In 2013, the Grenadian authorities updated their citizenship by investment program to increase the demand among potential foreign investors.
Because their primary passports are not as powerful, wealthy people, VIPs, business heavyweights, famous personalities hailing from Russia, China, Pakistan, South Africa, India are especially interested in obtaining a second citizenship of a Caribbean country, most notably, one of Grenada’s.
Within the last year, the interest in the island nation’s passport has skyrocketed by 300%, and the rejection rate was at an all-time low of just 8%. In the first half of 2017, 449 persons have became nationals of Grenada.
Though no direct flights to Grenada are available today, international airlines provide connections into Grenada’s international airport from, say, Europe, or the US. British Airways offer a two-leg London – Saint Lucia – Grenada flight, while Lufthansa and Condor both offer to reach Grenada through Germany’s Frankfurt.
What are the benefits of Grenadian citizenship?
- The possibility to travel, visa-free, or with visa upon arrival, to over 110 countries, including the UK, Singapore, South America, China – something that a primary passport doesn’t always offer.
- Tax system is different from what most people are used to. There are no capital gains, gift, inheritance, foreign source income taxes. Grenada imposes a maximum of 0,5% property tax.
- The applicant does not have to come to, or stay in Grenada for paperwork, and the processing takes from 3 to 5 months.
- The Grenadian passport can unlock a E-2 US investor visa that allows its holder to establish a business in America. Out of all Caribbean countries, only Grenada offers this opportunity, which is why its passport is so popular with foreign nationals who are not otherwise eligible for this type of visa.
- The investment amount averages USD200,000-300,000.
- Citizens of Grenada may easily apply for Great Britain’s best educational institutions.
- The screening procedure for applicants is fairly uncomplicated, but does include a thorough due diligence check.
- The descendants of the principal applicants automatically receive citizenship status.
What are the requirements for Grenada’s CBI program candidate?
To begin with, a foreign citizen should deliberate over the suggested investment options. The two primary ones are either donating to the National Transformation Fund, or investing in a government-approved real estate object.
Once the choice is made that suits the investor’s particular situation, it is time to apply for the program and start gathering the necessary documents. The investor’s candidacy is reviewed within 3 to 5 months before the authorities announce their decision to grant them citizenship.
The investor may include in the application their spouse, financially dependent children up to 25 years of age, and parents or in-laws.
The aforementioned due diligence takes maximum of 2 months, and includes:
- Criminal record check;
- Credit history check;
- Personal and business reputation check;
- Health and age check, since the applicants are expected to be free of oncological or infectious diseases, and the main applicant must be of 18 years of age or over;
- Checking the applicant’s ability to fulfil financial obligations.
Once the application is approved, the investor pays the fees and full investment amount.
As we have already mentioned, the entire process may be managed outside of Grenada, and the passports sent to the investor by mail.
The principal documents are:
- All valid passports of the applicants;
- 12 colour photographs taken not more than 6 months ago;
- Birth certificates;
- Academic certificates;
- Driving licences;
- Clear criminal record certificates;
- Military IDs (if applicable);
- Medical health certifications;
- STD test results, not older than 3 months;
- Bank statements for the last 3 months;
- Marriage or divorce certificates (if applicable);
- Forms of personal data change (name, surname; if applicable);
- Support documents for children who are financially dependent on the main applicant;
- Reference letters from a business partner, employer, lawyer, etc.;
- Proof of source of funds.
All the documents must be legally translated and notarized. Only a government-approved, certified, Grenada-based agent may handle the paperwork.
How much will Grenada’s citizenship cost you?
A one-time, non-refundable donation of US$200,000 to the National Transformation Fund is one way to acquire Grenadian citizenship. The passport is issued 1 or 2 weeks after the certificate of naturalization.
Another way is to invest at least US$350,000 in Grenadian real estate, and then own it for at least 4 years, after which it is possible to sell the object and recover the funds.
It is also possible to invest at least US$1,5 million in a local business.
How is the Grenadian Citizenship by Investment Program different from similar Caribbean offers?
There are other countries who accept foreign investment in exchange for their citizenship: Antigua and Barbuda, Saint Lucia, Dominica, Saint Kitts and Nevis. The minimum donation amounts to the countries’ respective state funds are compared in the table below:
If the foreign national is contemplating investing in real estate, Grenada is the most credible option among other similar offers. Thanks to the nation’s geographical location within the Caribbean Basin, Grenada stays out of the way of hurricanes – unlike Dominica, where hurricanes and tropical storms have inflicted sufficient damage three times within the last decade, or the island of Barbuda, one of the two islands comprising the country of Antigua and Barbuda, where the 90% of homes and infrastructure were destroyed by the recent hurricanes Irma and Maria.
