As we know it now, Grenada passport scheme was launched in 2013, one of the last in the Caribbean. To apply for a second passport of this island state, you will need more money than in other similar jurisdictions. However, neither its young age nor a relatively high investment threshold could scare foreign investors away from applying for this citizenship program. For many years, Grenada has been one of the leaders in attracting foreign investments into national economy.
Grenada citizenship by investment program is popular for a lot of reasons. Let’s look at some of them.
1. Second passport in no time
An application for citizenship in exchange for investment takes 3 to 4 months to process. How fast will depend on the number of supporting documents and how well your application has been completed.
2. No language requirement
You will not have to learn the language to apply for a Caribbean passport. Neither will you need to test your knowledge of local customs and traditions.
3. More affordable than European citizenship by investment programs
To obtain Grenada passport, there is no need to put on hold over a million Euro for 5 years – you will invest only $150,000.
4. Second nationality for the whole family
You can include in your Grenada citizenship application the following family members:
5. No visit or residence requirement
Grenada passport scheme operates on a 100% remote basis. An authorised agent will help you get your second passport from the comfort of your home.
6. Grenada allows multiple nationalities
You can have as many passports as you want – local authorities will not ask you to revoke your other nationalities.
7. Ultimate safety and security
A unique selling point of Grenada citizenship by investment program is safety and security that it offers. The government does their best to make the scheme as attractive as possible:
An agent would normally conduct their own due diligence before signing an agreement with you which further minimises the risk of refusal.
$150,000 Investment amount
3 – 4 months Processing time
refundable & non-refundable Investment options
after 3 years Money recoverable
home delivery Passport collection
140+ countries Visa-free travel
It would be wrong to say that anyone with a generous contribution can get a Caribbean passport. At the same time, requirements of the Grenada government are not stringent either.
Grenada passport scheme offers two investment options – purchase of real estate on one of the islands and a non-refundable donation to a government fund. Either way, there is no risk for an investor – you will part with your money only after due diligence checks and approval in principle.
How much you will spend depends on an investment option and the number of dependants in your application as your expenses will include application, due diligence and other fees.
To see the difference, we will give you four scenarios: a single investor; a married couple; a family with two kids under 16; a family of 6 including two children younger than 16 and two adult dependants (e.g. parents).
Investment starts at $150,000
A fund contribution does not only get you a Grenada passport at a reasonable cost, but it also strengthens local economy. The government allocates money from the National Transformation Fund (NTF) to develop tourism, agriculture and alternative energies.
* Add $25,000 for each adult dependant starting from the third one. ** Processing fee is $1,500 for an adult applicant and $500 for each child under 18.
Investment of at least $220,000
Property investment is another way of getting Grenada citizenship. This one is more costly as the threshold is:
However, this investment, unlike a fund donation, is refundable – you will be able to sell the property in 3 years and get your money back, the same amount or even more.
If you are thinking where to invest – you have a choice of government approved projects from trusted developers: hotels, villas and holiday resorts. Tourism is booming in Grenada thanks to its location in the hurricane-safer zone. Property prices are on the rise and the minimum investment amount can buy you a share in an off-plan hotel or holiday and spa resort.
Grenada citizenship program has no visitation requirement unless you want to visit the country yourself. All paperwork is will be processed remotely and your passports will be couriered to your home address.
As of early 2021, Grenada nationals can travel to 144 countries without a visa or with a visa on arrival.
Visa-free countries include the European Union member states, the UK and China. The USA offers a special long-term work visa to Grenadians that is not available to all nationalities.
Grenada is one of the most business-friendly tax havens to register international companies. Foreign profits are not taxed while capital can be exported.
Entrepreneurs should keep in mind other benefits of doing business in Grenada – skilled and hardworking workforce, modern infrastructure and growing tourism sector, tax incentives for local companies and duty-free trade in the Caribbean.
If you decide to settle in this island country and become tax resident, there are many tax benefits to take advantage of. There is no tax on imported capital or capital gains tax, inheritance, wealth and foreign income. Real estate transactions are free of stamp duty.
Even after its independence Grenada has not broken connections with the United Kingdom. Queen Elizabeth II is still the head of this Commonwealth country and Grenadian children can enrol in the UK colleges and universities on special conditions.
Unlike some of its neighbours, Grenada is an island of calm with peaceful and hardworking people, quiet and manicured towns and cities and safe streets packed with tourists.
