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- Grenada – An Under the radar Destination
- A Little History
- What are the benefits of Grenada citizenship through investment?
- Documents required
- Options leading to Grenada’s economic citizenship
- Additional fees related to the registration of Grenada’s second citizenship for investment
- Fees for the correction of issued documents
Grenada – An Under the radar Destination
Grenada is a little-known island in the West Indies at the southern end of the Grenadines Island chain. It is not the most popular Caribbean destination for tourists but that makes it a good thing. For people who want a vacation or permanent villa to live without all of the tourists roaming the island, then Grenada presents a good option for persons worldwide who wish to take advantage of the CBI program by purchasing real estate on the island. Of course there are others who want the citizenship without the hassle of managing a property, but that is possible too as we will describe below.
A Little History
The Spice Island, as the inhabitants of the West Indies call Grenada, was discovered by Christopher Columbus in 1498. Due to the resemblance to Andalusia, the Spaniards named the island Granada.
Later the French acquired the land and established the first settlement: the present-day Grenada capital of St. Georges. It remained under French control until 1974 when they were granted independence. With a stable, democratic government in place they have diversified their tourism income with a CBI programme to help their economy. After suspending the program in 2001, it was re-introduced in 2013 where it is still running today and is one of the best options in the Caribbean.
What are the benefits of Grenada citizenship through investment?
There are many advantages to obtaining Grenada nationality. Some of these benefits include:
- Ther is no requirement to live in Grenada;
- Processing time is one fourth of the time compared to other jurisdictions;
- There are no restrictions on nationality of the applicant and dependents;
- Grenada is one of the most respected jurisdictions in the world;
- You have the right to live and work in a country with a stable economic and political system;
- When you receive the Grenada passport, you are getting a CARICOM passport, which entitles you to free movement, employment and training within the Caribbean Community;
- You are entitled to visa-free travel within the European Union, China and virtually all of South America;
- Guaranteed visa-free access to 117 countries worldwide;
- Opportunity to obtain an investor visa to the United States under the E2 program;
- Siblings over the age of 18 of the main applicant, unmarried, without children, are included in the collective application as dependents – a unique opportunity for Caribbean investment migration programs;
- No tax on capital gains;
- No gift and inheritance taxes;
- Real estate tax is from 0% – 0.5% depending upon the usage of the property.
The following documents must be supplied in addition to the application for each family member (originals/certified copies):
- Clean police report for the applicant and dependents over 18 years of age
- Certificate of health from any doctor or medical facility including a negative HIV test for all applicants
- Main applicant must be 18 years of age or older
- Source of funds for the application must be of clean origin
- Notarized color copies of all pages of passports with apostille and notarized translation for each family member
- 20 photos (3.5 x 4.5cm) for each applicant
- Military ticket with apostille and translation if applicable.
The process of receiving citizenship can take between 2 – 12 months.
The applicant will be subject to a strict due diligence process by the government of Grenada. Rejection of an application will occur under one of the following conditions:
- False information is given in the application process
- The applicant has a previous criminal conviction in any country that had a sentence exceeding 6 months unless the applicant was pardoned
- The applicant is the subject of a current criminal investigation
- The applicant has been determined to be a potential threat to the national security of another country;
- The applicant participates in any activity that could damage the reputation of Grenada
Options leading to Grenada’s economic citizenship
As mentioned above, Grenada offers 2 ways to obtain citizenship. They are described below:
Grenada’s second citizenship by donation
A 1-time lump sum non-refundable payment of $150,000 is paid to the National Transformation Fund (NTF; National Transformation Fund). In addition, a $200,000 donation to the National Transformation Fund can be made covering up to 4 applicants in an application. For each dependent over the maximum of 4, requires a payment of $25,000
Grenada’s second citizenship through investment in real estate purchase
A $350,000 investment in a government-approved development project. There is an additional state fee of $50,000 for a family of four, and $25,000 for each additional family member. This investment must be held for a period of 5 years A group of 2 investors may obtain citizenship through this investment option by purchasing a government approved property for $440,000. Each investor must contribute $220,000.
