An enchanting Caribbean Island famous for its beauty and water activities, Grenada is a popular tourist destination. With beautiful beaches and mountains for hiking, who wouldn’t want to possess a piece of this paradise?
Keeping in view the growing number of applicants looking to settle here, the Grenadian Parliament passed the Citizenship by Investment Act in 2013. Therefore, The Grenada Citizenship by Investment Program was launched in the same year in August 2013.
According to the program, an applicant should either make a substantial economic contribution to the country or invest in a qualifying asset approved by the government.
It provides an affordable and fast option to establish full citizenship and a passport in under six months. The process is straightforward and aims to generate foreign investment through capital and real estate investments and offers investors citizenship and a passport. An E-2 Treaty with the United States has been signed by Grenada. Grenada has no capital gains or dividends taxes.
On the contrary, it has an Annual Stamp Tax of 0.5 percent for receipts under $111,000 and 0.75 percent for receipts above that amount. Individuals, who value the freedom and privacy that second citizenship or a second passport can offer, would be highly benefitted from this program. Grenada recognizes dual citizenship. So investors can still benefit from their current passports.
Benefits of Grenada Citizenship by Investment
- There are no restrictions on minimum stay.
- It is the only Caribbean citizenship by investment program that holds an E-2 Investor Visa Treaty with the USA. This allows citizens to be eligible to apply for a non-immigrant visa. It allows citizens of Grenada to operate a substantial business in the US and reside there.
- There are absolutely no restrictions on dual citizenship in Grenada
- It provides visa-free or visa-on-arrival entry to residents of 146 countries, including Hong Kong, Singapore, the UK, Europe’s Schengen Area, and China
- It allows for citizenship transfer to new spouses and future generations.
- A person is free to include a spouse, children under the age of 30, unmarried siblings aged 18 and over, parents, and grandparents of the main applicant spouse.
- One acquires the registration of a company abroad.
- Tax optimization is flexible.
- The right to 10-year tourist visas is available.
- The processing is done fast and within four months.
- Dependent parents are included.
- Physical residency requirements are not needed.
- The applicant doesn’t need to travel to Grenada during the application process, for an interview, education, or management experience.
- One of the few countries in the world with 30 days of visa-free access to China is Grenada.
- Grenada offers a tax-friendly jurisdiction.
- One gets the luxury of choosing from beautiful properties in five-star resorts.
- It is an easy way to get Grenadian citizenship and a passport in 3-6 months, and that too without a residency period.
Costs of Grenada Citizenship by Investment
- The investors or applicants get 2 options-
- Contribution of $150,000 to the state fund. These applicants must keep in mind that the money transferred to the National Transformation Fund is non-refundable. The minimum amount covers the main applicant only. In a family where there are four members, the requirement of money is set at $200,000.
For each additional dependent, an extra donation of $25,000 is required. It is also important to note that when a family includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of $50,000 is required for the post-approval contribution. If an application includes an eligible sibling, an additional contribution of $75,000 will be for the same.
- Buy real estate for at least $220,000 to obtain Grenada citizenship. Their economy is shifting from being agricultural-dominant to service-dominant. So, investment in a pre-approved real estate project is one of the most viable options for foreign nationals.
An applicant must invest a minimum of $220,000, and the said amount has to be maintained for a minimum of four years. This minimum amount includes the main applicant, his/her spouse, and two qualifying dependents.
An extra $25,000 is required for each additional dependent. It is important to note that where an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of $50,000 is to be made with the post-approval contribution. If an application includes an eligible sibling, an additional contribution of $75,000 is to be made with the post-approval contribution.
In five years, Real Estate investments can be returned. The investors should buy shares in state-approved projects. The investor is allowed to sell the property in 5 years and return a part of the money spent on citizenship. One needs to provide evidence of ownership of the property owner.
Apartments or units in five-star resorts by popular and internationally recognized developers are generally the properties that can be purchased. A rental yield on the property can be earned by the investors. They can also enjoy holidays at those beautiful locations.
A certain amount of deposit is paid initially on application, with the total amount being due. That is to be paid only after approval of citizenship.
- The applicant has to pay government fees, costs for legal services, and charges for document shipping.
- The final cost of participating in the Grenada CBI program depends on the number of family members included in the application and their specific demands. The costs are estimated based on individual needs.
Requirements of Grenada Citizenship By Investment
- A licensed agent must be contacted by the applicant to participate in the Grenada citizenship by investment program. This is mandatory because The Grenada law prohibits investors from applying for citizenship by investment on their own. Therefore, the licensed agent acts as the consulting firm that counsels applicants to obtain citizenship, helping them at every level.
- The applicant should be of good character.
- The applicant should hold no criminal record.
- The applicant should be in a healthy condition.
- The applicant must have a high personal net worth.
- The applicant must not have been denied a visa to a country that Grenada allows free-visa travel and also that the applicant has not subsequently gained a visa to that country.
- Certain documents are to be submitted, including financial documents, employment or business documents, ID, proof of address, bank reference letter, and signature certificate.
- The main applicant should be of 18 years or older.
- The main applicant must provide valid documents that say they have enough funds to make the required investment and also prove the legal source of these funds.
- 6 passport-size photos are required.
Conclusion
Grenada Citizenship by Investment is a swift process and also free of hassles. Applications take an average of 3-4 months to be processed from the date the application is submitted to Grenada’s Citizenship by Investment Unit.
Before the submission, it generally takes 2-6 weeks to gather all their documentation. Being a vibrant island, Grenada is known as the “Island of Spice”. It offers majestic marinas and sunshine throughout the year.
Therefore it is an excellent option to establish citizenship thereby opening new doors of exploration in different fields. The program has been set up as a means for driving economic growth on the Caribbean Island.
When exploring to settle in an exotic location with some investment plans, or just to retire at a beautiful location for a peaceful life, Global Residence Index offers the best guidance and support for its clients.
Reference-
https://www-globalcitizensolutions-com.webpkgcache.com/doc/-/s/www.globalcitizensolutions.com/grenada-citizenship-by-investment/
https://www.goldenvisas.com/grenada
https://passports.io/citizenship/grenada/donation/gd2
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