In this article, we will take you through a step-by-step process of applying for the citizenship of Grenada by investmenting in the National Transformation Fund, and also we will point out to important details you must not miss.
In this article, we will take you through a step-by-step process of applying for the citizenship of Grenada by investmenting in the National Transformation Fund, and also we will point out to important details you must not miss. Reviewing the information will take at least 10-15 minutes. However, here you will find the answers to all the questions you might have about Grenada CIB program. The material below is based on our 5-year experience in the field of immigration, namely since the re-launch of this CIB program in 2013.
An applicant signs the contract with the company, makes an advance payment of 50% of the cost of the company’s services (the amount depends on the selected package of services).
The company performs a free preliminary check of the applicant's documents BEFORE signing of the contract, in order to assess the chances and possible risks during obtaining the citizenship. The company prepares the contract.
The client provides originals or notarized copies of documents, and fills in the questionnaire. The applicant also undergoes a medical examination, gets tested for HIV, and provides their biometric information (fingerprints and photos).
Translation and legalization of documents, apostilization. The company organizes the process of medical examination, HIV testing, and submitting the biometric data. The company sends the questionnaires to investors for filling in.
Colored copies with Apostille are to be submitted for Grenada. The package of documents is submitted for each member of the family who is included in the application for Grenada citizenship by investment.
$5,000- $10,000 The expenses at this stage include: preparation of documents (obtaining certificates of no criminal record, legalization and translation), medical examinations fee, delivery of test results and biometrics. The final amount of expenses depends on the composition of the family and provided documents. This amount includes the preparation of the following documents (depends on the selected package): – translation and legalization/apostilization of documents; – obtaining of certificates of no criminal record, their translation and apostilization; – medical examination, HIV tests, fingerprinting.
Normally, a certificate of no criminal record is issued within a month, but there is an opportunity to speed up the process for an additional fee and to get a certificate within 1 day. It is advisable to prepare medical certificates, bank statements and utility bills closer to the date of filing of the documents, since they are valid for 3-6 months. In December 2017, Grenada changed the rules making submission of biometric data mandatory. However, it’s possible to submit biometrics in any certified center in your hometown. The center will send the data to the island afterwards.
The entire package of documents according to the check-list has been prepared, translations and legalization have been made. The questionnaires for filling out the state forms have been sent to the client for completion.
The client fills in the questionnaires with information needed to be submitted in state forms, in their native language. The client signs the government forms that were prepared by the company for submission.
The company's specialists fill out each state form on behalf of the client, organize and control the process of obtaining all certificates, translations and legalization.
The following state forms are to be filled in
At least $ 200 the cost of delivery of a package of documents depends on the weight of the documents.
In the process of preparation of the documents, investors often rely on work of translators who make small mistakes, which lead to additional expenses such as re-translation and apostillisation of these documents all over again. We check each letter and this allows us to exclude possible errors in spelling, for example, surnames. This allows our customers to save time and money. Signature on state forms must be certified by a notary or attorney-at-law (we also help with this issue).
The package of documents is prepared according to the check-list, coordinated with the CIU and is ready for dispatch.
The client pays due diligence and government fees.
The company sends documents to Grenada. As soon as the case arrives to the island, a certified agent submits it to the government.
The government accepts the documents. Authorized persons review them and within 2-3 days issue a letter of acceptance.
$5,000 for each applicant over 17 years of age – the due diligence fees and government fees.
The client does not need to come to the island personally. The submission of documents is carried out by agents certified by local authorities.
The clients fulfills the investment requirement, i.e. makes a donation to the government fund. The client pays the remaining part of Migronis service fees.
The company sends additional notifications to the client - confirmation letters from the Citizenship by Investment Unit. After completion of the due diligence procedure the company sends another confirmation letter, this time on approval of the citizenship petition, and instructions on how to transfer contribution to the government fund to an investor.
The government performs verification of documents. At each stage of verification the government sends confirmation letters - transition to the second stage of processing, approval of the petition.
$150,000 Payment of a non-refundable contribution for a single applicant or; $200,000 – a non-refundable contribution for a family of up to 4. Plus Migronis service fees (the remaining 50% or 100% depending on initially selected package).
The contribution is paid only after the application has been approved by the Citizenship by Investment Unit of Grenada (after 3-4 months after filing of documents). The full investment amount must be transferred from a personal account of the investor or the company in which the investor is the beneficiary.
The client pays the passport fees and Oath of Allegiance fees.
The company is following up with the client during certification of the Oath of Allegiance by a notary.
$ 200 Payment of the passport fee per each applicant; $ 18.6 — the fee for taking the Oath of Allegiance per each applicant.
At this stage, it is necessary to sign the Oath of Allegiance which must be also certified by a notary.
The applicant must file a certificate of no criminal record from his country of birth, as well as from any country in which the applicant has resided for more than 1 year in the past 10 years.
