Popularly known as the Spice Island for its myriad locally grown spices, Grenada offers one of the most picturesque waterfronts in all the Caribbean. The sublime scenery is just one of the many reasons to visit its three main islands. Diving, sailing, excellent restaurants, beautiful beaches, and a calendar of unforgettable festivities have fortified Grenada’s status as a preferred destination for many high net worth investors.
Why choose Grenada?
Grenada recognizes dual citizenship, meaning investors can still benefit from their current passports. The Grenada Citizenship by Investment Program offers the following prime benefits:
- Fast processing within four months.
- Inclusion of dependent children under 30, or children with physical or mental challenges living with and fully supported by the main applicant.
- Inclusion of dependent siblings of the main applicant or spouse who are 18 and older and have no children.
- Inclusion of dependent parents.
- No physical residency requirements.
- No requirement to travel to Grenada during the application process.
- No education or management experience required.
- Visa-free travel to 138 countries, including Europe’s Schengen zone.
- E-2 Visa Program signed between Grenada and the United States allows citizens of Grenada to operate a substantial business in the U.S. and reside therein.
- No tax on worldwide income.
Qualifications
The Grenada Citizenship by Investment Program was launched in 2013 under the regulations of the Grenada Citizenship by Investment Act. The country’s pilot scheme allows qualified investors and their family members to apply for citizenship and benefit from visa-free travel.
Tourism has become the leading sector for foreign direct investment in Grenada. The offshore financial industry, together with strong performances in construction and manufacturing, has also contributed to growth in national output.
As part of its strategy to attract foreign direct investment, the Grenadian government works closely with a select number of businesses related to tourism, agriculture and manufacturing. Through the implementation of the program, the government also aims to create sustainable employment opportunities.
To qualify for citizenship, applicants must fulfill one of the investment options below in addition to the following criteria:
- Be of outstanding character.
- Hold no criminal record.
- Have excellent health.
- Have a high personal net worth.
Investment options
1. Real Estate Investment
With Grenada’s economy shifting from an agriculture-dominant base to a service-oriented model, one of the most viable opportunities for foreign nationals is investing in a government-approved real estate project.
Applicants must make a minimum investment of US$270,000, which must be maintained for at least five years. This amount covers the real estate investment and includes the main applicant, spouse, and up to two qualifying dependents.
In addition to the investment, government fees apply:
- US$50,000 for a family of four (main applicant, spouse, and up to two dependents under 30 or parents over 55).
- US$25,000 for each additional dependent under 30 or parents over 55.
- US$50,000 for parents or grandparents of the main applicant or spouse who are under 55.
- US$75,000 for unmarried or divorced siblings of the main applicant or spouse, aged 18 and over, with no children.
2. National Transformation Fund Donation
Applicants may donate a minimum of US$235,000 to Grenada’s National Transformation Fund (NTF). The minimum amount covers the main applicant only. For a family of up to four people, the requirement is also set at US$235,000.
An additional donation of US$25,000 is required for each extra dependent. Where an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of US$50,000 is required. If an application includes an eligible sibling, an extra contribution of US$75,000 must be made with the post-approval contribution.
Permanent Residency Certificates
The permanent residence status has been removed from the citizenship by investment process. As a result, the government has ceased issuing PR cards and certificates. Updates regarding an alternative form of national ID will be communicated by the authorities in due course.
Frequently asked questions
What is Grenada best known for?+
Grenada is known as the Spice Island of the Caribbean and is a hidden gem offering unspoiled beauty, famed for its aromatic spices and organic chocolate. It is considered one of the safest places to live in the region and lies outside of the main hurricane belt. Grenada also has one of the world’s leading medical universities, enhancing its international reputation.
When must the Grenada citizenship investment be paid?+
Once processing and due diligence fees have been paid, the investment is made in two stages. An initial deposit is made upon submission of the citizenship application, and once the application is approved, the balance must be paid. Passports are typically issued shortly thereafter.
Do I need to give up my current citizenship?+
No. Grenada recognizes dual citizenship, meaning investors can retain their existing citizenship and still benefit from their current passports.
How does Grenada’s E-2 Visa treaty with the U.S. work?+
Grenada is the only Caribbean country that offers citizens the option to apply for a U.S. E-2 Work Visa, with the right to live in the United States and operate a substantial business there. Processing times are usually around two months, the visa can be issued for up to five years, and it may be renewed indefinitely, subject to the relevant requirements.
Next steps
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