How Popular Grenada Citizenship by Investment Program?
Question may raise, is the Grenada Citizenship by Investment (CBI) program is so popular? Well, the gradual Statics of the Program reveals the answer. The program had its best year on record in 2021 so far. For the 5thconsecutive year, the program earned an income increase with a total income of EC$282,000,000 in 2021, which was an increase of 11.5% from the last year. And it is growing every year. Furthermore, there were a total of 566 applications received by the Citizenship by Investment Unit last year. In which 59% of applicants went for the real estate route and 41% chose government donation route (which require a lot less dollar by the way).
Grenada became independent in 1974 and is part of the Commonwealth.
Grenada is widely recognized as the Spice Island for its numerous locally grown spices, organic chocolate. In addition, it offers one of the most picturesque waterfronts, unspoiled natural greenery and breathtaking beaches in all the Caribbean. The beautiful scenery, diverse topography, and a year-round pleasant climate is just one of the many reasons to visit the three beautiful main islands. Besides, Diving, sailing, excellent restaurants and year-round memorable festivities have stimulated Grenada’s status as the ideal destination of many high net worth investors. Grenada is one of the safest places in Caribbean and it also geographically exists outside of the main hurricane belt giving environmental safety. Moreover, the country also has one of the best medical universities in the world.
Currency: Eastern Caribbean dollar
How the program started?
The Grenada Citizenship by Investment Program was launched in August 2013 when the Grenadian parliament passed the Citizenship by Investment Act, 2013. Moreover, the program offers qualified investors and their family members to apply for citizenship, benefit from visa-free travel and allows them a low-cost entry for a second passport. Recently, in Grenada tourism has become the important sector for foreign direct investments. Another rising sector is the offshore financial industry, which in combine with construction and manufacturing sector, have also contributed to growth in national revenue.
So, as part of its policy to attract foreign direct investment, the Grenadian government is working closely with a certain number of ventures related to tourism, agriculture and manufacturing.
Qualifications of the applicant:
In fact, applicants from all over the world are welcome but are subject to strict due diligence checks.
Applicants must be of-
18 years old,
No criminal or immigration offenses on your record,
And Have excellent health,
And also have a high personal net worth (You must show obtainable, legally sourced money that are sufficient to make the necessary investment, pay all fees and maintain your family after getting citizenship).
Government, Professional and Due Diligence fees is applicable.
Grenada Citizenship by Investment
Grenada Citizenship Benefits
Why chooses Grenada? Why invest in Grenada passport? What are the benefits of Grenada citizenship? Well in answering the above, you have to go through the following Grenada citizenship by investment benefits:
- Grenada passport visa-free countries: Once investors will be granted citizenship of Grenada, they will eventually be issued with a passport. Grenada passport holders benefit from visa-free or visa-on-arrival access to 145 destinations including China, Russia, Hong Kong, Singapore, the UK, and Europe’s Schengen Area among others.
- A short route to USA: The only Caribbean citizenship by investment program that holds an E-2 Investor Visa Treaty with the USA, allowing citizens of Grenada to operate a substantial business in the U.S. and reside there. Many countries in the world including China and India do not have such E-2 treaty with the USA.
- This Citizenship Valid for life.
- Transferable to descendants: There is no difference between Grenada citizenship by investment and citizenship by birth. Citizenship can be passed down to new spouses and future generations.
- Entire family are eligible:
Minor children under 16 and financially dependent children up to 30 years of age, including children from previous marriage(s).
Financially dependent parents and grandparents of main applicant and spouse, who are older than 65.
Mentally and physically disabled children who rely on the main applicant for support.
And, unmarried siblings aged up to 30 years of main applicant and spouse.
- Fast-track citizenship: The application process for Grenadian citizenship is very smooth and straightforward. It naturally takes Three–four months.
- Affordable second passport in no time: Your alternative citizenship from just $220,000 investment. More affordable than European citizenship by investment programs.
- Investment money safety: Complete investments only required after receiving citizenship application approval.
- No restrictions on dual or multiple citizenship in Grenada: You can have as many passports as you want – Grenada authorities will not ask you to withdraw your other nationalities.
- No minimum stay required (obtain your second passport remotely/ from home): There is no requirement to visit Grenada for an interview for the Grenada citizenship program and in fact no need to travel to the country to complete the application process at all.
- No disclosure: The application process is strictly confidential.
- Investment period in Real estate: After 5 years the applicant can sell the investment asset in market price or you can sell it before 5 years in certain reduced price. It will not be affecting you and your family’s citizenship.
- No interview, education or management experience required.
- Benefits for businesses: As business person in Grenada you can consider these factors such as– skilled and hardworking workforce, modern infrastructure, growing tourism sector, tax incentives for local companies and duty-free trade in the Caribbean.
- Flexible taxation: Grenada is one of the most business-friendly tax heavens to register international companies. Foreign profits are not taxed while capital can be exported. So, no tax on worldwide income. There is no tax on imported capital or capital gains tax, inheritance, wealth and foreign income. Real estate transactions are free of stamp duty.
