Is Grenada economic citizenship on tap for you? It makes sense to speed things up if the answer is yes. Citizenship by investment history in Grenada, with the Grenada economic citizenship program replacing the country’s honorary citizenship scheme in 2001, is a clear indication the opportunity to become the country’s economic citizen may vanish into the thin air at any moment soon.
Grenada honorary citizenship program – rise and fall (1996-2001)
In 1996, Grenada authorities came up with the country’s first CIP. It actually came to life a year later, with amendments introduced to the Grenada Citizenship Law.
Originally known as The Honorary Citizenship Program, the above scheme provided for a fee of USD 38,889 to be paid by the applicant wishing to become a Grenadian citizen with all the corresponding privileges and rights attached.
When promoting the Grenada Economic Citizenship Scheme, the local authorities, together with the other parties concerned, used to invoke the long visa-free destination list enjoyed by Grenadian citizens. Some states on the above list, with Canada among them, were not happy about the developments. They ultimately reacted by introducing a visa regime for the Grenadians.
That being said, the first Grenada economic citizenship iteration hit home. According to industry experts, it contributed around USD 116,600,000 to the country’s budget, and the number of successful applicants made 3,000.
The experts mentioned the surprisingly low number of application denials under the program within the first years thereof. Considering the goal was to earn money in commissions, the above small denial number is logical and hardly puzzling.
The fact partially explains why the Grenada Honorary Citizenship Program was prematurely discontinued in 2001. Facing pressures from Canada and the USA that attempted to tighten their security measures in the aftermath of the 9/11 terrorist attacks, the Grenada government was forced to shut down the program.
Coerced by American politicians, many other governments were forced to terminate their citizenship by investment schemes in the early 2000, with Belize and certain South Pacific CIPs among them.
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No longer under US influence – modern Grenada as neutral state
The fact that the Grenada Honorary Citizenship Program was shut down so rapidly is explained by the country’s being under the USA influence back then. The States were strongly dissatisfied with the developments around the above Grenada scheme.
On October 25, 1983, the US Government initiated Operation Urgent Fury by invading Grenada within a couple of days.
As a result, the country’s government changed, and Maurice Bishop, the second prime-minister of Grenada, was placed under house arrest and executed later on. To honor Maurice Bishop, the Grenadians have named their international airport after him as early as today.
The US Government was unhappy with the stronger partnership between the Grenadian government, the USSR, and Cuba during the times Grenada was led by Bishop. The latter had held the office since 1979, after Grenada gained independence from the United Kingdom back in 1974.
The present-day Grenada is a neutral Caribbean nation boasting well-established relationships with both the East and the West. The state disposes of its own Grenada economic citizenship scheme relaunched in 2013. The country’s success is supported by the fact that its citizens may apply for the popular E2 business visa to the US that is not available to many other nations.
Grenada is at the same time developing partnership relations with China, and no visas are currently necessary for the Grenadians to visit the former Middle Kingdom.
Grenada economic citizenship scheme reiterated
Two options are available for Grenada economic citizenship applicants today. Here’s what they can choose to do to achieve their goal:
- make a contribution upwards of USD 150,000 to the National Transformation Fund
- invest upwards of USD 220,000 in purchasing government approved real estate (the latter is mainly represented by high-end hotels and resorts).
Apart from government accredited immigration agent’s commissions, you will pay administrative due diligence and processing fees. The above agent shall apply for the Grenada economic citizenship program on your behalf and do a number of other important things for you.
You are not required to travel to the island nation to apply for Grenada CBI, as everything may be done remotely. It will take you 3 to 6 month to obtain your brand new Grenada passport. The applicant is free to add their close relatives, e.g., a spouse, children, and parents as co-applicants for the program.
You should focus on due diligence checks under the Grenada economic citizenship program, as they are the most important application processing stage securing the scheme’s transparency and consistency.
Within the due diligence period, the applicant’s CV, financial data (including, inter alia, their income source origin and legality thereof), and criminal record will be assessed and verified. The above due diligence consists of 2 basic stages:
- First stage: The Grenada Citizenship by Investment Unit, a.k.a. CIU runs initial background checks as regards the applications submitted. Therefor, it uses the resources of the country’s Joint Regional Communication Center, JRCC for short. The latter is a subdivision of the Caribbean Community Implementation Agency for Crime and Security (CARICOM IMPACS).
- Second stage: CIU sends the application together with the supporting documents to an independent professional detective agency (or several such agencies) for the latter to carry out a comprehensive due diligence to make sure that the applicant is not involved in any corrupt practices, terrorism financing, money laundering, etc. Private detective agencies in question perform thorough e-verification and CV verification to submit the corresponding reports to the Grenada CIU. Based on the above reports, the Grenada CIU resolves to either approve or deny the application in question.
Successful applicants for the Grenada economic citizenship program are then approved to make a contribution to the National Transformation Fund or invest in purchasing government approved properties in the country. With its due diligence procedures being comprehensive and transparent, the Grenada economic citizenship scheme is among the most popular ones on a global scale.
Expert assistance with obtaining Grenada economic citizenship
In its second iteration, the Grenada economic citizenship program is much more efficient and reputable compared to the original version. Even so, the program still runs the risk of being terminated suddenly if the US or any other Western economies press the Grenadian authorities to do it wishing to keep their taxpayers. The latter are often tempted by fabulous opportunities under the Grenada economic citizenship scheme and wish to apply therefor in order to pay fewer taxes in lower amounts.
With the above in mind, the International Wealth industry pros recommend that our readers and subscribers having eyes for Grenada economic citizenship be quick about applying. You are welcome to contact the International Wealth team to have your personal situation and circumstances evaluated for better outcomes. We are always here to make your life easier and happier.
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Is it true that a second iteration of Grenada economic citizenship program is currently implemented in the country?
Absolutely. Since 1996 till 2001, the state used to award honorary citizenship to investors under the Grenada Honorary Citizenship Program. Relaunched in 2013, the scheme came back to life offering better efficiency at higher prices. Suffice it to say that the original investment threshold was 4 times below the current one, and due diligence checks for the applicants were less stringent.
How are due diligence checks with respect to Grenada economic citizenship applicants carried out?
The initial due diligence is performed by an immigration agent. The latter verifies the applicant’s reliability and trustworthiness to assess their success prospects. After the immigration agent submits the application to the Grenada authorities, the latter will perform an initial background check for the applicant. For the above purpose, they study the submitted documents and public records. A more in-depth verification is carried out by independent international detective agencies. The latter go over the applicant’s background and information available in their country of origin as well as countries of their previous residence plus any available data from multiple specialized sources.
Will I have to reveal my sources of income when investing in Grenada economic citizenship?
Yeah, any applicant for Grenada economic citizenship shall prove they have funds sufficient to make the required contribution or investment. You shall also demonstrate your funds come from legitimate sources by submitting the corresponding supporting documents. Depending on your sources of funds, supporting document types may vary.