Grenada, located in the southern part of the Grenadines Island chain in the West Indies, is a lesser-known Caribbean destination that remains largely undiscovered by mainstream tourism. It offers a compelling option for those seeking a vacation retreat or a permanent residence away from the crowds typically found on more popular islands. Grenada is particularly attractive to individuals worldwide looking to leverage the Citizenship by Investment (CBI) program through real estate investments on the island. However, there are alternative pathways available for those interested solely in obtaining citizenship without the responsibilities of property ownership.
Benefits of Grenada Citizenship by Investment
Here is an impressive list of advantages that Grenadian citizenship may provide:
- No residency requirement.
- Faster processing time compared to other jurisdictions.
- No restrictions on the applicant’s nationality.
- Grenada is widely recognized as a reputable jurisdiction.
- Right to live and work in a country with a stable economic and political system.
- Grenada citizenship includes a CARICOM passport, facilitating free movement, employment, and training within the Caribbean Community.
- Visa-free travel to the European Union, China, and almost all of South America.
- Access to 117 countries worldwide without needing a visa.
- Eligibility for a US investor visa under the E2 program.
- The principal applicant’s unmarried siblings over 18 years old, without children, can be included in the application as dependents. This is a unique feature exclusive to Caribbean investment migration programs.
- No capital gains, gift, or inheritance tax.
- Real estate taxes ranging from 0% to 0.5%, depending on the property usage.
Prospective applicants can find useful information about Grenada’s CBI program on the International Wealth website, where they can also consult with experienced specialists.
Documents Required
Here is the list of documents required for Grenadian citizenship by investment:
- Clean police report for the applicant and dependents over 18.
- Certificate of health issued by a doctor/medical facility, including a negative HIV test for all applicants.
- Main applicant must be 18 years of age or older.
- The source of funds must be verifiably clean.
- Notarized color copies of all passport pages for each family member, with apostille and notarized translation.
- 20 passport-sized photos for each applicant.
- Military service record with apostille and translation if applicable.
Some of the documents are received from the applicant’s current long-term residence or country of origin, while others are provided by Grenadian authorities. Updated forms for the economic citizenship program in Grenada can be accessed through the official website.
The process of obtaining citizenship can take anywhere from 2 to 12 months. Applicants undergo a thorough due diligence process conducted by the government of Grenada. Applications may be declined under the following circumstances:
- Providing false information.
- Having a previous criminal conviction in any country with a sentence exceeding 6 months, unless the applicant has been pardoned.
- Being the subject of an ongoing criminal investigation.
- Being identified as a potential threat to the national security of another country.
- Engaging in activities that could harm the reputation of Grenada.
Options for Obtaining Grenada’s Economic Citizenship
Grenada offers two distinct pathways for individuals seeking to obtain citizenship through investment:
Grenada Citizenship by Donation
Individuals can obtain citizenship by making a one-time, non-refundable donation of $150,000 to the National Transformation Fund (NTF). Furthermore, a donation of $200,000 to the NTF can encompass up to four applicants in a single application. For each dependent beyond the initial four, an extra payment of $25,000 is necessary.
Grenada Citizenship through Real Estate Investment
Individuals can obtain citizenship by investing $350,000 in a government-approved development project. There is an additional state fee of $50,000 for a family of four and $25,000 for each additional family member. This investment must be maintained for five years. A group of two investors can collectively apply for citizenship by investing $440,000 in a government-approved property, with each investor contributing $220,000.
Applicants must provide proof of their investment or donation within five days of approval. Proof of payment is required for the issuance of Grenada citizenship certificates and the second passport.
Grenada citizenship by investment can be acquired through owning second properties in approved development projects. One of the currently approved projects is Kawana Bay, which is a high-end resort managed by the Hilton Group operating as Kimpton Kawana Bay Hotel. It is situated in the southwestern part of the island.
Additional Fees for Registering Grenadian Citizenship Through Investment
There are several associated fees depending on the type of applicant and the family composition. Here is a breakdown:
Fees for one applicant (identical for the applicant’s spouse)
- Application acceptance fee: $1,500
- Legal review fee: $5,000
- Application processing fee: $1,500
Fees for a family of four
- Application acceptance fee: $1,500 per applicant
- Legal review fee: $5,000 for any applicant over the age of 17
- Application processing fee: $1,500 for applicants aged 18 and older, $500 for applicants under 18
Fees for a family of more than four members
- Application acceptance fee: $1,500 per applicant
- Legal review fee: $5,000 for any applicant over the age of 17
- Application processing fee: $1,500 for applicants aged 18 and older, $500 for applicants under 18
Additional Notes on Fees and Processes
- Dependent parents. The additional fee for dependent parents aged 54 and younger is $50,000 in the collective application. For those aged 55 and above, no payment is required. This provision is specified in a letter from the Grenada Citizenship by Investment Committee (CIC) to local immigration agents.
- Spouse application post-approval. If the principal applicant’s spouse applies later, they must undergo a Due Diligence verification procedure, which involves a payment of $5,000, including $3,000 for the application admission and consideration.
- Sponsorship funds. Funding by the sponsor requires a $5,000 Due Diligence verification fee.
- Legislation updates. The CIC Committee has amended the legislation to verify the legal origin of investment funds to combat money laundering and terrorist financing.
- Newborns. A child born within twelve months of the principal applicant’s initial application for Grenada’s economic citizenship through investment can be included in the application post-factum. Contact the CBI unit within six months of the child’s birth and expect a fee of $5,100.
Conclusion
Grenada, often referred to as the “Spice Island,” presents a unique opportunity for acquiring citizenship in a stable, beautiful, and economically vibrant country through its Citizenship by Investment (CBI) program. The benefits of Grenadian citizenship include visa-free travel to many countries worldwide, the potential for a U.S. investor visa, and an attractive second citizenship in a serene tropical destination. Grenada’s CBI program remains reputable and advantageous in the Caribbean, promising a bright future for those who choose to call it their second home.