Nestled in the middle of the Caribbean is the quaint country of Grenada. The island is home to gorgeous beaches, the production of chocolate, and other natural wonders. The island nation is also becoming an increasingly popular tourist attraction. To capitalise on the increase in popularity of the Caribbean nations, the Grenada government introduced a program that allows individuals to obtain citizenship of the country by making an initial investment.
This blog will discuss the Grenada citizenship by investment program in detail, including its advantages, eligibility, and procedure.
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Table of Contents
What is the Grenada Citizenship by Investment Program?
The Grenada Citizenship by Investment program was launched by the Grenadian government in 2013. Passed through the Citizenship by Citizen Act, the program was aimed at increasing national development by amassing foreign investment via individual and independent investors.
The program allows individuals and families to make significant monetary contributions to the Grenada government, either through donations or by purchasing real estate in a government-approved project. The Grenada Citizenship by Investment Act No. 15/2013 sets the outlines for the program.
Benefits of the Grenada Citizenship by Investment Program
The Grenada Citizenship by Investment program has multiple benefits for prospective applicants. Firstly, the program offers a direct route to obtain double citizenship if your home country permits it. This allows individuals to hold 2 passports and offers a contingency plan in case a dire situation arises. Furthermore, Grenada has one of the strongest passports in the world, with visa-free access to over 140 countries. These countries include China, Singapore, Hongkong, Russia, the UK, and the European Schengen area.
It offers a great pathway for individuals to obtain double citizenship, gain a strong passport that allows for visa-free travel in more than 140 countries, provide immense tax rebates and benefits, and provide a direct path to living and working in the USA. Grenada holds an E-2 level treaty with the USA, that allows any citizens of Grenada to apply for an E-2 United States visa. The E-2 United States visa is a trade and business visa that allows the holder to set up a business and live in America. Since the USA is very selective about these types of visas, the Grenada by citizenship program opens up opportunities that would not exist otherwise.
Another benefit of the Grenada citizenship by investment program is the tax rebates that the country offers. Since the country of Grenada does not charge tax on any international income, much like the rest of the Caribbean, it has become a popular choice among businessmen to set up their companies here. Additionally, the nation has no capital gains tax, inheritance tax, or income tax, which can further save the individual from having to fork out tens of thousands of dollars.
Furthermore, the Grenada citizenship by investment program is family-friendly, allowing an individual to add multiple dependents to their application, albeit at an added cost. These dependents include unmarried children, spouses, parents, and even siblings. The fees applied may vary on variables such as age, and marriage status for parents and any siblings. The citizenship is also transferable to any new spouses or future generations.
Finally, the application can be submitted remotely, and even after successful completion and approval of the application, the individual or their family has no minimum obligation to reside in Grenada. The Grenada citizenship by investment program has no minimum stay requirement, thereby allowing its newly made citizens to travel and live elsewhere after they receive their passports.
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Requirements of the Grenada Citizenship by Investment Program
To apply for the Grenada citizenship by investment program, the individual must meet a few qualifying criteria that grant them eligibility.
Age: The main applicant must be over the age of 18.
No Criminal Background: The primary applicant and all dependants must pass a criminal background check and have no known criminal behaviours.
Good Character and Health: All applicants must possess a satisfactory level of personal character and well-being. They must not be carriers of any contagious diseases that endanger public health. Applicants are supposed to undergo comprehensive health checks before their application.
Legality of Income: The applicant must be able to prove the legality of their income and show that it originated from legal and trustworthy sources. All financial assets must be declared, and full transparency in all financial matters is expected from the candidate.
Additionally, dependants may be added to the application of the primary applicant. Adding these dependants results in higher application fees, as well as higher investment costs. These dependants include:
- Spouses
- Financially dependent and unmarried children up to the age of 30
- Parents above the age of 55
- Unmarried and childless siblings above the age of 18.
Investment
To apply for the Grenada citizenship by investment program, each applicant must make a significant monetary investment in the country of Grenada. Currently, the minimum investment required is $150,000, but this amount is set to rise to $200,000 by June 2024. Applicants have a choice of 2 different investment options, and these are either via donation or via real estate.
