The splendid Caribbean island nation of Grenada is renowned for its extensive white-sand beaches, untouched tropical forests, and spice exports. The luxurious resorts of Grenada have long attracted affluent individuals, offering top-notch opportunities for sailing, pristine coastlines, and relaxing getaways.
Nutmeg and tourist dollars are not the sole sources of this country’s wealth. As a popular offshore haven, this island state offers citizenship by investment (second citizenship program in Grenada). Utilizing this program is an excellent way to obtain a second passport quickly, easily, and advantageously. Grenada, known as the cheapest Caribbean island to invest in, presents ample opportunities for investors seeking economic citizenship and favorable investment conditions.
The Caribbean region is renowned for such programs: many of Grenada’s neighbors provide similar options. Fortunately, Grenada’s economic citizenship stands out among its competitors, offering several robust and distinctive advantages.
About Grenda citizenship by investment program
While the country’s authorities repeatedly assert that the local economy is not reliant on the investment citizenship program, the numbers tell a different story. The Grenada Economic Citizenship Program was established in 1997, allowing foreigners to obtain a second passport through investment.
The Grenadian investment migration option hit a snag after the New York terrorist attacks on September 11, 2001, but was reactivated in 2013 with a new set of rules that streamlined the migration process, making it a robust contender against other investment citizenship programs.
Statistics reflecting the performance of the Grenadian scheme have consistently improved. For instance, in 2018, the authorities of this Caribbean jurisdiction issued 851 passports (a 21% increase), attracting $54 million (a 26% increase). Then came the record-setting year of 2019: the government attracted $61 million (a 13% year-on-year increase).
As of today, over 2,100 individuals have obtained Grenadian passports and citizenship through investment.
There’s no doubt about it: the Grenadian government and ordinary islanders heavily rely on the Grenada Investment Citizenship Program, the funds from which are utilized to stimulate the economy. Therefore, officials and citizens alike will do everything possible to preserve and enhance the reputation of the Grenadian investment migration pattern.
Benefits of Grenada citizenship
The Grenadian passport comes with numerous advantages. The local investment migration program stands out in many ways, differing from its regional and global competitors. Here are the key benefits of the Grenada investment citizenship:
- Visa-Free Entry to 135+ Countries: with a Grenadian passport, visa-free entry is granted to over 135 countries, including the entire Schengen area of Europe, the United Kingdom, Ireland, select Balkan nations, and some Latin American countries.
- Access to E-2 Visa Treaty: Grenadian investment citizens gain access to the US E-2 investor visa – a unique feature not offered by any other Caribbean economic citizenship program. Grenada’s government signed an agreement with the US that allows Caribbean passport holders to invest, work, and reside in the United States with minimal restrictions.
- Invest Only After Approval: financial requirements for Grenadian citizenship applicants only need to be met after the candidate’s application has been approved by the authorities.
- Heritage Transfer: Grenadian citizenship can be passed down to the candidate’s children and their descendants, creating a legacy that benefits many generations.
- Lifelong Dual Citizenship: Grenadian investment citizenship is granted for life, enabling holders to live and work in the host country as long as they desire. The possibility of acquiring multiple citizenships is unrestricted.
- No Language Requirements, No Interviews: The application process is straightforward, without any unreasonable demands or hurdles to overcome.
- Fully Digital Process: from document submission to passport issuance, the process is entirely digital. No need to travel to the island nation for legal procedures.
- No Country Exclusions: applicants from any part of the world, including citizens of countries like Iran, Iraq, Afghanistan, and Syria, can apply, as each candidate undergoes a thorough vetting process.
- Inclusive Family Benefits: children, parents, grandparents, siblings, and the investor’s spouse have the right to obtain Grenadian citizenship. The primary applicant can include their entire family in the application. Notably, the Grenada Economic Citizenship program is among the rare few that allows the inclusion of the investor’s siblings and spouse in the application.
- Attractive Tax Regime: this jurisdiction has long been a tax haven. There are no taxes on income earned outside the country. Taxes on wealth, gifts, inheritance, and capital gains are also absent.
- No Residency Requirements: there is no need to visit the Grenadian territory or reside there for any specific period to acquire or maintain a second passport.
- Confidential Process: the personal information of successful candidates will not be disclosed to third parties. The application and review process are confidential. The fact of obtaining Grenadian citizenship will not be communicated to the candidate’s current country of citizenship.
- Easy Access from Major World Regions: direct flights to Grenada are available from New York, London, Frankfurt, Miami, and various alternative routes. If you wish to take a flight to your new homeland, you can easily realize your plan.
How to obtain Grenadian passport and citizenship?
Although the Grenada Economic Citizenship Program has undergone significant changes, the investment types remain the same. Every applicant looking to participate will have to make a choice: either through donation or real estate investment. One option must be chosen, as combining different types of investments is prohibited.
Choose wisely (or seek assistance from experts) because the options differ not only in terms of the total amount of money invested but also in terms of rules. For example, applicants could potentially recoup real estate investments, whereas donations are non-refundable.
It is necessary to utilize the services of a government-approved migration agent, whether applying for Grenadian citizenship through donation or real estate investment.
The minimum donation amount is $150,000 for a single applicant and $200,000 for a family of up to four individuals. Each additional child adds $25,000 to the total, parents add $50,000, and siblings add $75,000.
Purchasing real estate is an alternative option, with the amount varying based on the situation. An individual investor must pay $350,000 if they wish to acquire a Grenadian passport and citizenship. If investing with a partner, the minimum investment drops to $220,000 (with a total investment of $440,000). This recent reduction in prices for co-investors follows a similar trend observed in other Caribbean countries with economic citizenship programs.