Grenada has modern schools, universities and medical facilities. This country can become your second home and Plan B whenever you have problems in your home country.
Grenada citizenship by investment is no different from a citizenship by birth – you will have the same rights and freedoms. It can be passed down to future generations and you will have access to all the opportunities and benefits that local residents have.
Annual average temperature in Grenada is 26º Celsius. You will be amazed by the beauty of nature reserves, sand and volcanic beaches, wildlife and a variety of outdoor activities: fishing, scuba diving and sailing.
It usually takes 3 to 4 months for a citizenship by investment application to be processed and for you to get a Grenada passport. The better your application has been prepared, the faster you will become national of this Caribbean country, without additional requests and delays related to clarifying provided information.
Imperial & Legal experts will assist you with preparing all necessary documents and submitting correct application paperwork for a Caribbean passport. Our legal support will help you protect your money and become Grenada citizen without leaving your home.
We can arrange for a telephone or video consultation with an Imperial & Legal expert where you will get advice regarding best investment options and estimate expenses for you and your family to apply for Grenada citizenship.
Once we sign a service agreement, our advisers will assess your situation and evaluate the risk of refusal and how to present your case in the best light.
Our team will prepare all documents to be submitted with your Grenada citizenship application. They must include HIV test results and overall medical reports for all applicants. Copies will be notarised and legalised. You also pay due diligence fee at this stage.
If you choose to buy a property, Imperial & Legal will help you find it and sign a purchase agreement.
Once your investment has been confirmed, you will be booked for an online citizenship ceremony after which you and your family will be given certificates of naturalisation. With that in hand, Imperial & Legal can apply for your Grenada passports.
You can choose to collect your second passports either in our office or to have them couriered to your home address.
Due diligence checks on the main applicant and their dependants older than 16 years of age can take 3 to 6 months. It depends on how full and detailed the information you provide about yourself, your family and sources of income.
Grenada government is keen on attracting as much foreign investments as possible; they will ask you to provide additional information unless you are subject to refusal straight away. As your interaction will be through an agent, this can take longer.
It is therefore very important to take extra care when retaining an intermediary that will provide legal support of your application for second citizenship by investment. They will make sure you have submitted a full bundle of documents which eliminates additional requests for information.
If you have a limited budget, your only option would be a one-off non-refundable donation to the government fund. Your total investment and costs will amount to $158,000 (all non-refundable) where:
For the sake of comparison: you will need more money to buy a property in Grenada – from $408,000 for a single investor. However, you will be able to return $350,000 in 3 years by selling your property. Total non-refundable amount will be only $58,000 because:
It is obvious then that the best option for a well-to-do single applicant is to invest in a Grenada passport by buying a share in an off-plan hotel or spa centre as it will be possible to recover the biggest chunk of money after three years.
Imperial & Legal team of experts will provide full legal support in your Grenada citizenship by investment application, including finding an investment property and a reliable property management company.
There are a few reasons why Grenada passport scheme is so appealing to foreign investors. Here are three key benefits that differentiate it from other Caribbean jurisdictions:
This is a unique advantage of Grenada citizenship by investment program. China has become known as the world’s factory with unlimited opportunities for foreign entrepreneurs.
A Caribbean passport usually gives visa-free access only to Hong Kong. Though it is de jure a Chinese territory, the Chinese are still upholding the principle of “two systems, one country” and you will need a visa to travel to mainland China.
This, however, does not apply to Grenada that has signed a visa-waiver agreement with the whole of China and not just one of its parts.
Grenada, along with other former colonies of the United Kingdom, is now part of the Commonwealth. They became independent in 1974 though Queen Elizabeth II is their official head of state. The Governor General, appointed in London, is a representative of and relates directly to the monarch on matters affecting Grenada such as appointing ministers to the government following recommendations of a leader of the winning party.
Being part of the Commonwealth Grenadians can travel visa-free to the UK and stay here for up to 180 days in a row. Grenada passport, including the one granted through investment, guarantees preferential enrolment procedures for UK colleges and universities. Besides, every 6 months Grenada nationals can spend 90 days in any EU country.
Foreign investors often see their application for Grenada citizenship by investment as a first step to relocating to the UK.
We will guide you through the application process, help you make the required investment and get your Grenada passport. Contact us now to get expert advice.
Second passport by investment