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Grenada Economic Citizenship

As the world is becoming less safe than it was 10 years ago, the demand for second passports is growing. The feeling of safety is priceless, so people are looking for destinations that offer accessible citizenship-by-investment programs. Grenada is a beautiful Caribbean country that offers an affordable program considered to be one of the most prestigious ones in the region. Interested? Read the details in this post and explore the citizenship by investment section on the reliable portal called InternationalWealth where you are sure to find an ideal match!

Grenada: A Brief Overview

Grenada is a little-known destination in the West Indies, which explains why you will not encounter crowds of tourists here. Consequently, it is an ideal place for those who have always dreamed of buying real estate in a tropical paradise whose beaches are not packed, and a passport will come as a bonus in this case! Of course, this is not the only option – so if you don’t want to be a property owner, you can be just an investor in the local economy.

Grenada Economic Citizenship: Main Advantages

Let’s look at the benefits of the program:

  • The application processing time is very short compared to other destinations.
  • You are not required to reside in Grenada to keep your passport.
  • There are no limitations on the nationality of applicants and dependents.
  • The country boasts a stable political and economic system, and you will have the right to live and work there.
  • Grenada is a respected jurisdiction not connected with any scandals.
  • If you receive a local passport, you actually receive a CARICOM passport which gives you the right to work, live, and study in any country of the Caribbean Community.
  • You will be able to enter 143+ countries without a visa, including EU countries, China, and practically all South American countries.
  • You will have an opportunity to get an E2 visa (investor’s visa) to the United States.
  • You may enter dependents into your application, including the principal applicant’s siblings aged more than 18 if they are not married and have no children.
  • You will not have to pay gift tax, inheritance tax, or capital gains tax.
  • The real estate tax ranges between 0% and 0.5% depending on how you use the property.

Documents To Be Submitted

Keep in mind that the main applicant has to be at least 18 years of age to submit an application!

Here are the documents you will need to file in addition to the application for each applicant (these have to be originals or certified copies):

  • A health certificate issued by a doctor or a medical institution with a negative HIV test per each person included in the application
  • A non-conviction report per each person aged 18 or more
  • Proof of the legal origin of funds you are going to invest in the country’s economy
  • 20 photos per applicant sized 3.5 x 4.5 cm
  • Color copies of all passport pages with apostille and notarial certification, as well as their notarized translation per each person included in the application
  • An apostilled military ticket with translation if necessary

If everything goes as planned, you will receive your Grenada passport within 2 to 12 months from the date you have submitted all the documents!

The government of Grenada subjects each applicant to a stringent due diligence procedure. Your application may be turned down for one of the following reasons:

  • You have a history of conviction in any country following a criminal offense and the sentence was more than 6 months (unless the applicant was pardoned).
  • You provided false information in the documents.
  • You are under a criminal investigation at the moment.
  • The applicant is taking part in any activity that could damage Grenada’s reputation.
  • The applicant was found to be a potential threat to the national security of any other country.

Investment Options

Let’s consider two possible investment options that lead to obtaining a Grenada passport.

Donation

You will have to make a non-refundable donation equaling 150,000 US dollars to the National Transformation Fund to support the local economy. The above figure applies to a solo applicant only, though. If you have no more than 4 applicants, you will have to contribute 200,000 US dollars. If the number of applicants exceeds 4, you will pay 25,00 US dollars per subsequent applicant.

Investment in Real Estate

You will have to invest at least 350,000 US dollars into a local property approved by the government. If there are four applicants, this figure reaches 400,000 US dollars. Each additional family member comes at 25,000 US dollars. 

If you decide to buy a property jointly with another investor, you can buy real estate that costs 440,000 US dollars, and each of you will have to contribute 220,000 US dollars.

You will have to remain the property owner for at least 5 years, which is a standard requirement for such programs.

The applicant is required to provide proof of buying real estate or making a donation within five days from the date of approval. This is a prerequisite for the start of preparing your passport and Grenada citizenship certificate.

Additional Fees

There are some additional fees that will be charged:

  • Application acceptance will cost 1,500 US dollars per person.
  • The legal review of the applicant comes at 5,000 US dollars per person.
  • Application processing costs 1,500 dollars per applicant aged 18 and more and 500 US dollars if the applicant is younger.
  • If you include your parents in the application, you will be liable for an additional fee of 50,000 US dollars if they are aged 54 or less. If their age is 55 and older, you will not have to pay any fee. 
  • If the principal applicant’s spouse is not included in the original application and applies later, he or she will have to pass a due diligence procedure and pay 5,000 US dollars.
  • If the funds to be invested by the applicant are provided by a sponsor, it is the sponsor who undergoes the due diligence procedure (this requires payment of 5,000 US dollars).
  • If you give birth to a child within twelve months from the date of initial application submission, he or she will be included post-factum if you contact the relevant authorities within 6 months from the date of birth (and pay a fee of 5,100 US dollars).

Interested in the citizenship of Grenada? We strongly recommend that you click on the above link to explore the portal and take a look at other similar programs – or even schedule a free meeting with an expert to make the right choice.

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