In 2013, Grenada launched it Citizenship by Investment Program (“CIP”). CIP is for individuals and their families looking to obtain citizenship or permanent residence in Grenada. Grenada offers an investment program that provides low cost entry for a new or a second passport because Grenada allows for dual citizenship. Applicants cannot apply on their own and must use licensed agents to submit their applications. The CIP was initiated by the Grenadian Parliament by the adoption of the “Grenada Citizenship by Investment act, 2013”. The purpose of the Act is to “enable persons to acquire permanent residence and citizenship of Grenada by registration following investment in Grenada”.
What Are The Benefits Of Choosing Grenada CIP?
- Low processing fee
- Quick application process (approximately 4 months for most applications)
- No prior management or educational experiences required
- No interview
- No residency requirements prior or after citizenship is granted
- Stable economy for investment
- Confidential application process with due diligence performed by authorized agencies only
What Are The Advantages Of Grenadian Citizenship?
- Right to live and work in Grenada
- Right to petition spouse, dependent children (under 30 years old) and dependent parents for Grenadian Citizenship
- Access to rights associated with the Caribbean Community
- Dual citizenship is allowed
- The E-2 treaty between Grenada and USA allows Grenadian citizens to conduct substantial business in the U.S. and reside in U.S. if the applicant’s E-2 visa is granted. To read more about E2 visa please click here
- No foreign income, wealth, gift inheritance or capital gains tax
- Corporate tax incentives
- Exemption from import duties and export allowance
- East Caribbean dollar (XCD) is a stable currency
- Duty-free trading in Caribbean
- No visa restrictions to 115 countries (including United Kingdom and all members of the European Union, Singapore, Hong Kong and China)
Types Of Investments Allowed For Acquiring Grenadian Citizenship
Applicants for Grenadian citizenship can either invest USD 200,000 as a donation or USD $350,000 in a government approved real estate projects.
Donation: The investment is made into Grenada’s National Transformation Fund that funds tourism, agriculture and projects involving alternate energy development. The donation is slated at $150,000 for an individual and $200,000 for a family of four (spouse and two dependents). An additional $25,000 is required for any additional dependents.
Real Estate: This involves investing $350,000 in an approved real estate project. The initial investment of $350,000 covers an applicant and all their dependents, however, applicants must also donate $50,000 per application and three dependents. An additional $25,000 is required for any additional dependents. The property investment needs to be maintained for 5 years.
The Application Process
The Application process is simple. The applicant must be 18 years of age, in good health, have no criminal record and be willing and able to make the required investment contribution. If the above are met, then the applicant should contact an Authorized International Marketing Agent who can help the applicant submit their application to the Citizenship by Investment Committee (“Committee”). This is done by the International Marketing Agent making contact with an Authorized Local Agent. Applicants may not contact local agents directly. Local agents have licenses granted by the Grenadian Government to act on the applicant’s behalf through the application process.
The local and international agents will assist in preparation of documents for submission to the Committee. Besides completing official forms and a medical examination, the applicant must provide all documents in English and have them suitably legalized. The Marketing Agent can assist with direction on how to legalize documents. An applicant must pay $8000 per adult and $4000 per child in application, processing and due diligence fees. Once all documentation is complete the local agent will submit the application to the executive office of the Committee. The local agent is responsible for communication between the committee and the applicant.
After a thorough vetting process, the Committee makes a recommendation about the pending application. The final approval comes from the Minister, who generally follows the Committee’s recommendation. Once the Minister had made a decision on the application, the applicant is informed of the acceptance, rejection or delay due to further information requirements through the local agent.
If the application is successful, the Committee will issue a letter with instructions for the applicant to make the contribution or complete the purchase of real estate. In case of real estate purchases, demonstration of completion and execution of requisite documentation is required. Once the registration steps are complete, the Grenadian government issues a certificate of registration, ascertaining that the applicant has acquired Grenadian citizenship. Local agents then use this certificate to apply for a Grenadian passport for the applicant.