Grenada joins other Caribbean countries with citizenship by investment programs in the most recent round of price cuts. Speaking at the 11th Global Residence and Citizenship Conference in Hong Kong, the chair of Grenada’s Citizenship by Investment Committee, Kaisha Ince, announced that the Grenada CBI program would undergo some significant modifications before the end of the year, including a change in cost.
Why Grenada decided to lower the cost of its CBI program
The Caribbean region was recently attacked by two powerful hurricanes that destroyed housing and infrastructure on the islands. Grenada’s neighbors Saint Kitts and Nevis, and Antigua and Barbuda had already lowered the cost threshold for their CBI programs to cover rebuilding expenses: Antigua and Barbuda cut the price by half, from $200,000 to $100,000, while St. Kitts and Nevis reduced the price from $200,000 to $150,000 (their offer expires in March 2018).
Grenada wasn’t majorly affected by the cyclones, and Grenada’s Cabinet even made a contribution of EC$1 million to the islands damaged by Hurricane Irma in September 2017.
Even without the above mentioned changes, Grenada’s citizenship by investment program had been quite appealing for foreign investors. The upcoming price reduction will bring the program closer in line with pricing rates elsewhere in the region. The contribution requirement for a single applicant will be dropped from $200,000 to $150,000. The price tag that would still be 50 percent above the three main competitors allows the program to hold up to its excellent standards.
The critical advantage of Grenada’s CBI program is that it allows passport holders to obtain the United States E2 investor visa as Grenada is the only Caribbean country that signed the Commerce and Navigation Treaty with the USA. Wealthy foreign investors (mostly Chinese, Indians and Russians) are first applying for citizenship in Grenada, and then filing an application the American E2 visa.
Current investment options of Grenada citizenship by investment program
What other changes should we expect in the Grenadian CBI program?
Grenadian authorities also plan to introduce the following changes:
- extending the age bracket for dependent children who are no longer students from 26 to 30 years old;
- likewise, dependent parents above the age of 55 will no longer be required to pay the additional contribution of $50,000 to qualify. Previous program regulations had only waived the said contribution requirement for dependents over 65 years of age.
Prime Minister Roosevelt Skerrit, who participated in Investment Immigration Summit East Asia in Hong Kong, said this about the cost aspect of the program: “The government of Dominica has not taken any decision in respect to this matter [whether Dominica will follow St Kitts and Antigua in the recent controversial reduction of its CBI programme prices]. What I would like to see though, for the long-term benefit of the program, is for there to be a base price for all the categories within our programmes based on a gentlemen’s agreement, that we shouldn’t go below a particular price point.”
Grenada is among the top-3 nations to apply for second citizenship
In the recent CBI Index study, conducted by the Financial Times’ Professional Wealth Management magazine, Grenada was placed third out of 12 countries, while Dominica and St. Kitts and Nevis finished in first and second places respectively, with only slightly higher scores.
The PWM study was based on seven judgement criteria: freedom of movement, standard of living, minimum investment layout, compulsory travel or residence, nationality timeline, simplicity of processing and due diligence. Grenada got top scores for ease of processing and due diligence check, lack of compulsory travel or residence requirements.
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!