Citizenship by Investment: Grenada

(Source: Citizenship by Investment Unit of the Government of Grenada)

ABOUT GRENADA

Grenada, known as the ‘Isle of Spice,’ is one of the most magnificent islands in the West Indies. Unspoilt and exotic, it astounds visitors with its wildly jagged mountain peaks, hidden coves, spice plantations, and lush verdant rainforests. Its beaches are idyllic, with white or golden sand, palm trees, and the delicate aroma of the island’s native spices.

Grenada’s proximity to the Equator ensures a year-round tropical climate, with average temperatures ranging between 23 and 28 °C. Its cooling trade winds offer very comfortable conditions.

Grenada’s population is highly educated and has a very high literacy rate. St George’s University hosts 6,000 students from over 140 countries, offers faculties of Medicine and Veterinary Science, and has been operating for thirty-five years. In addition, a full medical teaching hospital will be developed in the near future.

Grenada is a Commonwealth realm with Queen Elizabeth II as head of state, represented locally by a Governor-General.

 

OVERVIEW

Grenada’s Citizenship by Investment Programme allows individuals and their families to obtain citizenship or permanent residence. Applicants must apply through licensed agents, and may not make submissions to the Government on their own behalf.

 

LEGAL FRAMEWORK

The Citizenship by Investment Programme came into being in August 2013, when the Grenadian Parliament passed Act No. 15 of 2013, otherwise referred to as the ‘Grenada Citizenship by Investment Act, 2013.’ The stated objective of the Act is to “enable persons to acquire permanent residence and citizenship of Grenada by registration following investment in Grenada.”

Applicants may only make two types of investments to obtain citizenship or permanent residence:

1. They must make “a payment into the National Transformation Fund (NTF);” or
2. They must make “a payment towards an approved project in Grenada”
   

The National Transformation Fund was established under section 43(1)(a) of the Public Finance Management Act Cap 262B, and is responsible for funding Government-sponsored projects in Grenada. ‘Approved project’ is defined under Section 3 of the Grenada Citizenship by Investment Act, 2013 as “a project that is approved by the Minister following the review and recommendation of the Citizenship by Investment Committee.”

 

GENERAL BENEFITS

Why Choose Grenada's Citizenship by Investment Programme...

Individuals who choose to apply for citizenship under Grenada’s Citizenship by Investment Programme may take advantage of the following:

• Minimal processing fees.
• No education, or management experience required.
• No requirement to reside in Grenada before or after citizenship is granted.
• Well-known, stable and established investment environment.
• Grenada recognizes dual citizenship, meaning that investors can still benefit from their current passports.

The application process is confidential, with no disclosure or exchange of information with other governments or bodies, except when due diligence checks are carried out as part of the application process. These checks are performed by an authorised due-diligence agency.

All Main Applicants will now be subjected to an interview prior to approval in principle.

Dependants 16 years of age and over MAY also have to undertake an interview, if the Technical Committee deems it necessary or advisable.

Benefit of a USA E-2 VISA

Grenadian citizens can gain quick access to the US as an entrepreneur with the E-2 visa. On tops of freedom of mobility, immigrating to and living in a stable country such as the USA is the key point to investors after the pandemic.

• Expeditious processing - can generally be obtained within 3 months
• Unlimited number of extensions
• Investor's spouse and dependent children under 21 years old may be included
• Investor's spouse can apply to work anywhere in the US
• Free high school education for children in the US and in-state college tuition rates
• The E-2 may have the potential to be converted to the EB-5 over the course of time
• Investor and dependents may spend time in the US without being subject to world-wide income tax.

 

GRENADIAN CITIZENSHIP BENEFITS

Individuals who obtain citizenship through Grenada’s Citizenship by Investment Programme are entitled to the same rights as any other Grenadian citizen. These include the right to live and work in Grenada at all times, and all the rights associated with membership of the Caribbean Community (CARICOM).

Grenada allows individuals to hold dual citizenship, and citizenship may be extended to family members, such as a spouse, dependent children, and dependent parents. Children and young adults may obtain preferred access, and in some cases grants, to top schools and universities. Grenada is home to St. George's University, one of the best American off-shore univertities. It has the finest medical, veterinary and arts & science schools. Graduates train in some of the top hospitals in the US and UK. St. George's is internationally accredited and currently has 6,000 from over 140 countries.

 

GRENADIAN CITIZENSHIP BUSINESS ADVANTAGES

Grenada has no foreign income, wealth, gift, inheritance, or capital gains tax. There is no restriction on the repatriation of profits and imported capital. Generous incentive packages exist including corporate tax incentives, full exemption from import duties, tax relief benefits, and export allowance. Grenada’s currency, the East Caribbean dollar (XCD), is pegged to the United States dollar (USD). Lastly, there is duty-free trading in the Caribbean.

 

INTERNATIONAL MOBILITY

Grenadian citizens can travel without visa restrictions to more than 143 international and Commonwealth countries. These include the United Kingdom and all other members of the European Union, and important business hubs such as Singapore and Hong Kong. Grenada is one of very few nations whose citizens can travel to the People’s Republic of China without first obtaining a visa.

 

COSTS AND FEES

The following are the costs and fees associated with citizenship by investment in Grenada:

Universal Fees - apply to both investment options:

• Due diligence fee: US$5,000/person
• Application fee: US$ 1,500/person
• Processing fee: US$1,500/person
• GLI Agent Fee: On application

 

Investment Options

1) NTF Contribution - in addition to the Universal Fees:

• Individual Applicant: US$150,000
• Individual Applicant + Spouse: US$200,000
• Family: US$200,000 +US$ 25,000 per additional dependent after the third dependent

 

2) Real Estate Investment - in addition to the Universal Fees:

• Individual Applicant: US$350,000 + Government fee of US$50,000
• Individual Applicant + Spouse: US$350,000 + Government fee of US$50,000
• Family: US$350,000 + Government Fee of US$50,000 and US$25,000 per additional dependent after the third dependent

OR:

• Purchase a unit in an Approved Project under Section 11: Minimum of $220,000.00 (for each share in the unit) + Government fee of US$50,000