According to official data from the Grenada authorities, the pandemic has made the Grenada Citizenship by Investment program, offering remote issuance of investor passports of Grenada, even more popular!
More and more investors apply for a second citizenship of Grenada when buying real estate. What is the secret of its popularity?
Before we go into the program details, let us note that the Caribbean Community member state Grenada’s Passport should not be confused with the passports of the Spanish city of Granada.
The Grenada program, originally launched in the 1980s, was relaunched in 2013. But if you have never considered this island state as a jurisdiction for your residency and citizenship planning or citizenship by investment, this is the right year to give it a thought!
Reputable analytical data shows that the Covid-19 pandemic has greatly impacted the demand and the offer in the sphere of international economic migration. The benefits of having more than one resident permit and at least two passports are obvious for successful individuals – in terms of risk management, asset diversification, and tax planning.
The validity of this statement is demonstrated by the official statistics proving the growing demand for a second passport specifically from Grenada.
Official statistics on the demand for a second passport of Grenada
Proceeds from granting the citizenship of Grenada to investors in 2020 broke the previous annual record. The real estate investment more than doubled over the 12 months of the COVID-19 pandemic. Notably, the program shows growth for the fourth year in a row. In 2020, it broke once again a number of records including the following ones:
- the total program revenue (including investments, donations, and fees) reached an all-time high of EC$ 253 million in 2020: a 52.4% increase over the 2019 result (EC$ 166 million);
- 394 applications for a passport of Grenada were submitted in 2020; this record indicated a significant increase compared to 2019 (373 applications);
- the number of processed and accepted applications in 2020 reached 375, and this indicator was the highest since the launch of the program; the number of approved applications has also increased dramatically compared to 2019 (265 approved applications for a Grenada passport);
- the number of passports issued during one year to principal candidates + their family members for the first time in history exceeding 1,000 and reached 1111 in 2020;
- real estate investment showed particularly strong growth, having contributed EC$ 151 million in the local economy (this amount was more than double the funds raised through investments in the previous year, which was also a record in 2019).
The rate of rejections of applications for a Grenada passport by investment decreased to 8.9% in 2020 from 11.8% in 2019. The average family size covered by a typical application (individual/collective) remained more or less unchanged – 3 persons.
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Thanks to a sharp growth of the number of investors choosing Grenada real estate in the third and fourth quarters of 2020, the majority (58.4% of the total number) of all approved applications over the year were the applications for citizenship by real estate investment. This trend was observed for the first time since 2016.
The popularity of the option involving the non-refundable donation to the National Transformation Fund (NTF) (an alternative to returnable investments in real estate) has slightly decreased. In 2020, the NTF received EC$ 84.2 million donated to this fund (a slight drop compared to EC$ 88 million obtained in the previous year). Thanks to the growing interest in obtaining citizenship by investing in property, revenues from the collection of state duties more than doubled, from 8 million Eastern Caribbean dollars to 17 million Eastern Caribbean dollars.
What makes the Grenada passport so special?
Citizenship of Grenada – the Spice Island of the Caribbean Sea
This sovereign state is located in the eastern part of the Caribbean Sea, north of Trinidad and Tobago, part of the chain of the Lesser Antilles. The jurisdiction is known as the Spice Island and is undoubtedly the Hidden Gem of the Caribbean, famous for the pristine natural beauties, as well as the fragrant spices and organic chocolate.
The islands feature a wide variety of tourism attractions, including white sandy beaches (including the world-famous Grand Anse Beach), 15 breathtaking waterfalls. Tourists can enjoy excursions to 5 chocolate factories, 3 rum factories. There are more than 3 dozen unforgettable dive sites (including the area of the largest shipwrecks in the Caribbean and the world’s first underwater sculpture park).
Your safe home in the tropical paradise
If you are planning to move, you should know that Grenada is one of the safest places in the world. The jurisdiction is located outside of the Caribbean’s main hurricane belt. It stands out in the region by environmental safety and low crime rates.
Experts of the InternationalWealth team regularly visit this Caribbean country, so they can offer reliable information and sound advice based on personal experience to prospective applicants seeking a second passport of Grenada by investment and planning to move there.
Judging by the feedback and reviews of customers who have decided to visit Grenada and explore the Caribbean islands, this destination can excite even the most demanding travelers.
Travelers’ Best Friend
There is a convenient international airport in the country. Grenada is linked to the U.S., Canada, and Europe by several airlines. A passport of Grenada is one of the few identification documents in the world that offer visa-free access to the United Kingdom (the right to stay for 180 days per year), all EU countries (90 days per six-month period), Russia, mainland China (30 days per year), over 100 other countries.
Moreover, Grenada is the only Caribbean country with an economic citizenship program that has entered into an E-2 trade and investment agreement with the United States Government. Due to this circumstance, successful candidates who receive a passport of Grenada gain the right to apply for an E-2 visa in the United States, open a business, and legally reside in the USA.
The status of passports of Grenada
Grenada is one of the few countries that successfully uses the economic citizenship program to promote socio-economic development and maintains an impeccable reputation through a reliable and effective due diligence process that helps to weed out unreliable applicants who could harm the reputation of the host country and the wide recognition of the privileged status of passports of Grenada.
The principal applicant and his/her family members included in the application (if any) are not required to reside in Grenada or visit this jurisdiction to meet the requirements of the local economic citizenship program. The procedures are performed completely remotely.
