Grenada Citizenship by Investment: how to get, benefits and prospects
In many countries of the world, it is possible to obtain citizenship by investing in the state's economy. Grenada is no exception. In particular, at the end of the year, the demand for citizenship of this country increased to a record. Learn more about Grenada citizenship, benefits and requirements for prospective investors
Grenada is an island country in the Caribbean that offers foreign investors citizenship in exchange for investment in its economy. In 2022, 1,251 investors submitted documents for participation in the "Citizenship for Investments" program, which is 121% higher than the 2021 record.
Investors and their family members can participate in the Grenada Citizenship by Investment program. More details about the procedure for obtaining citizenship and benefits below.
How to participate in the Grenada Citizenship by Investment program?
Currently, two methods of investing have been developed for investors:
- Buy real estate on the island worth $220,000 or more. You can sell the house after 5 years.
- Make a donation to the Grenada National Transformation Fund in the amount of $150,000 or more. This investment is irreversible.
How is Grenada's citizenship-by-investment program better than other countries' offerings?
Unlike many other countries that offer investors a second passport, the Grenada Citizenship by Investment program has a number of advantages:
- Family members can be added to the application: spouse, children under the age of 30, parents of the main applicant, as well as unmarried brothers and sisters.
- Family can be included in the application in both investment methods. It will only be necessary to pay the state duty and fees for each applicant.
- Citizenship is inherited.
- The registration period is 3-6 months (from the moment the application is submitted).
- You can issue it remotely.
- No need to learn the language.
- There are no requirements for residence in the country.
- The investor gets the right to discounted tuition at St. George's Medical University.
- Dual citizenship is allowed.
- There is no tax on income that was received abroad.
- The Government of Grenada does not release information about the applicant.
Would you like to receive an answer from an experienced lawyer? Order legal advice from a local specialist in visa and migration issues. To receive the service, select the country you are interested in and your citizenship.
Requirements for prospective investors in Grenada
There are no strict requirements for future investors in the country, the main thing is:
- The investor must be at least 18 years old.
- Absence of criminal record and/or criminal case.
- The ability to confirm a legal source of funds for investments.
Benefits of Grenada citizenship
Citizens of Grenada receive a number of benefits:
- Possibility to issue a tourist visa (B1/B2) to the USA for a period of 10 years.
- Visa-free or simplified entry to more than 140 countries of the world, including countries of the Schengen zone, Great Britain, Singapore, Hong Kong and China.
- Possibility to open a bank account in major international banks.
- Business registration abroad.
- The possibility of registering an international company in Grenada will reduce the amount of taxes and avoid currency controls.
- Reduced tax burden – Grenada citizens do not pay taxes on income received abroad, as well as dividends, interest and royalties.
Prospects for the Grenada Citizenship by Investment program in 2023
2022 became a record year for the number of applications for citizenship of Grenada. However, the processing speed of applications increased by only 13%. As of the beginning of 2023, the country has not processed 1,181 packages of documents from investors. The authorities plan to consider 750 applications in 2023, but such prospects will not solve the problem of a long wait for a response to a request. Therefore, future investors should expect some delays in processing applications in 2023.
Economists estimate that when all applications are processed, Grenada's economy will receive $312 million in investment.
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