High net worth South Africans who wish to obtain a second passport that would unlock visa-free access to such regions as the UK, Schengen, China and more should take into consideration Grenada in the Caribbean. This small country in northeast of Venezuela has launched its citizenship by investment programs in 2013, and has already welcomed more than 1,300 investors as new citizens.
Here are 5 main reasons why wealthy South Africans are interested a Grenadian citizenship.
Number one. The Grenadian passport is your visa-free entrance into over 130 countries, including the Schengen Area countries, the UK, South Korea, Singapore, Hong Kong, Brazil, virtually all South American countries, among others. Grenada is the only Caribbean CIP country and one of only three countries in the world that has 30 days visa-free access to China. Apart from China, Grenada passport holders are allowed to stay in Europe up to 90 days within a 6-month period and up to 180 days per year in the UK. Many businessmen find it very helpful not to apply for visas over and over again, and travel to almost any desired destination around the globe.
Number two. The Grenadian passport holders may participate in the US visa program by obtaining the E-2 Investor/Business visa that is not available to citizens of China, Russia, Saudi Arabia, United Arab Emirates, etc. No other Caribbean passport has this on its benefits list.
The E-2 visa is typically issued for 2- or 5-year periods. You will be required to invest $100,000-200,000 into a US business and create up to 5 jobs. You could renew the visa every 5 years.
Number three. It is possible to obtain the passport in a remote mode, plus there is no requirement to relocate or live in Grenada. The citizenship is processed exclusively through a licensed, government-approved agent. In case your application is approved, you’ll obtain your passport within 3-4 months.
Together with the main applicant, their spouse, children under 29 years of age and parents aged 55 and above may also apply.
Number four. Grenada officially recognizes double citizenship. All the information is strictly confidential and is not disclosed to third parties. The citizenship is issued for a lifetime. The passports are valid for 5 years. It takes about a week to renew it and it is not necessary to come to the country for that.
Number five. The full sum of investment is transferred only after the government approves the application. The transaction is fully transparent.
As a bonus, Grenada doesn’t have worldwide income, capital gains and inheritance taxes.
What is the cost of a Grenadian passport?
The cost depends on which of the 2 available Citizenship by Investment options you choose.
The first one is a non-refundable donation to the National Transformation Fund. The minimum investment for a family up to 4 people is $200,000. According to the official statement issued on November 24, 2017, the minimum amount of investment for a single applicant would be reduced by 25%, making it $150,000.
The second option is investing in real estate. Three things to take into consideration here. One, the applicants are expected to invest into government approved real estate projects only. Two, the minimum investment starts at $350,000. And three, the investor may resell the real estate objects 4 years after obtaining the passport, and keep the citizenship.
You may choose one of the 2 options we just went through, but it is not possible to combine them.
The passport, in case of a non-refundable donation to a state fund, will cost around $209,000 for a single applicant, government fees included, and $226,000 for a family up to 4 members. The passport for an investment in real estate will cost around $409,000 for a single applicant, and $426,000 for a family up to 4 members. This cost includes all the government fees but does not include service fees of an agent.
On the property investment side, it’s possible to buy a share of a resort or invest in apartments, condominiums or hotel rooms. Here is the list of 13 government-approved real estate projects in Grenada.
If you are serious about your wealth and gaining access to key international markets, then the Grenada CIB program is a very exciting option.
Comparing Caribbean CBI programs
Interested in expanding your personal and economic freedoms by investing in a Grenadian passport? Our qualified experts will consult you on your specific case, calculate the precise cost, and provide advice at every stage of the passport acquisition process.
We also urge our clients to compare conditions of the various CBI programs to make up their minds and opt for what suits them best. Speaking of Caribbean nations, here are some more reasons to strongly consider one of the countries in the region as your second home:
- Antigua and Barbuda passport: visa-free entry to over 136 countries; passports are issued within 3-5 months.
- Dominican passport: visa-free entry to 91 country; passports are issued within 3-6 months; no residence requirements; no personal interview.
- Saint Kitts and Nevis passport: visa-free entry to 132 countries; no residence requirements; passports are issued within 3-5 months. The program has been active since 1984!