How can you get a second passport of Grenada remotely?
So, how much does it cost to become a Grenada passport holder? Besides, let us see what documents are required.
The local economic citizenship program now offers two options depending on the financial contribution of an applicant. You can choose whichever option suits you best.
- The first option is a contribution of at least USD 150,000 (this is the donation per principal applicant or head of household, with the final total amount depending on the number of his/her additional family members mentioned in the application). All such contributions benefit the Grenada economy and in the long run – the successful applicants. The money received by the jurisdiction is channelled to important projects in the field of renewable energy sources, agriculture, transport infrastructure, and tourism.
- The second option is to invest in a government-approved real estate project worth at least USD 220,000. The amount is fixed, regardless of the size of the family. Most of the investments in this case go to hotels, villas, and resorts.
Price and value of a second passport of Grenada
The price is often the only discouraging aspect for those who aspire a second passport by investment. Yes, unsurprisingly, all programs across the world offering economic citizenship by investment are designed primarily in the interest of the host jurisdictions.
Besides the donations or investments, applicants have to pay various duties and fees to the relevant state bodies and professional fees charged by licensed immigration agents on top. As in other countries, applicants cannot submit their papers directly to the immigration authority, but are required to apply via a government licensed agent who will first check the documents for compliance and facilitate the application at all further stages.
Fortunately, the numerous strengths and advantages of Grenada passports, including those listed above, outweigh the price-related concerns. Indeed, your investment made in the passport of Grenada is destined to be extremely profitable in terms of the numerous benefits you will enjoy as a Grenadian citizen!
What is the application procedure?
When a potential applicant for a second passport of Grenada makes contact InternationalWealth, our experts conduct, without any obligation, a free of charge pre-check of the customer’s background to check they qualify. At all times the service of InternationalWealth is free of charge – in the interests of transparency, we receive a small commission from the government licensed immigration expert only on cases that reach a successful conclusion (ie – the client and his family receive their new Grenada passports)
Then, if you decide to proceed further, the InternationalWealth experts introduce the client to a Grenada government-licensed immigration agent who will get into more technical legal details. The client and the agent enter into an agreement. The initial payment is then made, covering due diligence fees charged by the client for an initial background check. The application portfolio of documents is compiled, including the required forms (please see below). This stage usually takes a few weeks, though it could be quicker.
Once the necessary forms and documents have been collected in the proper format, the agent in Grenada submits the papers to the appropriate Grenada government agency, named the Citizenship by Investment Unit. After final approval of the candidate by the authorities, an investment/donation is made. After the transfer of funds, the client receives citizenship.
What documents need to be submitted with the application for a second passport of Grenada?
Clients are given a customized and detailed checklist depending on their situation. The following is a standard list of documents that may be required:
Personal documents, including
- copies of all pages of a valid passport
- an Identification card
- a Birth certificate
- a Marriage certificate
- Passport photos
- a Certificate of clean criminal record
- a proof of residence address
- a Medical transcript
- affidavits of financial support for accompanying dependents
- personal testimonials, including
- letters of recommendation from the bank
- bank statements
- documents confirming the legal source of the applicant’s funds.
Expert advice for those wishing to obtain a second passport of Grenada
Now that many clients are interested in opportunities to expand their passport portfolios, we have noticed that experienced investors tend to look beyond the usual investment assets: they turn their attention to the best alternatives. That is why investments in a second citizenship and passport of Grenada have become a much-appreciated option.
Are you also looking for reliable attractive offers to invest in a foreign economy as a Plan B? A passport from Grenada is a way to gain more flexibility in moving your capital internationally, obtain more freedom in traveling worldwide, secure a quick start for a new business abroad, and seize more opportunities.
Individuals owning sufficient capital for profitable investment abroad should seriously consider the possibility to invest in a second citizenship and passport of Grenada that provide a path to a brighter future for individual investors and their families.
You are welcome to check with the InternationalWealth experts right now how much benefit and value such passports can offer you! The FREE online private consultation can be booked by writing to our e-mail address given at the top of this page.
If you want to use this chance and gain new rights as quickly and easily as possible, the Grenada Citizenship by Investment program is an excellent choice.
How long does the whole process take?
The wait time from the date of the submission of the application usually takes 2-3 months. This is the period needed for the Government of Grenada (via its authorized body, the Citizenship by Investment Unit) to consider the papers before making a decision. Sometimes the processing may take longer (up to 6 months). The delay may be due to the applicant’s procrastination in the submission of additional documents requested by the authorities. From time to time, there are problems on the side of the Grenadian authorities or force majeure, such as a regional lockdown, which hinders the transfer of documents. Please remember: you must gather all the required reference documents before submitting your application.
When should the donation/investment for Grenada passport be made?
The contribution is payable in 2 steps. A nominal initial deposit is payable when applying for citizenship, to cover due diligence fees and some other small expenses. After the application is approved, the remaining balance is payable. Shortly thereafter, the Grenadian authorities will issue a Certificate of Citizenship and a Grenada Passport to the successful applicant.
Is it possible to withdraw or resell the investment if it was made to meet the requirements of the Grenada Citizenship by Investment program?
Yes, it is possible. However, the law requires every investor who has obtained a passport under the Grenada Citizenship by Investment Program to hold the investment asset for at least 3 years. After the expiration of this period, the successful candidate has the right to sell from the investment.