Grenada relaunched its citizenship by investment (CBI) program in August 2013 and has become one of the sought-after destinations for foreign investors. The program entitles foreign nationals to apply for Grenadian citizenship and obtain a second passport from there if they make either a donation to the special fund or an investment in a real-estate project approved by the Government. Although applicants for the program need to pass the due diligence process and the cost of it, along with other minors (compared to donation or investment thresholds) processing, professional and other fees should be covered by them.
‘The Spice Isle’ of the Caribbean – Grenada is the home of more than 110 thousand people, but there are about 5 thousand people all-around the world who hold a Grenadian citizenship and passport. Many if these people have obtained Grenada’s citizenship through the citizenship by investment program, which was relaunched in August 2013, when Grenada’s Citizenship by Investment Act was adopted and become fully operational in 2014.
Grenada’s citizenship by investment program enables foreigners to attain Grenada’s passports. But they need to make a contribution to the development of the country. This can be either in the form of non-refundable donating to the governmental National Transformation Fund (NTF), or an investment in a real estate project, approved by the Government.
At the same time, applicants for the program should be at least 18 years old, with good health, character, and repute, as they are subject to due diligence and vetting procedures performed by an authorized due diligence agency. Notably, residency in Grenada is not required to obtain citizenship through the program, and applications are generally processed within 2 months. Applicants even do need to travel to the island, and there is no residency requirement after receiving citizenship as well.
Among other requirements, successfully to apply for the program is that applicants should not be in a sanctioned-lists or have entry restrictions or visa denial in the EU, the UK, the USA, or Canada.
Citizenship certifications and Grenadian passports have been issued to around five thousand people, but only about 1900 CBI applications have been approved since the program’s inception. The difference in numbers exists because foreign investors, as main applicants, can include their family members in the CBI application. These can be a spouse, children under the age of 30 years old, and parents above the age of 55 years old.
In 2019 Grenadian authorities amended the Citizenship by Investment Act allowing single siblings of the main applicant and spouse, without children and above the age of 18) years old, and grandparents to be included in the CBI applications.
Benefits of The Grenadian Citizenship
Becoming Grenada’s economic citizen has many advantages. The country allows dual citizenship. Thus, citizenship by investment applicants are not required to renounce their original nationality and passports. They also are not required to have any managerial experience, language skills or education. There is no interview during the application process, and as said, CBI applicants do not have to travel to or reside in the country before and after the citizenship is granted.
Citizenship can be obtained by the family members of the investor and can be inherited by further generations.
Grenada has a very favorable tax system, with no inheritance, income or wealth taxes.
With a Grenadian passport, investors can diversify and get additional access to a banking service, which will help to make a saving in the stable system and perform any kind of international exchange transactions.
Grenadian passport holders can enjoy visa-free travel to more than 140 countries, including the European Schengen Area, the UK, most of Latin America, Russia, China and many other regional economic and financial hubs. As many African, Asian or Middle Eastern high-net-worth individuals can not get visa-free access to many countries, due to the weakness of their original passports, acquiring a second passport from Grenada can be a huge relief in terms of easing international mobility.
The distinguished feature of Grenadian citizenship is that Grenadians have the opportunity to obtain an E-2 Investor Visa, which gives them right to work and reside in the United States. Actually, Grenada is the only Caribbean country with a CBI program, which is a signatory of the special treaty with the USA, allowing Grenadian citizens to apply for an E2 Investor Visa.
There are two options to qualify for Grenada’s citizenship by investment program:
The first option is to make a non-refundable donation to the National Diversification Fund (NDF), established by the Government. The financial contribution varies depending on the number of people included in the CBI application. For the single applicant, it will be US $150,000, while for the family of four, the amount will rise to US $200,000. For any additional family member, the fee increases by US $25,000 for each dependent.
The second option envisages investment in a real estate project approved by the Grenadian Government. To qualify foreign nationals should invest individually at least US $350,000 or co-invest at least US $220,000, assuming that the total investment will be equal to US $440,000.
After holding the investment for 5 years, the investor can sell it and the next purchaser is also eligible to apply for citizenship. The trend of recent years reveals that more people opt for real estate rather than donation options.
Real Estate Projects
Currently, there are 19 active approved real estate projects and one of the most prominent development is a luxury Six Senses La Sagesse Grenada resort, implemented by Range Developments company. Previously, this company successfully accomplished two high-class, five-star resorts in St. Kitts & Nevis and Dominica: Park Hyatt St. Kitts and the Cabrits Resort & Spa Kempinski in Dominica.
Applicants for Grenada’s citizenship by investment program must apply through licensed agents, and may not make submissions to the Government on their own behalf, says the official website of the program. This means that any foreigner willing to invest and obtain a second passport from Grenada, first, should find an Authorized International Marketing Agent of the CBI program and then collect the supporting documents.
The application will be prepared and submitted by the agent. The process is very straightforward and after two months, Grenadian passports are issued to investors and their family members.
As the Government Authorized International Marketing Agent, Bayat Legal Services, a member of Bayat Group Is in a position to lead investors applying for economic citizenship in Grenada. With almost three decades of experience and thousands of happy customers, Bayat Group is the right choice for individuals seeking to enhance international mobility and to secure ‘Plan B’ in case of political, social, or economic turmoil in their home countries.
Anyone can book a free consultation about Grenada’s citizenship by investment program just by visiting the Bayat Group website (www.bayatgroup.com) and filling out a special requesting form.