The Grenadian citizenship-by-investment program stands out against the background of other such programs in the Caribbean region and beyond. Wealthy people literally queue for Grenadian passports! Would you like to join in? Below please find information about the prices and the requirements to the program participants. We will also highlight the main advantages that citizenship of Grenada brings.
Would you like to obtain economic citizenship of Grenada? You have to stand in line!
If the second half of 2020 turns out as successful as the first one, the citizenship-by-investment unit of the Grenadian immigration authorities can report another record-breaking year. Between January and June this year 161 main applicants and 328 dependent family members acquired Grenadian citizenship bringing a total of 108.4 East Caribbean dollars (40.11 US dollars) in investments. It is a 34% growth in comparison to the previous year and the best half-year in history.
If the tendency continues in the second half of 2020, foreign investors will bring nearly 217 million East Caribbean dollars, which will make the year 2020 the fourth record-breaking year in a row.
Out of 176 applications submitted 18 have been rejected. Thus, the application rejection percentage is a little above 10%. This is a bit less than last year (11.8%) but more than twice as much than the year before (4.8%). The average application for Grenadian citizenship contains the main applicant plus two dependents. The same average applicant family size was registered in 2019 (3.1 persons).
In 2018, 28% of applicants for Grenadian citizenship chose to invest into real estate in the country rather than make a non-returnable donation to the National Transformation Fund (NTF). Since that time, the percentage of people opting for this route to Grenadian citizenship has been steadily growing. In the first half of 2020, their number reached 47%, which is 10% more than in 2019.
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However, the amount of investments into real estate now exceeds the amount of donations to the NTF due to higher minimum required investment amounts. In total, 55 million East Caribbean dollars was invested into real estate in Grenada in the first half of this year and 46 million dollars came in the form of donations over the same period.
The Grenadian citizenship-by-investment program as well as the Portuguese ‘golden visa’ program demonstrate fairly well that a well-thought-out immigration program adapted to the market needs can dynamically develop and bring income to the state budget in spite of the global lockdown, pandemic, and canceled flights.
Last spring, (on March 18) the Grenadian authorities declared that no paper copies of the application documents were required any longer as the application processing was done online. Ironically, the pandemic has urged the authorities to take the right steps sooner than they had planned.
Other Caribbean jurisdictions offering similar programs followed suit and took analogous steps. These jurisdictions include St Lucia, Antigua, St Kitts and Dominica. The latter two jurisdictions do not usually publish the economic citizenship program figures so it is hard to judge how well they have been doing since the changes were implemented. The former two jurisdictions are expected to publish their reports later and when they do, we will inform you, dear readers about the results of the online application processing approach.
What advantages does Grenadian citizenship bring?
Acquiring a second passport and foreign citizenship can bring multiple advantages of various kinds. Such an acquisition will open a whole new world of financial, entrepreneurial, tourist, educational, and other kinds of opportunities to everybody. Here are the main advantages that you will be getting when ‘buying’ Grenadian citizenship:
Dual citizenship and a second passport will provide for enhanced security should the need arise. The world is not stable at all, as we have been able to understand recently. The following catastrophes can force you to leave you country urgently and this will make your second passport a valuable thing to have indeed:
- War/ political riots;
- Discrimination leading to violence;
- Economic downfalls;
- Natural disasters such as hurricanes, floods, fires, and earthquakes.
No one can claim that he or she is fully protected against such things. Hope for the better but prepare for the worse.
A Caribbean passport will give the holder access to new promising markets not only of the Caribbean region but also to European, North and South American, African, and Asian ones.
The Caribbean passport holders can get visa-free access (or obtain visas on arrival) to numerous foreign states. With a Grenadian passport you will have free access to the USA and China, for instance.
Tax incentives and finance management
You have worked hard to increase your wealth and you need efficient instruments to protect it. Beneficial taxation policies that some countries offer is one of the main reasons why foreign nationals seek to acquire citizenship if these countries. In the Caribbean basin in particular, you will find the following advantages:
- Zero taxes or low taxes on certain types of assets. Your global income can be untaxable. The income made inside the country of your second citizenship may be taxed at a low rate or there can be tax breaks that extend over a considerable period.
- Tax rates for corporations, hired workers, self-employed individuals, and retirees are normally different.
- There are national laws that protect the confidentiality of personal information in the Caribbean. There are also efficient instruments of asset protection to be found there.
- Keeping your capital abroad can protect it from inflation, unwise economic policies of your home country Government, and the like.
Quality of life
When you have the right of abode in a foreign country, you may find that it has much more to offer than your home country does. Having a second passport may give you access to the following advantages in some countries:
- World-class medical services including general healthcare and specialized world-renown private clinics, hospitals, surgeries, and cosmetic medicine institutions.
- Top-level educational institutions and in some cases, an opportunity to pay only a small tuition.
- Advanced infrastructure and good public transportation.
