Grenada is part of the Windward Islands, the southern group of the Lesser Antilles in the West Indies. It is an autonomous island state in the Commonwealth of Nations in the West Indies, and it is one of the world’s smallest sovereign countries.
The Grenadines is an archipelago that is made up of many small islands. The main islands are Grenada, Carriacou, and Petite Martinique.
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Why Grenada?
Grenada has a moderate, open economy that is mostly centered on tourism. The economy has changed a lot in the last 20 years. It used to be that people worked on farms, but now there are more service jobs. Tourism is a big industry now, bringing in money from other countries.
Spices like nutmeg and mace are the country’s main export products. The production of drinks and other foodstuffs, textiles, and the assembly of electronic components for export are all small-scale industries in Grenada.
The nutmeg industry in Grenada was badly impacted by hurricanes Ivan (2004) and Emily (2005). These hurricanes damaged the crops and made it hard for the industry to function. However, other parts of the economy continued to grow, such as construction and manufacturing, as well as tourism and education.
Investment Requirements for Grenada’s Citizenship-By-Investment Program
When the Citizenship by Investment Act, 2013, was approved by the Grenadian parliament in August 2013, the Grenada Citizenship by Investment Program was founded. The company Henley & Partners was hired by the government of Grenada in 2016 to improve, update, and globally relaunch the program.
Grenada is the only Caribbean country that does not have any limitations on which countries can take part in the program.
Everyone is welcome to apply, but they must pass a comprehensive background check first.
Investment Options in Grenada Citizenship-by-Investment Program
There are two ways to become a Grenada citizen under the Citizenship by Investment Program.
The first way is to make a one-time financial contribution to the National Transformation Fund.
The second option enables applicants to qualify by investing in a specific Grenada real estate project. Hotel, apartment, and villa shares and condominium units are among the approved investments.
Some of the Benefits of Grenada’s Citizenship by Investment Program:
- Getting a new passport;
- No need to learn the Caribbean language to apply for a passport;
- Grenada allows multiple nationalities, hence you can possess as many passports as you want.
The primary candidate must be at least 18 years old and have completed the application criteria to be eligible for citizenship. They must also choose between two principal qualifying options:
Pre-Approved Real Estate Investment
To be eligible for citizenship by investment, you must invest in a Grenadian real estate project that the government has authorized.
Currently, the government has authorized 17 projects.
Minimum investment requirement: $220,000 (plus fees).
Before the project can move further, the government must provide its permission.
For four years, the property will be retained (depending on the value of the property)
Depending on the type of investment, estimated initial investment expenditures range from 5% to 10%.
The Donation Route: National Transformation Fund
The National Transformation Fund (NTF) was created in 2013 to help Grenada become more prosperous and self-sufficient. The fund will be used to improve tourism, trade, agricultural, and renewable energy programs.
To be eligible for citizenship under this investment option, the applicant must make a qualifying contribution to the Government National Transformation Fund (NTF) of at least 150,000 USD. This does not include any fees that may be associated with the application process.
The Step-by-Step Application Process
The Grenada Citizenship by Investment Act, 2013, states that a candidate for citizenship must meet personal standards. This requires him to be at least eighteen years old, have no criminal record, be in good health, and be prepared to make the appropriate contribution, among other things. If you meet these prerequisites, you can go to the next step:
- The first step in applying for citizenship is finding an Authorized International Marketing Agent.
- The next step in the citizenship application process is to contact an authorized marketing agent. This person will help you gather all the required documentation to submit to the Central Board of Indirect Taxes and Customs (CBIC). The candidate must fill out formal paperwork, go through a medical test, and get necessary documents, which should all be written in English.
- Once all forms are completed, the authorized local agent sends the application to the Committee Executive Office. The authorized local agent is then in charge of communicating with the CBIC’s Executive Office on any correspondence, issues, or questions that may appear regarding the applicant’s dossier.
- The government checks each application to make sure the information is correct. The Minister has final approval, and he generally accepts the CBIC’s recommendation.
- If the application is approved, the CBIC sends a letter to the applicant’s authorized local agent. The letter asks him to either make the contribution (for the NTF option) or finish the purchase of his real estate.
Application Fees For Both Investment Options: Due-Diligence and Processing Fees
The following numbers reflect the expenses and fees related to Grenada citizenship by investment program:
Processing Fees
For the NTF Donation processing fee
- individual applicant: $ 1,500;
- main applicant + spouse: $ 1,500 per person;
- Family of four family members: $1,500 per person aged 18 and over, $500 for persons under 18.
For the Real Estate Option processing fee
- individual applicant : $1,500;
- main applicant + spouse: $1,500 per person;
- family of four family members: $1,500 per person aged 18 and over, $500 for persons under 18;
- Family over four family members: $1,500 per person aged 18 and over, $500 for persons under 18.
Due-Diligence Fees
For the NTF Donation due-diligence fee
- individual applicant : $ 5,000;
- main applicant + spouse: $ 5,000 per person;
- Family of four: $1,500 per person aged 18 and over, $500 for persons under 18.
For the Real Estate Option processing fee
- individual applicant: $ 5,000;
- main applicant + spouse: $ 5,000 per person;
- family of four family members: dependent child 0 – 16 nil, dependent child 17 – 25 $5,000;
- Family over four family members: due-diligence fee.
Conclusion
Grenada’s Citizenship by Investment Program allows potential investors to enjoy Grenada’s lovely island while also exploring new business opportunities.
Grenada is the only Caribbean nation that holds a USA E-2 Visa, granting citizens the right to seek a non-immigrant visa. If you invest in Grenada, you can enjoy many benefits, such as the opportunity to pass citizenship down through the generations, visa-free travel to over 140 countries and territories, and no limitations on dual citizenship.