Donation to the National Transformation Fund
The first investment option for the Grenada citizenship by investment program is to make a direct contribution to Grenada’s national transformation fund (NTF). The fund was also set up in 2013 alongside the citizenship by investment program. This fund channels financial investments toward vital sectors of Grenada's economy, including tourism, energy, and alternative agriculture. In a nation that is vulnerable to natural disasters like hurricane destruction, this fund plays a crucial role in securing the country's future.
A minimum investment of $150,000 is needed in the fund to apply for the citizenship by investment program. However, this value is set to rise to $200,000 in June of this year. Additionally, if there are any dependants in the application, the minimum investment rises ($25,000 for children, spouses, and parents over 55; $50,000 for parents under 55; and $75,000 for siblings.)
It is crucial to note that this donation is a one-time payment, and there is no return on the initial money paid.
Real Estate
Alternatively, an applicant can invest in real estate to apply for Grenada Citizenship by Investment Program. This route is a more expensive option; however, it entails that the property can be sold after 5 years, ensuring that the applicant can recoup most of the investment amount if needed.
The minimum investment required through the real estate route is $220,000. This value rises if there are any dependents in the application, the same as the donation route ($25,000 for children, spouses, and parents over 55; $50,000 for parents under 55; and $75,000 for siblings). Additionally, the government of Grenada charges a fee of $50,000, which is non-refundable, making this option more than $100,000 more expensive than the donation option.
Application Process and Timelines
The application for the Grenada citizenship by investment program can be started without a visit to the island. The timeline for the entire application process is usually around 3-6 months.
The first step is to gather all documents and ensure their validity. Examples of these documents include valid current passports, birth certificates, clean background checks, and passport photos. Once the documents are collected, and verified, the applicant is ready to apply.
The second step is to gather all the documents and submit the application process. Once all documents have been submitted, they are sent to specialised teams in Grenada that conduct a full due diligence check of the documents. This is the longest step in the application and can take anywhere from 3-6 months.
The third step happens after approval from the Grenada government. Once the application has been approved, the candidate is given 30 days to invest by either purchasing real estate or via donation to the National Transformation Fund.
The fourth and final step of the Grenada citizenship by investment program happens 4 weeks after the investment is made. This is when the individual (and their family) receive their passports and are now legal citizens of Grenada.
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Conclusion
In summary, Grenada Citizenship by Investment Program offers a gateway to citizenship in a stunning Caribbean destination. Through investments in the National Transformation Fund or approved real estate projects, applicants can secure dual citizenship, enjoy visa-free travel to over 140 countries, and potentially benefit from tax advantages. The program is family-friendly and has a streamlined application process, typically taking 3-6 months to complete.
FAQs
How much does it cost to invest in Grenada citizenship?
The minimum investment cost is $150,000 for the Grenada citizenship by investment program. However, this amount is set to rise to $200,000 in June 2024. Additionally, the minimum investment cost rises with each dependant added to the application.
Is it easy to get citizenship in Grenada?
Grenada has one of the most streamlined and fairly affordable citizenship programs in the world. If an applicant meets all the minimum requirements, then there should be no relative difficulty in completing the Grenada citizenship by investment program.
How to get PR in Grenada?
Americans and British citizens can stay in Grenada for up to 90 days and 6 months, respectively. To further extend the stay, one must contact the immigration team in Grenada, and after 2 years, one can apply for permanent residence status. However, an individual cannot work in Grenada without having a work permit, a document that is acquired separately from the PR.
Does India allow dual citizenship with Grenada?
As stated by the Indian Embassies website - “The Constitution of India does not allow the holding of Indian citizenship with that of a foreign country simultaneously.”
Essentially, India does not permit its citizens to hold dual citizenship, thereby making it so that if an individual is interested in any citizenship by investment program, they have to give up their Indian citizenship. However, eligible individuals are free to apply for an Overseas Citizen of India (OCI) card.