- No language requirement: You neither have to learn the language to apply for a Caribbean passport, nor will you need to test your knowledge of local customs and traditions. No English language test is required either.
- High standards of education: Grenada has good standard of education system. It has modern schools, universities and medical facilities. Moreover, Grenada still has attachments with the United Kingdom. Queen Elizabeth II is the head of this Commonwealth country and so Grenadian children can enroll in the UK colleges and universities on special conditions.
Great educational incentives:
Grenada is a country of a very high literacy rate and is a country with one of the best medical universities in the region. The education system and institutions are international standard. It is home to highly praiseworthy universities and offer tuition fee reductions for those who have invested through their citizenship by investment program.
St George’s University (SGU) is situated in Grenada, a world class private university renowned for world class medical, nursing, veterinary and liberal arts education.
Besides, approximately 22000 people graduated from St George’s University since 1976 and here students come from around 150 countries to study.
In addition, the university is affiliated with many other educational institutions all over the world, including the UK, USA, Canada and Australia, attracting students and faculty members from around the world.
In fact, the university has branches in the United States, the United Kingdom, and India, and students will have the opportunity to undergo a 16-week internship in hospitals in the United States and the United Kingdom.
Consequently, 47 countries greatly accepts the university’s awarded diploma . The 47 countries includes the United States, Canada, Australia, the United Kingdom, Germany, and the United Arab Emirates.
Applicants and students studying at St. George’s University are eligible for the Grenada Partnership Award, which provides a 90% discount on university tuition fee, that means students only need to pay 10% of the university’s undergraduate tuition expenses. This is a huge discount. To qualify, Grenada citizens must have resided in Grenada for at least one year prior to university registration. So, a simple gap year in Grenada before starting university study could easily make the student eligible for the grant/ award.
If you are somehow unable or fail to meet these requirements, you are also eligible, as a Grenadian citizen and thus a citizen of a CARICOM country, for another Caribbean undergraduate scholarship. It allows you to have a 65 % reduction of tuition fee for the first year, after which the above mentioned 90% award will apply automatically.
Thus, Non-Grenada natives can still gain this substantially reduced costs in tuition by obtaining citizenship in Grenada.
- Economic and political stability: Grenada is an island of tranquility with peace loving and hardworking people, picturesque organized towns and cities and secure streets packed with tourists all year round. It’s stable economy and well-practiced democratic governments kept the country politically stable.
Route to Grenadian citizenship by Investment program
Here, there are two routes. The applicants either make a certain amount of economic contribution to the country or acquire a government-approved qualifying asset.
The applicant and his/ her dependents over 16 go through due diligence checks after which, including thorough background checks, if successful, Grenada’s government will approve the application.
To qualify for citizenship, the primary applicant must be over 18 years of age, satisfy the program application requirements, and choose one of the two routes:
First, National Transformation Fund donation option: A minimum non-refundable contribution to the NTF of USD 150,000 for single applicants.
Second, Grenada citizenship by investment real estate
A purchase of at least USD 220,000 from a government-approved real estate project. An additional minimum non-refundable contribution of USD 50,000 applies for this option.
The minimum amount covers the main applicant, main applicant’s spouse and two qualifying dependents. Moreover, for each additional dependent you will need an extra US$25,000 .
Please be aware that where an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of USD 50,000 will be required to be made with the post-approval contribution.
Where an application includes an eligible sibling, an additional contribution of USD 75,000 will be required to be made with the post-approval contribution.
Once you apply for Grenada citizenship by investment real estate, the government generally delivers an answer within 3 months. The successful applicants will be issued passports generally within 10 working days. Applicants are not required to pick up their passports in person from Grenada. It can be delivered by post.
Again, in real estate option, the time frame may vary depending upon the project. Therefore, it is important to select a real estate project that is actually approved by the government and will be able to provide the necessary paperwork smoothly and swiftly for the applicant.
Frequently Asked Questions (FAQ)
Question: What are the requirements for visa-free stay in the Schengen countries, the UK and China while you will have passport of Grenada?
Answer: Visa-free regime with the countries of the Schengen zone (you can stay for 90 days out of 180);
Visa-free travel to the UK (you can stay for 6 months a year);
Visa-free travel to China (you can stay up to 30 days)
No additional documents and prior registration required for crossing these borders.
Question: Why is Grenada citizenship by investment program so popular?
Answer: Due to lots of benefits and reasons, as mentioned above, the program grown more popular every day.
Question: Does a passport have an expiration date in Grenada?
Answer: In Grenada a passport is issued for a period of 5 years with its succeeding renewal for the equal time.
Question: Can you buy citizenship in Grenada?
Answer: You cannot straight away buy citizenship but you can invest for it. You need to apply Grenada’s investment program which is twofold (as explained above): Firstly, A minimum non-refundable contribution to the NTF of USD 150,000 for single applicants. Secondly, Grenada citizenship by investment real estate where you purchase a government-approved real estate project at least worth of USD 220,000. An additional minimum non-refundable contribution of USD 50,000 applies for this option.