Famous individuals with Grenadian citizenship
Peter de Savary, a prominent English entrepreneur and founder of the luxury St. James’ Clubs, was granted Grenadian citizenship in 2003, after investing in the construction of over 30 real estate objects. What is more, the authorities of Grenada recognized his contribution in the form of an ambassadorial role with full-spectrum diplomacy.
What are the chances of rejection, and how to avoid it?
The Grenadian authorities reserve the right to deny citizenship request on the following grounds:
- The information submitted by the applicant is inaccurate (deliberate concealment);
- The applicant or their family members have health problems specified in the conditions of the program;
- Prior criminal record, conviction or criminal proceedings;
- The activity of one of the applicants may damage Grenada’s reputation, or threaten country’s security;
- There are previous cases of visa denial to countries that have a visa-free agreement with Grenada.
Note that certain countries do not allow their nationals to hold dual citizenships. In order not to miss any important nuances, and to minimize the time and efforts spent on paperwork-related questions, it is best if you turn to trusted, certified specialists with considerable expertise in the field.
Frequently asked questions about Grenada’s passport
- Do I have to renounce my first (current) citizenship to obtain a Grenadian passport? – No, you don’t have to. Grenada’s authorities also observe the applicants’ confidentiality.
- Can I include in my application children over 25 years of age? – Children over the age of 25 may be included in the application upon confirmation of disability, or physical/mental developmental disorders that obligate the principal applicant to continue their financial support.
- What about adopted children? – Legally adopted children (adopted by both spouses, or biological for one of the spouses) may be included in the application on the same terms as biological children provided that certification of adoption is submitted. The terms are applicable until the child ceases to be financially dependent on the principal applicant, that is, turns 25 years old, or marries.
- Is it possible to personally submit the application and documents to the Grenada Citizenship by Investment Committee (CBIC)? – CBIC only reviews the application forms submitted by licensed agents.
- Is it possible to apply for the Grenadian CBI program and submit the documents in electronic form? – As per CBIC regulations, all documentation is submitted in paper form, by a certified agent only. All the papers must be translated into English and notarized.
- What does the “excellent health” requirement mean? Is it applicable to people over 55 years of age who may be having some medical issues? – An applicant for the Grenadian CBI program is expected to be free of serious mental disorders, oncological and/or epidemic or contagious diseases that may endanger the lives of local residents. This applies both for the main applicant, and their family members.
- Is there a limit on the number of dependents that can be included in the application for the Grenadian CBI program? – There are no legal provisions against including a certain number of applicants in the form. The only condition is that the dependents are closely related to the main applicant and meet the requirements of the program (age, marital status, financial dependency).
- On what condition can children over 18 but under 25 years of age be included in the application? – All children under the 18 years of age may be included. If the child is a full-time student, the age bar is raised until 25 years. Once the child marries, they lose the right to be included in the application their parent fills in. Age restrictions do not apply for physically and mentally disabled children whose medical condition must be documented.
- Which language should I use to fill in government application forms? – All forms that require filling in must be filled in in English. Any copies must be translated and notarized.
- Is it only the main applicant who needs to submit the certificate of no criminal record? – Only children under the age of 16 are exempted. Otherwise, a police clearance certificate, good conduct certificate, or alternatives, must be submitted by every applicant older than 16.
The Grenadian citizenship by investment program is easily comprehensible and transparent, and this second passport facilitates travelling across Europe and the rest of the world.
You don’t have to wait until you find yourself in the middle of an unforeseen unfavourable situation caused by forces you cannot control. Start thinking about your own safety, safety of your close ones, your asset protection, and business expansion prospects in advance – the future of your children can be that much brighter, too.
Interested in more detailed information about Grenada citizenship by investment program? Contact us!
- We offer free consultations, understanding how important it is for the client to make the only correct decision.
- We work only in the field of investment immigration, integrating gained experience into the investor’s goal.
- We work only with official programs of the European Union and Caribbean countries.
- Before signing the contract, we inform our clients about all additional fees and expenses.
- We conduct a screening to assess the investor’s chances of obtaining the desired citizenship.
- We oversee the process at each stage and work exclusively towards the result.
- We are in touch 24/7.