We help to obtain certificates of no criminal record not only in home country but also in all other countries where the client has residency. In our practice, apart from the CIS countries, there have been cases of obtaining certificates from Switzerland, Israel, England, the United States, Spain, Italy, Poland, Latvia, the United Arab Emirates and other countries.
At the stage of filling out the government forms, translators can make minor mistakes in spelling and, as a result, the documents may need to be translated and apostilled again, and it takes time and money.
We translate documents and fill out all forms ourselves. The cases prepared by our company are quickly processed by the citizenship agency as they don’t have any mistakes that need to be fixed.
Those wishing to apply for Grenada citizenship by investment should take into account, that the transfer of money can be delayed at some point or the bank can reject the transaction, and sometimes it takes rather long time for the money to be transferred to the banks in the Caribbean. The period of time during which money are remitted to the bank account does not depend on us or on the client. At the same time, filing of documents to the citizenship authority is possible only after the receipt of due diligence fees. It is advisable to transfer money in advance. The transfer can take 2-3 weeks, if the client personally communicates with representatives of the Caribbean bank, to which the money is transferred.
Funds can be transferred through our company! Every month dozens of transactions are transferred from our accounts to the Caribbean, payments are clear to the bank and, therefore, they are remitted faster.
One more difficulty which our clients sometimes encounter is the delay in receipt of confirmation from the government at the stage of due diligence. The government does not timely issue decisions or may request additional documents. This happens in 1 out of 10 cases.
Providing the full package of documents at the outset. Also, delays may occur during a period of increased demand for citizenship.
The passport of Grenada needs to be renewed every 5 years. Procedure of renewal takes about a week, for this purpose a passport form, the original passport, a copy of the certificate of naturalization are to be submitted and the passport fee is to be paid.
We remind clients to renew the passport six months before the expiration date.
Confirmation of connection to the island required while opening accounts in foreign banks.
After obtaining a passport, you can also get a local driver’s license that can be requested when opening an account with a foreign bank. In order to obtain a driver’s license, it is necessary to visit the island one time.
“The passport program of Grenada is suitable, first and foremost, for the investors, who, in addition to the standard list of visa-free countries, are also interested in visa-free entry to China and the opportunity to obtain an E-2 business visa to the USA, which is inaccessible to the citizens of Russia, China and other countries. In addition, the holders of the passport can count on social and political security, preferential taxation and full confidentiality. Any citizen who meets the requirements of the program can get this Caribbean citizenship. In this respect it is important to understand that the final result and the speed of decision-making by the Grenada authorities depend on the reliability and completeness of the filed documents. We recommend the clients to pay special attention to the “shelf life” of documents. For example, it is advisable to provide the conclusions of the medical examination and confirmation of payment for utilities closer to the date of filing of documents.”
Expert in Grenada Citizenship by Investment program
Our CIS-based lawyers are involved in the preparation of documents (translations, legalization, filling out application forms)
Our certified agent in the island submits the documents, obtains passports and oversees the case
Your involvement in the process is reduced to minimum
Over 1,300 investors are already enjoying the benefits of a Grenada passport
Visa-free or visa on arrival access to more than 144 countries
Possibility to an E-2 visa to the US
Possibility to get long-term visas to USA and Canada
As a rule, the citizenship of Grenada is slightly more expensive if choosing an option of donating to the fund. For example, in case of a single applicant Dominica is much more cost-efficient, and Antigua or St. Kitts is more cost-efficient for a family of 4:
When choosing an option of investing in real estate, Saint Kitts and Nevis, Antigua and Barbuda, and Dominica offer much more interesting conditions. For more details about how to become a co-owner of a hotel of famous world networks, to receive income from 2% to 7% and to obtain a passport for the whole family please check this article. Grenada also has several interesting options, but the cost of entry is higher, starting from $350,000. In the near future the government is likely to reduce the cost in order to compete with other programs.
In general, the passport of Grenada may be attractive to those investors who are interested in the E-2 visa to the USA, since the citizens of China, Russia, Brazil, South Africa, Dubai, etc. cannot apply for this type of visa. The E-2 business visa is issued to the investor, who is interested in developing business in the United States, for up to 2 years, and it can be extend for an unlimited number of times.
The application can be considered on expedite basis (15 days) for an additional fee. The minimum amount of investment is not defined by the program. The investment in the amount of $50,000 is considered to be significant. Also, an applicant must create about 4 jobs and actively participate in the development of the company.
During the due diligence procedure, there may be delays in receiving notifications from the Government of Grenada. The government issues decisions with delays or requests additional documents. This happens in 1 of 10 cases.
As of November 2018, more than 20 our clients have already received passports of Grenada and there was not a single refusal.
It is crucial to pick the right citizenship or residency, that meets your need and budget. Our professional staff will be happy to assist you
Our citizenship and we contact you to discuss all the details
Managing Partner of Migronis,
Master of International Law,
Investment Immigration Council member