The applicant must provide the proof of investment/grant before the five-day period from the date of approval. Proof of payment is considered to be a prerequisite for the preparation of Grenada citizenship certificates/ second passport.
It is important to note that it is possible to grant Grenada citizenship by investment to individuals who are second owners of properties in approved development projects. The most interesting project is listed below:
- Kawana Bay Is a premium resort in the southwestern part of the island. It will open shortly and is managed by the Hilton Group under the name KIMPTON KAWANA BAY HOTEL.
Below is comparative information on typical real estate investments approved by Caribbean governments offering citizenship for financial support of development projects.
|Grenada||St. Kitts||Antigua||Saint Lucia||Commonwealth of Dominica|
|Minimum real estate deposit per investor||$ 220 000||$ 200 000||$ 200 000||$ 300 000||$ 200 000|
|Second citizenship for real estate family of four (applicant, spouse and two children under 18)||$ 220 000||$ 200 000||$ 200 000||$ 300 000||$ 200 000|
|Minimum amount per investor – state fee||$ 270 000||$ 235 000||$ 250 000||$ 350 000||$ 225 000|
family of four members applicant, spouse and two children under 18)
|$ 270 000||$ 275 000||$ 250 000||$ 435 000||$ 235 000|
Additional fees related to the registration of Grenada’s second citizenship for investment
|One applicant||Spouse||Family of four||A family of more than four members|
|Accepting an application for Grenada’s economic citizenship through investment||$1500||$1,500 from an applicant||$1,500 from an applicant||$1500 from an applicant|
|Legal review of Grenada citizenship applicants for investment||$5000||5000$ from an applicant||$5,000 from any applicant over the age of 17||$5,000 from any applicant over the age of 17|
|Processing Grenada citizenship application through investment||$1500||$1,500 from an applicant||$1,500 from the applicant at the age of 18, $500 from the applicants under the age of 18||$1,500 from applicant at 18-years-old, $500 from applicants under 18|
- There is a $50,000 additional fee for dependent parents aged 54 (inclusive) and younger in the collective application. For 55-year-old dependents and above there is no fee. The relevant provision is not enshrined in Grenada law, but is contained in a letter from the Grenada Citizenship by Investment Committee; CIC addressed to local immigration agents.
- If the spouse of the main applicant is not part of the original application process and wishes to apply later, the spouse will be required to undergo a Due Diligence verification procedure with a payment of $5,000, $3000 of which will go to the admission/consideration of the application
- If the application funds are provided by a sponsor, then the sponsor must undergo the Due Diligence verification procedure with a payment of $5,000
- The CIC Committee has amended the legislation to ensure the legal origin of the funds invested/ the actual source of the legislation relating to money laundering/terrorist financing.
- A child born within a twelve-month period from the initial application for Grenada’s economic citizenship through investments by the main candidate is included in the post-factum application when contacted by the CIC committee within six months of the birth of the child, along with a fee of $5,100.
Fees for the correction of issued documents
If it is necessary to correct the documents issued to holders of economic citizenship of Grenada through investment / grant, you will need to pay the following:
Description Fee (in $) Payment for corrections on naturalization certificate and certificate of permanent residence (not reimbursed) 375 Fee for amending passports(not refundable) 375 Fee for reissuing a permanent residence card(not refundable) 1000 Administrative processing fee covering all corrections to documents (not refundable) 100 Fee for for the official name change and reissuing of documents (There is a possibility of reimbursement, if the application for the relevant actions is rejected) 3 000
Note: holders of Grenada’s economic citizenship through investments / grants are allowed to change their name and surname under two basic conditions:
- A change fee ($3000).
- The surname in the country of origin will have to be changed and the relevant supporting documents will be provided to the authorities of Grenada (including passport and driver’s license from the country of origin with a new name and surname).
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