- Luxury suites in seashore, mountain, or megalopolis hotels.
- Cultural institutions and events such as museums, art galleries, theaters, botanical gardens, restaurants, festivals, and historic sites.
Economic citizenship of Grenada: the requirements to the applicants and the prices
Foreign nationals are entitled to apply for Grenadian citizenship. They have to meet certain qualification requirements, make the necessary payments, and take an oath of allegiance to become full citizens of Grenada.
The national citizenship-by-investment program (sometimes also referred to as economic citizenship program) allows the Grenadian Government to attract foreign investments to the country. The investors, in their turn, can enjoy all the benefits described above.
Successful candidates for Grenadian citizenship obtain passports that allow traveling to over 140 countries without visas or having the visas stamped in the passport on arrival. The Grenadian passport is a reputable travel document.
How much does economic citizenship of Grenada cost?
The Grenadian citizenship-by-investment program offers three investment options each of which will lead to acquiring citizenship of the country. The following options are available:
- A donation to the state fund in the amount of US$ 100,000.
- A five-year individual investment into real estate in the country in the amount of US$ 350,000.
- A five-year joint investment into real estate in the amount of US$ 220,000 on the condition that the total amount of the joint investment is at least US$440,000.
The applications for Grenadian citizenship are processed within three to four months.
Why should you choose to invest into the Grenadian passport?
Application processing takes a considerable amount of time because of the strict due diligence checks that the Grenadian authorities perform. They hire international detective agencies to ascertain that the applicants for citizenship of Grenada are law-abiding, honest, and solvent individuals.
The strictness of the due diligence checks increases the value of the Grenadian passport and guarantees that the holders will continue to have visa-free access to a large number of countries. But why should you prefer Grenadian citizenship to citizenship of other national state that offer similar opportunities? Here are the main reasons for that:
- Transparency: The Grenadian citizenship-by-investment program does not have any hidden goals. The authorities of the country keep the procedure of citizenship acquisition perfectly transparent and offer the same conditions to all applicants wherever they come from. Besides, the Government officials keep in close contacts with immigration service providers and regularly publish financial reports that reflect the results that the program yields.
- Efficiency: The time required for obtaining foreign citizenship is an important factor for many applicants. The Grenadian authorities follow strict procedural rules while performing the due diligence checks but they also do their best to process the applications for citizenship as soon as possible.
- Equality: The rules of the Grenadian economic citizenship program equally apply to all candidates for citizenship. No biased attitudes nor double standards are ever used. Every candidate can count on a high level of services, personalized approach, and attention to details on the part of the Grenadian immigration authorities.
- Uniqueness: Grenada is the only Caribbean country among those running citizenship-by-investment programs that offers visa-free access to China and an opportunity to obtain an E-2 visa to the USA. E-2 is an investor’s visa that allows living and working in the United States without becoming a tax resident there. Citizens of China, India, Russia, and many other countries are not entitled to apply for an E-2 visa to the USA.
How can you apply for a second passport and citizenship of Grenada?
- Hire a licensed immigration agent (the law prohibits filing the applications for citizenship directly to the Grenadian authorities: every applicant must use the services of an immigration agent).
- Collect the application documents package and fill out all the required forms. The forms and the list of documents are available free of charge at the official website. Alternatively, the immigration agent can provide the forms to you.
- Pay the administration processing fee and the state duties. The payments can be made online.
- Wait for the completion of the due diligence procedures that are conducted by the Grenadian authorities and independent detective agencies.
- If the decision on your application for citizenship is positive, you have to make the required donation/ investment.
- After that, you will be issued a citizenship certificate.
- And finally, you will obtain the Grenadian passport from the country’s immigration authorities.
Professional assistance in applying for citizenship of Grenada and FAQ
InternationalWealth portal team provides professional support to those applying for Grenadian citizenship and other suchlike programs in the Caribbean region and beyond. Please apply for a free consultation on the matter by sending us an email, contacting us by WhatsApp, or using the live chat. We will be happy to help you improve your living standards and acquire greater mobility.
What is citizenship by investment?
Citizenship by investment is an opportunity to become a citizen of a foreign country and a holder of a second passport in exchange for investments into the economy of this country. Several countries in the world offer such opportunities that are legal ways of acquiring foreign citizenship in a much faster way than via naturalization, for example.
What are the benefits of Grenadian citizenship?
The benefits are numerous. The most important of them are the visa-free access to 143 countries including the Schengen zone states and China, the possibility to obtain an E-2 visa to the USA, the possibility to use various tax incentives that the Grenadian Government offers to foreign investors, and the possibility to extend and develop your business.
Why should you apply for our assistance in acquiring Grenadian citizenship?
InternationalWealth portal team and our Grenadian partners will support you at every stage of the application for citizenship process. We know exactly what it takes to become a citizen of Grenada and live a happy life.