratio will change by another 10% in favor of hotels and resort projects.
The option is becoming more and more popular with foreigners, even though the required amounts are 1.5-2 times higher. For example, a share in a project from a reliable developer can be bought for $220 thousand and $350 thousand.
There is an interesting project on the coast. The resort has 100 rooms with private pools and panoramic views of the Caribbean Sea. All buildings in the complex are a thoughtful combination of the privacy of chalet houses and the comfort of modern villas.
Upon completion of construction, the facility will be transferred to the management of one of the world’s best premium hotel brands.
Investors in the project have been allocated 575 shares worth $220,000 each. Some of them have already been sold, 355 are waiting for their owners. The estimated profitability of the shares in the first 2 years will be 2-3% per annum, in the future – up to 6%.
Another elite resort already receiving tourists from among the approved for the passport program offers foreigners shares for $350 thousand.
It’s located in the southwest of the island. It comprises a hotel with 43 rooms and 9 luxury private residences with views of the jungle and the sea. It also houses the largest swimming pool in the Caribbean.
Any foreign investor in 5 years can sell his share in the project at the purchase price and thus return the invested amount. As a rule, a developer helps to find new owners of a share.
Grenada Gold Passport – an exclusive privilege
Citizenship of Grenada is unique among the passport offers in the Caribbean region. Only its holders can apply for an E-2 investor visa in the United States. At the same time, it is issued for 5 years. The document provides businessmen with quick access to life and work in America. Interestingly, tax residency does not occur automatically, as is the case with green card holders.
In addition to the main applicant, his family can obtain an investor visa: spouse, children under 21 years of age. They are entitled to work and study in the United States while the main holder’s visa is valid. In this case, the investor can extend the E-2 as much as necessary.
This option is often used when sending children to study at the best American universities.
In addition, the company’s entry into the developed and open US market is an additional benefit for business development. Using the most modern technologies and methods in your work will definitely give an inspiring result.
It is important to note that citizenship by investment in Grenada is not available to everyone with a suitable amount. The country’s authorities take the reputation of their state program very seriously and carefully check foreigners participating in it.
Compared to neighboring Saint Kitts and Nevis, Antigua and Barbuda, Grenada has only 17 approved projects. Why? Because here the reliability and transparency are in the foreground for the authorities.
For example, Saint Kitts and Nevis has 96 approved projects in the passport program. Critics of the international company Century 21 doubt that the large number of approved projects adds value to the country’s proposal. The situation is similar in Antigua and Barbuda, where there are 44 approved real estate projects and 13 for business development.
In Grenada, profile management deliberately limits the number of approved projects. This allows the authorities to examine in detail the investment options offered to foreigners and guarantee the viability of all 17. These new enterprises, mainly in the tourism industry, are in line with the country’s development course and provide local people with jobs. They account for more than half of the financial flows from those who obtain citizenship by investment.
Percival Cloden emphasized that he and his subordinates’ main task was to make the process of obtaining a passport as comfortable as possible for foreigners. So, due diligence is started by marketing and local agents who prepare investor documents. The information and bank account of the investor’s finances help to shorten the processing time of applications.
Service first and in a remote format
The process itself will require a little effort from the foreign investor. Judge for yourself:
- Choose a citizenship agency that must be accredited by the government of Grenada
- Determine, based on the results of a consultation with a specialist, the most acceptable type of investment (fund or real estate)
- Provide the agency with the necessary documents according to the list, including bank statements and recommendations
- Fill out the application, the answers to which can only be given by the applicant himself
- Pass a standard medical examination, pass the tests listed in the rules of the state program
- Provide records
- Submit fingerprints (biometrics)
- Receive original documents and a passport
At the same time, all consultations are carried out remotely in the form of video conferences, calls and chats. Document circulation is carried out via e-mail and courier delivery. Private clinics and laboratories will conduct examinations, take tests at home and send the results by email. Fingerprinting is carried out by certified companies in a place convenient for the investor.
