Grenada citizenship benefits
Grenada, also known as Spice Island due to its abundance of locally cultivated spices, has one of the most picturesque coastlines in the Caribbean. The breath-taking scenery is just one of the many opportunities to visit the three main breath-taking islands.
The Grenada citizenship program, which was relaunched in 2013, is rapidly developing to be one of the most popular citizenship programs in the world. This program was developed to accelerate the economic development on the Caribbean island that enables investors to obtain citizenship in an extremely short amount of time. This program offers flexibility to investors with two investment options and minimum qualification requirements.
Aside from the simple and fast processing time, Grenada citizenship has a lot to offer to individuals and investors. The Grenada passport grants visa-free or visa-on-arrival access to over 142 countries, including some of the world’s most popular business hubs.
Advantages of the Grenada citizenship program
1- Quick application process:
Applicants who invest in real estate will have their applications approved in as few as 90 days. The Grenada passport will be delivered to the applicant shortly after the application approval.
2- No residency requirement:
The applicant does not require to visit Grenada to secure their application. The Grenada citizenship program does not carry any stringent specifications, which is highly beneficial for applicants since certain programs require applicants to learn the fundamentals of the local language.
3- Lifelong citizenship:
Grenada citizenship is a lifetime investment opportunity that ensures new citizens to be secure from any future regulatory modifications that might jeopardise their claim. A second passport in Grenada is a stable investment with unlimited benefits for the long term.
4- Recognition of dual citizenship:
Grenada legally recognises dual citizenship, meaning potential citizenship holders do not have to renounce their home country citizenship and can be considered a citizen of both Grenada and their home country.
5- Family oriented citizenship opportunity:
Grenada citizenship program is a cost-effective path for those looking for a family-friendly citizenship opportunity. It is an ideal investment when an applicant can add additional family members for a minimal fee. Under this investment the applicant’s initial investment includes children under 30 and dependent parents of any age.
6- Investing at a reasonable cost:
One of the major benefits of the Grenada citizenship scheme is the opportunity to invest in real estate and earn good returns on top of the citizenship. The tourism industry in Grenada is thriving, so an investment will indeed pay off generously, and hence, the investor needs to keep the investment for five years.
7- Unlocking the Commonwealth:
One of the most important tests of passport strength is when a country has multinational agreements in effect with other countries to promote free trade and travel. Investment in Grenada citizenship grants the applicant a place as a resident of a Commonwealth realm, allowing free travel around the 52 member countries.
8- Global free travel:
A Grenada passport holder can fly to over 142 countries visa-free or with a visa on arrival. This involves some of the world’s most appealing business and travel destinations, such as the United Kingdom, the Schengen region, Singapore, and Hong Kong. Grenada is the only one of 11 countries that facilitate visa-free travel to the Republic of China, making it the perfect passport for conducting business in Chinese hubs.
9- Gateway to the United States:
As a US Treaty Country, citizens of Grenada are eligible to apply for the lucrative American E-2 Investor Visa. This is a major benefit because it grants its Grenadian citizenship holders the right to live and work in the United States in exchange for an investment of approximately USD 100,000.
10- Desirable tax regime:
Grenada has a very attractive tax regime for investors and hence making this destination a popular global tax haven. Grenada exempts taxes on overseas income, wealth, inheritance, capital gains, or gifts.
Acquiring Grenada citizenship – a viable choice for all
Besides the financial investment, the conditions for obtaining Grenada citizenship are minimal. There are no specific conditions in terms of interviews, schooling, language, or residency. The applicant must, however, present a clean criminal record and derive funds lawfully. The applicant is required to attend a medical examination before submitting various supporting documents. This preparation takes around four weeks, and the government process then takes an additional twelve weeks.
The following are the two investment routes available for any investor:
The donation route:
Initially, the investor should make a non-refundable donation of at least USD 150,000 to Grenada’s National Transformation Fund. The National Transformation Fund was established in 2013 to improve the Grenadian economy, the donation would be used to fund projects that are vital to the island. The invested amount of USD 200,000 applies whether the investor applies together with a spouse, or in a family of up to four people.
Furthermore, the applicant can add extra dependents to their application for USD 25,000 per person.
This investment is subject to application, due diligence, and processing costs, starting at USD 8,000 for a single applicant. This investment process will take up to six months to complete.
The real estate investment route:
For many investors, though, the real estate investment route provides a very appealing alternative to donating wealth. This investment route was created to help Grenada transition to a tourism-based economy offering flexibility to investors to invest in government-approved developments.
When the application is approved, investors can complete their real estate transaction and obtain a certificate of registration attesting to their new citizenship, allowing them to apply for their Grenada passport. If the applicant prefers to invest in real estate, the whole transaction can be completed in a short span of 90 days. Grenada citizenship cannot be revoked as long as the investor keeps their investment for at least five years. The investor has the same rights as Grenada residents.