Grenada is positioned between the Caribbean Sea and the Atlantic Ocean. It’s an independent country with a stable democracy and few social and political issues. It’s also one of the safest and friendliest islands in the Caribbean.
Grenada is home to a number of distinctive, tropical forests. Travelers get amazed by the stunning waterfalls and the beautiful sandy beaches. The country also boasts of a strong economic outlook. That’s because of the steady growth in tourism, manufacturing, and agricultural sectors.
Grenada citizenship by investment program enables foreign investors to acquire a Grenada passport. But this would have to be in exchange for an investment in the country. So what is citizenship by investment?
It’s a program that enables you to acquire a second passport by investing in the economy of the host country. The program legally confers citizenship status faster compared to traditional immigrant processes. It gets done without requiring you to put your life on hold.
A second passport investment is fast becoming a route used to make business and leisure travel easier. It’s also a legal way of increasing one’s global mobility and makes it easy for investors to diversify their investment portfolio. They can also give their families a plan B option to hedge against economic, social, and political volatility in their home countries.
Criteria for Acquiring Citizenship By Investment In Grenada
One of the best things about Grenada citizenship is that it applies to both you and your family. As an applicant, you must be 18 years and above and meet the requirements of the program. You and your dependents must also have a clean criminal record and excellent health.
Why is Grenada said to have one of the best citizenship by investment programs? It’s because of these reasons.
- There are no interviews in the process. And, neither are you required to have any management skills or a certain level of education.
- You’re not required to have physical residency before or after getting citizenship. Also, you don’t have to visit Grenada during the application process.
- The process to obtain citizenship is fast, efficient, and uncomplicated. Your application will be processed and approved in about six months.
What you’re expected to do is donate to the Grenada National Transformation Fund. The minimum donation amount is $150,000. For the application of your dependents, you must give $200,000 for up to four individuals. This donation is aimed at supporting the Island’s economy and boosting its resilience.
You can also choose to invest in Grenada’s real estate. Here, the minimum investment requirement is $350,000. If you decide to make a joint investment, the required amount will go up to $440,000. This means that every person will make an investment amount of $220,000. Note that real estate investment must be held for at least five years. So how long does it take to become a Grenadian?
First, you must select an agent and decide on your investments. After the application, it takes three months for your information to get assessed. Once the application is approved, you must fulfill the investment and provide proof. In total, becoming a citizen of Grenada can take five to six months.
Benefits of the Grenada Citizenship
Living and studying in the United Kingdom. Grenadians are allowed to stay in the United Kingdom for up to 180 days a year. Also, Grenada is a member of the Commonwealth of Nations. And as such, its citizens are at liberty to study in British universities.
Living and studying in the United States. Grenada and the USA have a signed agreement on mutual investments. This allows Grenadines to apply for an E-2 visa in the United States. So you can live, study, invest, and work in the USA. To travel and do business in the United States, a Grenadian investor has to obtain a B-1 or B-2 visa for up to 10 years.
Visa-free entry to the European Union. A CBI in Grenada allows you to stay in countries within the European Union for 90 days every six months. You’ll be allowed entry to 144 countries on the list of visa-free destinations for Grenada citizens.
Visa-free entry to China. The republic of China has a signed agreement with 17 countries and Grenada is one of them. This agreement means that Grenadians can stay in China for up to 30 days annually without a visa.
Tax residents’ benefits. Grenada’s legislation enables tax residents’ to utilize taxes and get more income. Capital gains, wealth, and inheritance earned outside Grenada are tax-free. The same applies to revenue earned outside the country.
Disadvantages of Grenada Citizenship by Investment
The Grenadian passport gives cosmopolitan’s the liberty to travel in various countries. But this citizenship also comes with limitations as it’s not suitable for some purposes:
1. Limited Stay In Schengen
The Grenada passport allows you to spend 90 days out of 180 days in Schengen with a visa. The only benefit here is that citizenship is given for a lifetime. As for the visa, it would have to get re-approved each time it gets renewed. This citizenship isn’t suitable if you want to move to Europe. It’s also not suitable if you want to acquire an “alternate airfield” in case of danger.
2. The Citizenship is Less Affordable
The minimum donation requirement for Grenada citizenship is $150,000. This is not too costly compared to premier CBI programs in Europe. But, the requirement is more expensive compared to the other Caribbean Islands.
3. It Doesn’t Provide an Accelerated Processing Time
Processing the Grenadian passport is quite fast. But they don’t give the option of an accelerated process. And neither are there any fixed guarantees about the timeline.
4. Challenges With Passport Renewals
There have been cases of investors having difficulties with passport renewal. The difficulties were eventually solved. But the problem is that it doesn’t reflect well on the professionalism of the program.
Final Take Away
Grenada’s second passport program is one of the best in the world. That’s because of the numerous advantages that come with obtaining it. The application process is fast and there’s value for money.
Compared to the other islands, in the Caribbean, Grenada CBI isn’t the cheapest. But it comes with unique benefits that make it worth an extra investment. Specifically, it offers visa-free entry into China and there’s an E-2 visa agreement with the USA.
If you need a second passport that gives easy access to China and other nations, consider Grenada. It’s an ideal choice.