Economic citizenship, or citizenship by investment, is the procedure of investing money in the economy of another country in return for a passport for yourself or the whole family. This is a part of Plan B that far-sighted people usually develop and realize before it’s too late: if something happens in their home country, they have a place to relocate (in most cases, they also buy real estate in the respective country). Not all countries offer citizenship-by-investment programs – however, Grenada is one of those that do, and in this post, we will have a look at it.
The first thing you need is practical information, and we will be glad to welcome you on our portal where you can read much more on how to get a passport by investment in Grenada and other countries. More than 40 programs are available, so you will have something to choose from. Each of them has a different cost and comes with its own perks, so you will need to prioritize.
You will also find qualified specialists on our portal who will help you apply for economic citizenship without much effort on your part. Most countries work with potential economic citizens via a registered agent, so you simply cannot submit documents on your own. Some of our services are free: for example, if you cannot choose the country to invest in, we will help you. However, when it comes to working with documents online and on-site, we offer turnkey packages that come for a reasonable fee.
Grenada In a Nutshell
Grenada is a Caribbean island in the West Indies known locally as the “Spice Island”. Most Caribbean destinations are popular with tourists, but not Grenada. It will be a tangible advantage for some of you: if you ever choose to live in Grenada, you will be surrounded by a quiet atmosphere without tourist hustle and bustle.
Grenada was discovered by Christopher Columbus in 1498 and later came under French control. It gained independence in 1974, and the CBI program is one of the ways to sustain its economy.
Grenada Passport: Main Benefits
Grenadian passport gives some benefits that allow you to use it right from the start rather than put it on a shelf and wait for some adverse event to happen:
- You will be able to enter 117 countries without a visa
- Specifically, the European Union, China, and almost the whole continent of South America will be accessible without a visa
- You will get a passport of the Caribbean Community (the so-called CARICOM passport) that will give you an opportunity to live, work and study in any CARICOM state
- An E2 investor visa to the United States will be available to you with a Grenadian passport
- You will not be required to live in Grenada for any period of time to get your passport
- The local authorities are very quick in processing applicants’ documents: in fact, you will wait four times less than in most other jurisdictions
- The main applicant and his or her dependents can be the nationals of any country
- Grenada has the status of a respected country in the international community
- The island offers economic and political stability which will make it pleasant to work and live there if you decide to
- There is a unique feature for Caribbean citizenship by investment programs: the main applicant can include his or her siblings over 18 years of age in the application (on the condition that they are not married and have no children)
- Grenada is a state where capital gains, gift, or inheritance taxes equal zero
- Real estate tax ranges between 0 and 0.5%, and it depends on how you use the facility
If you have any questions at this stage, feel free to visit the above link and book a one-on-one session with our experts who will be happy to provide any explanations you may need.
How to Invest in Grenada to Obtain a Passport
There are two options available:
Make a donation
This amount is non-refundable. You pay 150,000 US dollars to the National Transformation Fund if you are a sole applicant or 200,000 US dollars if there are no more than 4 applicants. If you want to bring more dependents with you, you will have to donate 25,000 US dollars for each of them.
Invest in real estate
The amount is higher, but it is refundable: you can sell the property in five years if you want.
You will have to invest 350,000 US dollars for the main applicant, 400,000 US dollars for a family of four members, and 25,000 US dollars per additional dependent.
You should know that you cannot buy absolutely any real estate object you like: the development projects available to prospective economic citizens are designated by the government.
2 investors can form a group and buy a real estate object at 440,00 US dollars, each contributing 50% of the amount.
The proof of investment has to be submitted to the authorities within 5 days from the date of approval. You will also have to provide proof of the legal origin of funds.
- If you want to include your parents in the application as dependents and they are 54 or younger, you will have to pay an additional fee of 50,000 US dollars. However, there is no fee if they are 55 years of age or older.
- If the main applicant’s spouse is not included in the application and applies later, he or she will have to pay 5,000 US dollars and pass a due diligence procedure.
- If the funds required for investment are provided by a sponsor, this person will be required to pass a due diligence procedure.
- If a child is born within a year from the date you initially apply for Grenadian citizenship, he or she is included in the application post-factum if the main applicant addresses the authorities within six months from the date of birth. A USD 5,100 fee will be payable in this case.
If you want to find out which documents you need to submit to obtain economic citizenship in Grenada, you can follow the above link and look at the section about Grenada. On the whole, this is one of the most affordable options in the Caribbean and all over the world, so we highly recommend it. Contact our specialists who will tell you how to start the process and help you with any aspect of it.
Set the ball rolling today!