The new Grenada prime minister panned the USA and the EU for throwing sand in the wheels of the local citizenship by investment program. It is with a reason that the latter is referred to as the economic pillar of Grenada. Certain investor categories are facing a stunning decline in successful completion prospects of their Grenada economic citizenship saga. Industry experts recommend that investors hurry up with their citizenship by investment applications and submit them while they still can. Apart from citizenship by investment in the Caribbean country, other citizenship options are available in 2022 for international real estate investors looking for their luck abroad.
Did economic citizenship program in Grenada come under US and EU fire?
In his interview with The New Today, Dickon Mitchell, the new Grenada prime minister (pictured above), who has lately taken up office, stated the EU and the US “keep finding new ways to take action on citizenship by investment programs” thus depriving many Caribbean states of development resources.
He remarked, “European and North American politicians do not believe the Caribbean states should have any development prospects and the Caribbean citizens – get wealthier. They find ways to counteract any new Caribbean investment immigration programs, although the latter earn good money for the region”.
The prime minister told the press he realized how important the Grenada citizenship by investment program is for the country’s economy. He admitted the like programs were typically characterized by a short life span. Mitchell expects citizenship by investment programs to soon be targeted by major developed countries.
New government obliges to advocate for its citizenship by investment scheme and use resulting profits rationally
“It is our duty to protect the Caribbean states. We do not want any drugs here, do not welcome any arms trade, we won’t tolerate poverty, money laundering, or destabilization”, said Mitchell Dickon, the prime minister.
The new prime minister added, that on taking office he had learned of the previous cabinet repeatedly using the CBI program profits to pay government expenses instead of financing the infrastructure projects with them. The projects in question were supposed to transform the country and completely change its image, as originally intended.
“By the looks of it, the money [note: from the National Transformation Fund that the Grenada economic citizenship scheme participants make cash donations to in exchange for Caribbean passports] was used only to pay the current expenses. It will be challenging to explain, how financial resource management of the kind may contribute to any reforms in Grenada”, was the current prime minister’s reaction.
Prime minister Mitchell said he was not able to provide a clear answer as to program development trends under the new government. He highlighted an intention to bring more professionalism to the scheme. The politician wants to appoint the most technically qualified employees to key positions. Mitchell underlined the importance of independent program operation without any political influence or interference.
“Politicians should not interfere with the program operation”, the new prime minister said. He assured those present the program management will be staffed by competent and efficient employees under the new government. Mitchell additionally reported the plans to appoint a new BOD for the program. The latter will consist of persons that “understand it and most importantly care for Grenada”.
«The BOD faces changes in the near future. […] The innovations will promote confidence in the newly appointed experts among the population”, Mitchell Dickon remarked, referring to the inevitable changes in the Grenada Citizenship by Investment Committee.
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Benefits of Grenada passport for investors
Candidates not subjected to international sanctions may apply for a Grenadian passport, provided their cash donation makes at least USD 150,000, or they purchase properties of at least USD 220,000 pre-approved by local authorities. Here are the benefits successful applicants will get in return:
- Obtaining multiple citizenship as simply and quickly as possible. It takes 3 to 6 months to get citizenship by investment in Grenada, and all the necessary procedures are performed online.
- Caribbean passports for the whole family. Not only the investor and their immediate relatives, including their spouse and children, but also parents, grandparents, and siblings will receive identification documents in Grenada, if they are the investor’s dependents included in the collective application.
- Safe haven and an escape hatch in a tropical paradise. Beneficiaries of the Grenada investment immigration scheme get the right for permanent residence, legal employment, and comfortable stay in any part of their new home country belonging to the world’s top tourist and resort destinations.
- Visa-free travel around the world. Caribbean citizens enjoy the right to enter Great Britain, Schengen states in Europe, Hong Kong, and China without a visa.
- Fast move to the US. Investor immigrants have an opportunity to get the popular E-2 visa to the US in their Grenadian passport. The said visa is issued to people buying existing companies or establishing new ones in the US.
- Tax benefits. Grenada laws do not provide for PIT on income of local tax residents, where the income comes from sources outside Grenada. They do not pay any wealth, inheritance, or capital gain taxes.
- Opportunity to leave your old passport and citizenship behind. Investor immigrants from troubled states with off-color reputation will enjoy an opportunity to replace their original identification documents with a Grenada passport. This will simplify their communication with banks and financial institutions as well as proceeding with their investment projects on a global scale.
- Access to the Caribbean Community (CARICOM, a structure analogous to the Schengen area in Europe). The beneficiaries will enjoy free access to the neighboring CARICOM member states, that includes Grenada and is considered to be a Schengen area equivalent.
Expert support for investor immigrants
Grenada authorities keep receiving economic citizenship applications from international investors. However, the possibility exists the local investment immigration scheme may be closed completely under US and EU pressure. The International Wealth team recommends you act now not to miss this unique opportunity.
The window of opportunity may close any moment, so take your chance and go ahead. The future is wide open, and you may make it even better with a Grenada passport in your pocket. The International Wealth experts are happy to offer you a free initial consultation on the subject. With our team, absolute confidentiality and fast document processing are a reality. We will assist you with choosing the best financial plan and resolving any related issues, be it account opening in a local bank or planning your taxes.
You are welcome to contact the International Wealth experts directly, if you need a consultation. The contact form on your right or any contact number above will come handy for this purpose.
May I get a Grenadian passport if I purchase residential real estate in Grenada?
It is possible. A foreigner investing in Grenadian properties may apply for citizenship by investment in this Caribbean country. The minimum investment amount makes USD 220,000, with the holding period of 5 years. You shall meet one more condition, the property you are about to purchase shall be pre-approved by the authorities of Grenada.
Who may help me with getting citizenship by investment in Grenada?
With its extensive experience in investment immigration, as well as cooperation with the best Grenadian immigration agents, International Wealth offers comprehensive support to our readers and subscribers interested in getting citizenship by investment in the Caribbean country. We are with you every step of the way, no matter what you need or how complicated your issue may be. You will get the assistance you need from International Wealth. We handle any related issues, be it account opening, tax planning, arranging for an introductory visit, or relocating to Grenada.
May I live in US or EU with a Grenadian passport?
USA allows Grenada citizens to reside therein, provided they hold the E-2 investor visas and meet several other requirements. You will have to invest a large enough amount in an American company, participate in management thereof, and your stay in the US with the E-2 visa will be limited to 5 years. EU does not offer any like opportunities to Grenada passport holders.