Grenada is an island known as the “Isle of Spice.” With its people free to live happily and surrounded by influences from various cultures, it’s one of the places most looked up to when one speaks of investment and citizenship acquisition. Furthermore, it hosts an irresistible lifestyle, political, social, and economic stability, and a relatively buoyant economy.
That said, citizenship by investment is a highly valuable tool for states like Grenada, a source of a huge money inflow. In return, the scheme allows its investors to enjoy several benefits, including visa-free travel and tax incentives.
This article lists complete details on the citizenship by investment program in Grenada.
Citizenship by Investment Program
The Grenada citizenship by investment program is a new scheme for foreign investors that came into force in 2013. Historically, the CBI program has been a credible economic pillar for Grenada.
By its very nature, the program attracts high-net-worth individuals and allows Grenada to undertake needed infrastructure works, expand job opportunities, and improve its quality of public service delivery.
Moreover, Grenada has been able to position itself as a strong destination for international investors who will not only accrue profits from investing in the country but also feel comfortable living or conducting their business in a peaceful and secure environment.
Investment Options in Grenada
1. Donation to the National Transformation Fund
One can acquire Grenada citizenship by making a non-refundable donation to the National Transformation Fund (NTF). The NTF is a government-run fund created to finance alternative development projects to further the diversification and enhancement of the economy.
The minimum donation amount is $235,000, providing support for a family of four, including retinue, and additional fees should be expected per dependent. The fund option is easy and makes a direct contribution to national development; hence, it’s much favored by investors.
2. Real Estate Investment
On the other hand, investors can choose real estate projects approved by the government. The minimum amount to invest in this project is three hundred fifty thousand dollars or two hundred seventy thousand dollars, accompanied by a non-refundable administration fee of fifty thousand dollars.
The property should be held for at least five years. In addition to a financial return, an investor can call a part of this paradise their home. Some of the famous projects for this kind of investment are luxury resorts, beachfront properties, and general tourism development.
Eligibility Criteria
To be eligible for the citizenship of Grenada through investment, one should comply with the criteria for eligibility:
- Applicants should be over 18 years old and healthy
- The criminal record of an applicant should not be stained
- Willing to make the required contribution
The following documents are required:
- Passports and ID cards
- Birth certificates
- Marriage certificates (if necessary)
- Police reports
- Documents that indicate the proof of address, such as utility bills, leases, or property deed
- Source of funds (bank statements, tax returns)
- Employment and education records
Applicants are expected to explain and prove the legality of the source of the capital invested to ensure transparency and conformity to international financial laws. This is done through detailed financial statements, business records, and other documentation showing legitimate income.
Application Process
The steps involved in acquiring citizenship in Grenada by investment are:
Pre-Application
You will use authorized agents to assess your eligibility and determine the required documents. The agents are professionals who go through the entire process with you and ascertain that all requirements have been adhered to and that all documents are well prepared.
After Application
Submission to the Citizenship by Investment Unit of the Application and payment of the Government fees. Authorized agents will assist you in submitting the forms and ensure all the forms are properly filled out and all supporting documents are attached.
The average processing time is 3-4 months, including the due diligence checks. The CIU does due diligence checks to ensure a clean bill of health relative to the applicant’s character and that he poses no security or reputational risk to Grenada.
Approval and Final Steps
Upon approval, the applicant receives a letter of approval for their application. Passports are issued once the last payment is received. It’s the final step of the process, in which actual documents of citizenship certificates and passports are given to applicants after final review and verification of such documents.
Costs and Fees
The cost of obtaining citizenship in Grenada through an investment route depends on the amount and type of investment one makes. These costs are described as under;
- Government fees
- Professional fees
- Due diligence fees
Other relative’s fees:
- Parents/ grandparents: US $ 50,000
- Siblings over 18: US $ 75,000
Advantages of Grenada Citizenship
The Grenada citizenship has some sweet deals that come with it:
- One can visit almost all the nations across the globe, which includes the Schengen EU area, the United Kingdom, and China.
- One can get a U.S. E-2 visa.
- One isn’t required to live or know the language spoken in that specific country.
- Beautiful lifestyle by climate and environment.
- Grenada doesn’t impose taxes on foreign income, wealth, or inheritance.
- Grenada boasts a stable political environment and low crime rates.
The benefits of Grenadian citizenship make it highly desirable for global investors seeking flexibility, security, and a high standard of living.
Conclusion
The citizenship by investment program in Grenada offers a host of benefits, from visa-free travel to tax advantages.
By understanding the requirements and processes, investors will be well-placed to make independent, informed second citizenship choices within this beautiful Caribbean nation.
Feel free to contact accredited agents for Grenadian citizenship through investment for more personalized consultation and help with your application.