In 2019, according to the Ministry of Finance of Grenada, 814 people became citizens of the country through investments (this is at the request of 373 foreign investors). The country’s budget received about $43 million, which is 13% more than in 2018.
According to the IMF report, Grenada’s passport program has helped revive the island nation’s construction and manufacturing industries. In addition to this source of income to the budget, foreign exchange is brought by the tourism industry and the University of St. George.
The flagship of higher education in the Caribbean
St. George’s University is considered the most advanced and promising private higher education institution in the region. Mostly foreign medical students study there, only 11% locals out of more than 20,100 campus residents.
The majority of students are from the US – 66%. Even though the university was founded as a medical school, it has several training programs:
- veterinary medicine
- arts and sciences
- plus post-graduate programs (including an MBA in Healthcare Management and International Business).
The Century 21 report says that an increase in the number of students and staff at the university has sparked a boom in the real estate market. Rental rates and home prices are rising. Of course, the university itself is trying to expand the campus with new dormitories, but so far it does not have time. At least two projects approved by the country’s authorities for foreign participants in the passport program are focused on the construction of housing for students and teachers.
The conclusions of real estate specialists are confirmed by the head of the investment citizenship department.
“Our St. George University is one of the drivers for the growth of the domestic real estate market. And, of course, banks help the population – nurses, teachers, police officers – to be able to afford a mortgage and build or buy a house. The rates are at the level of 5.9-6.5%.” P. Cloden emphasized.
Quiet Caribbean Harbor
It is not uncommon for foreign investors to choose Grenada as a country for their base – a home to which they can always return. No matter how things go in the country of first citizenship, having a plan B will always add confidence.
It is attracted by a comfortable hot humid climate all year round. The air temperature varies from +22 to 30 ℃. All 12 months you can swim in the sea, it is quite warm – from +27 to 29 ℃.
Expats from Europe, the USA and Canada choose this particular republic for life. It’s quite safe, the criminal environment is calm. No noisy parties, dangerous cities, or pesky merchants. All conditions to run your business and enjoy life.
Grenada is a good base for sports, from walking, jogging in the morning, swimming in pools or open water to extreme surfing, scuba diving in the vicinity of reefs, near shipwrecks. Kayaking on the inner rivers of the island, various types of rowing, cricket, tennis, sailing.
Thanks to a stable political situation and a stable economy, Grenada is suitable for the implementation of Plan B. If you think that the republic is too full for your business or you need other opportunities, you can always get an investor visa in the United States and legally do business there.
Building your own home in Grenada is considered quite affordable. According to real estate companies, in one of the most populated areas of Grenada, in Westerhall Point or the commune of Lance aux Épin, the price will be $1,076 – $1,300 per square meter. In non-exclusive residential areas such as Grand Anse, Springs, St. Pauls, Morne Giloo, Happy Hill, Calliste, a square meter of housing costs between $700 and $1,076.
You can calculate how much it will cost you to purchase a Grenada Golden Passport for the whole family with a Migronis calculator. If you need to understand in more detail all the possibilities of a Grenada passport, you can do so by contacting Migronis consultants.
There are 5 citizenship by investment programs in the Caribbean. At first glance, they offer similar conditions for obtaining a passport. However, they have significant differences.
- The Grenada program is often chosen for the E-2 visa to the United States and visa-free travel to China. It is the only program in the Caribbean that opens these opportunities to the holders of their passports.
- It will be beneficial for investors with a family to get an Antigua and Barbuda passport. This island state offers to issue a passport for 4 people (including the investor himself) for only $100 thousand. However, it is worth remembering that the program requires you to visit the island and stay there for 5 days during the first 5 years.
- Saint Lucia’s passports are gaining popularity among investors since this program provides investors with 5 investment options (not only in real estate or donations to the state). In May 2020, a new option appeared – the purchase of government bonds of the COVID-19 Relief Bond series with maturities in 5, 6 and 7 years.