Question: How can I invest in Grenada citizenship?
Answer: You can invest in Grenada citizenship through funding in one of the Grenadian government approved real estate projects.
Question: How much does Grenada citizenship cost?
Answer: It is difficult to measure Grenada passport price accurately. But an approximate USD 300, 00 (more or less) is required for an applicant, his/her and two dependents. So, if the applicant has more than 2 (two) qualifying dependent then he/she must pay an extra US$25,000 for each additional dependent.
Question: How fast can I get Grenada citizenship?
Answer: In general, Grenada citizenship by investment processing time is between 3-6 months from the date of application.
Question: How strong is Grenada passport? Or How good is Grenada passport?
Answer: In various ranking index Grenada passport ranked in various positions. So, it is very difficult to precisely say about Grenada passport ranking position. But the fact is if you have a Grenada passport you can travel visa-free or visa-on-arrival into 145 countries including China, Russia, Hong Kong, Singapore, the UK, and Europe’s Schengen Area among others. So, Is Grenada passport powerful? Well yes, if you consider above.
Question: How can I get permanent residency in Grenada? or How do I get Grenadian citizenship?
Answer: As a foreigner, one of the ways to get Grenadian permanent residency or citizenship is “citizenship by investment real estate program”. You can learn more about it from above. See: “Route to Grenadian citizenship by Investment program”.
Question: Does Grenada allow dual citizenship? Or, Does Grenada offer dual citizenship?
Answer: Well, yes. So, you may ask do I need to give up my current citizenship. The answer is no. Grenada recognizes dual citizenship, which means investors can still use their current passports.
Question: Can foreigners buy property in Grenada?
Answer: Yes, they can buy property in Grenada via Grenada citizenship by investment real estate program.
Question: How many citizenship can you have in Grenada?
Answer: As many citizenship as you want. Grenada does allow dual or multiple citizenship.
Question: Who can get a national passport for Grenada?
Answer: Please read in details above: “Grenada Citizenship by Investment” and “Route to Grenadian citizenship by Investment program” paragraphs.
Question: Do Grenadians need visa for Canada?
Answer: There is a list of countries whose citizens are exempted from visa requirements to be allowed access to Canada. Those excused country Citizens only needed to apply for an eTA (Electronic Travel Authorization). Grenada is not among the visa exempted countries, so any Grenadian will require a visa to go in Canada.
Question: Can I travel to Canada with Grenada passport?
Answer: Yes, you can travel but you will require Canadian visa to enter the country.
Question: Do Grenadians need visa for Switzerland? Or Do Grenadians need a visa for Portugal?
Answer: Not required for first 90 days.
Both Switzerland and Portugal are member of EU and people require Schengen visa to enter these countries. But, Grenada citizens can travel visa free to the Schengen Area for up to 90 days at a time. In 2015 a treaty was signed for short stay waiver. That has given Grenadian citizens the right to in and out to Schengen countries without the need of applying for a visa before they travel.
Question: Is Grenada visa-free to UK?
Answer: Yes, Grenadians can travel visa-free to the UK and stay there for up to 180 days in a row.
Question: Can Grenadians work in the UK?
Answer: Not automatically. They have to get work permit or any other visas that allows them to work in UK legally.
Question: Can Grenada citizens work in UK?
Answer: Yes, with proper permission from the UK government authority, they can.
Question: Can Grenadians live in the UK?
Answer: Yes, they can. For first 180 days they can stay without visa but later on more than 180 days stay they will require visa.
Question: How long can I stay in the UK with a Grenada passport?
Answer: With a Grenada passport you can travel visa-free to the UK and stay there for up to 180 days in a row. Then you have to either renew the visa or for long term stay you need to get different type of visa.
Question: Are Grenadians British citizens?
Question: Can I buy land in Grenada?
Answer: Yes, under Grenada citizenship by investment real estate program you can.
Question: How much does it cost to live in Grenada?
Answer: It depends on your lifestyle. But an average cost for average living style should cost per person approximately 1500 USD per month.
Question: Is it easy to get Grenada citizenship?
Answer: It is neither easy nor difficult. The authority is flexible and welcoming to new investors. If you submit all the required documents properly and follow the application guidelines you may have a very high chance to achieve Grenada citizenship.
Question: Is Grenada visa free to Japan?
Finally, let me ask you, are you looking for life where you can travel the world freely? Are you looking for a better future for your family and next generations? Is that a second passport/ multiple citizenship you look for to improve your lifestyle and ensure free movement? If the answer is yes, then you must approach for Grenadian passport via government approved real estate investment.
The content of this blog is for knowledge or information sharing purpose only and may not be relied on as legal advice. In terms of getting any legal help we always strongly advise to contact a professional immigration lawyer. For professional legal help you can call or contact here.
Written By: Sheikh Saiful Islam Rajib
The author is experienced and authorized immigration lawyer for Grenada citizenship by investment in real estate program and you can reach him by +8801753178887(WhatsApp).