Grenada is an island in the West Indies that became independent in 1974. After several lightning-fast changes of the ruling regimes, the country made a choice in favor of democracy and stable economic development. Today Grenada is a place of interest both for the lovers of exotics and intact nature and for high-income business people.
Grenada is often called the ‘Island of Spice’ as it is one of the major export products of the country. Tourism is also developing rapidly on the island. One can easily reach Maurice Bishop International Airport from key international transport hubs like London, Frankfurt, New York, Miami and Toronto. Many foreigners arrive to the country by cruise ships. Grenada records good growth in the number of foreign tourists, with the island regularly being mentioned in famous magazines as one of the most picturesque places in the world. For example, last year Caribbean Journal called Grenada The Best Place For Vacation 2017 in the Caribbean.
Grenada and cinematography
Fabulous landscapes and pristine beauty of nature are among Grenada’s major assets. No wonder this place is often used for shooting movies. For example, in 1957, drama ‘Island In The Sun’ featuring Joan Collins, James Mason and Harry Belafonte were shot here. Viewers can enjoy Grenada’s landscapes while watching the first part of the famous franchise ‘Pirates of the Caribbean’. Ridley Scott was also filming his ‘White Squall’ in Grenada.
7 reasons to get the passport of Grenada
Grenada’s Citizenship by Investment program was re-launched in 2013, and it is becoming increasingly popular among foreign investors every year. Why is it happening? We can name at least 7 reasons for that:
- Freedom of movement. The passport of Grenada gives one the right to travel visa-free to 124+ countries of the world, including the United Kingdom and the Schengen countries. A particularly valuable advantage is visa-free entry to China.
- The opportunity to receive US E-2 Investor Visa. This type of visa is not available to Russians, Chinese, Brazilians, South Africans, etc., however, having Grenada’s citizenship as your second citizenship would allow you to apply for this visa.
- Good conditions for getting citizenship for the whole family of the investor, with children’s age threshold recently raised to 29 years. The investor can include parents over 55 in the application.
- The cost of the program has recently been reduced from $200,000 to $150,000 for individual applicants.
- Favorable tax system.
- Fast and simple document processing. Moreover, one does not have to visit the country in order to receive its passport.
- Investment retention for a 4-year period. Other Caribbean countries with CBI programs have a different retention period, real estate objects there can be sold only after a 5-year term expiration, at the earliest.
Spice Island Beach Resort is one of the most fashionable hotels of the island. Famous guests and even members of royal houses often visit it.
Real estate in Grenada: How to become a neighbor of a TV or pop star?
Rich and famous people value Grenada’s secluded beaches and beautiful nature. For example, Steven Spielberg, Bill Gates, Mick Jagger and Jerry Hall, Morgan Freeman, Oprah Winfrey and British Princess Anne spent their vacations here. The daughter of Elizabeth II used to stay in Spice Island Beach Resort located at Grand Anse Beach. ‘The Fast And The Furious’ star Michelle Rodriguez and ‘Twilight’ actor Kellan Lutz welcomed the year 2014 in Mount Cinnamon Resort and Beach Club apartments.
Lewis Hamilton, the 4-time Formula 1 champion, also visits Grenada sometimes: his father moved to the United Kingdom from this Caribbean country. While he was dating singer Nicole Scherzinger, Hamilton planned to buy a beach villa designed and built specially for him. However, after the break-up he canceled the purchase. Now the luxury house worth 3,500,000 pounds is available for sale.
Purchasing real estate in Grenada gives you a unique chance to receive a second passport for yourself and relatives. In a 4-year period, you can have the investment returned and probably even get profit. But not any property can be bought under the Citizenship by Investment program. It should be a government-approved object: Levera Nature & Beach Resort, Mariposa Residence, Bacolet Bay Resort & Spa, Hideaway True Blue Condominiums, Kimpton Kawana Bay, etc.
Important note: One can get a share in Levera Nature & Beach Resort just for $130,000, with the remaining amount to be covered by an American credit organization. If upon the 4-year term expiration you don’t pay the remaining amount, you will lose your share, but will keep the status of a citizen.
Mount Cinnamon beach resort is one of the most advanced objects approved by the government.
Statistics of passport issuance under Grenada’s Citizenship by Investment program
Although the program was launched not so long ago, it has become really popular among investors.
From the program launch to the end of the second half of 2017, the country’s government has issued about 1,300 passports.
AS OF DECEMBER 2017, THE PROGRAM ATTRACTED $130,000,000 OF FOREIGN INVESTMENTS TO GRENADA’S BUDGET. THE NUMBER OF APPLICATIONS GREW BY 108% IN COMPARISON WITH 2016.
In the first half of 2017, there was a noticeable decrease in the number of rejections — from 13% to 8% — in comparison with the first half of 2016.
The EU removed Grenada from tax haven blacklist
On December 5, 2017, Grenada was added to the EU blacklist as the jurisdiction that takes insufficient measures to prevent tax evasion through offshore schemes. Before November 28, 2017, the government filed all the required documents, having committed to deal with the issues raised by the OECD. And on January 24, 2018, it was made public that Grenada had been removed from the offshore blacklist.
Grenada is a magnet for foreign investors
Having received Grenada’s citizenship, you will be able to optimize the tax system, scale your business, let’s say, by opening a branch in the USA. For Grenada’s passport holder it is much easier to get a US E-2 business visa. Moreover, if you have business interests in China, as a citizen of Grenada you can visit the Celestial Empire whenever you like, without having to worry about visa issues.
Investment in real estate can also be profitable, since the objects are not under the risk of being struck by hurricanes, which is due to Grenada’s favorable location. Tourism development will provide for stable passive income and the opportunity to effectively sell the object share in a 4-year period.
Grenada’s Citizenship by Investment program is a wise choice both for individual applicants and for families. Families are offered loyal conditions regarding the age threshold. The cost of the program for individual investors (non-rechargeable contribution option) has recently been reduced by 25%.
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!