Grenada has become one of the most desirable destinations for obtaining citizenship by investment. The country’s economic citizenship program offers access to numerous benefits including tax exemptions on foreign income, visa-free travel to more than 130 nations, and much more.
What Is Citizenship By Investment?
Citizenship by investment is a great way to gain citizenship in another country. Usually, a citizenship by investment application consists of obtaining a country’s citizenship in exchange for contributions to its economic development.
These application processes are relatively straightforward. Typically, you must either make an investment in a government-approved real estate project or government donation. Applicants must also pay an application fee, complete various forms, and provide additional documents detailing their identity, bank accounts, criminal records check, etc. Once accepted, applicants can enjoy numerous benefits including a Caribbean passport that offers visa-free travel to other countries. Additionally, there are tax advantages such as no wealth or capital gains taxes, investment opportunities, etc.
Why Grenada Citizenship By Investment?
The benefits of obtaining Grenadian citizenship through investment include no residency requirements or minimum stay periods, visa-free travel to over 130 countries, access to business opportunities in the Caribbean region and beyond, as well as quality education and healthcare services.
Applicants who wish to become citizens of Grenada via its citizenship by investment program will have to go through a robust but straightforward selection process with several steps involved. Additionally, this program allows applicants to bring their parents, minor children, and dependent adult children to become eligible for full Grenadian citizenship.
Grenada Citizenship By Investment Requirements
The Grenada citizenship by investment program involves making a significant financial contribution to the government and meeting other criteria. Government fees, application fees, processing fees, and diligence fees are all required. This program offers two routes to obtain citizenship: a donation option and an investment route.
The donation option requires a minimum contribution to the Grenadian government, which may include donations as well as payments toward approved real estate developments. Along with this, there are also government application fees that must be paid before you can become an applicant.
All investments must be sourced from legitimate sources of funds that can be verified by the authorities during a strict due diligence process. Furthermore, proof of sufficient income outside Grenada is necessary to demonstrate the applicant’s ability to maintain themselves without relying on public funds once they become citizens.
Investors must submit documents such as valid passports and birth certificates. Applicants will need professional assistance when preparing their respective applications due to the complexity of some elements associated with this particular program. Ultimately though, those who meet all expectations stand to benefit significantly from becoming citizens of Grenada.
How Much Does Grenada’s Citizenship By Investment Program Cost?
The minimum investment required for a successful application is either a non-refundable contribution of US$150,000 to the government fund for a single applicant or a real estate project with a minimum value of US$350,000.
What Are The Benefits Of The Grenada Citizenship By Investment Program?
Grenada’s citizenship by investment program provides numerous benefits to successful applicants. One of the most attractive aspects is visa-free travel, allowing holders to visit over 130 countries without needing a visa. This includes countries such as Hong Kong and the United Kingdom, China, making it an appealing option for those wishing to travel frequently.
Besides receiving a Grenadian passport and all the advantages that come with it, applicants can also expect the following citizenship benefits:
- A fast application process;
- No residency requirements;
- Recognition of their dual citizenship;
- No Taxation on worldwide income;
- A family-friendly program.
Fast Application Process
Grenada’s economic citizenship program has been designed with investment opportunities and investor visa treaty advantages at its core. It has an efficient application process, making it an attractive option for citizenship applicants. The entire process from start to finish can be completed within 4 to 8 months, which can in some instances be faster than similar programs. Furthermore, you can contact qualified professionals for guidance or advice throughout the process.
No Residency Requirements
Another advantage of this program is the lack of residency requirements. This means that you can apply for citizenship status without having to live in the country full-time or be of Grenadian origin. Furthermore, once approved, applicants are granted full citizenship status with all the rights and privileges afforded to citizens of Grenada.
Dual Citizenship Is Recognized
There is no requirement to relinquish your existing citizenship when applying, so you don’t have to worry about giving up any of the current rights or privileges associated with another nationality. This means that Canadians and other foreign nationals can receive a certificate of citizenship from Grenada while maintaining their existing passport. With this, they can enjoy all the benefits of being a citizen in both countries.
No Taxation On Worldwide Income
This program offers financial incentives that can be beneficial for investors who relocate to Grenada. These include exemption from capital gains tax on worldwide income, no wealth or inheritance taxes, and access to Grenadian real estate investments without restrictions on foreign ownership or repatriation of profits. This is particularly beneficial for potential citizens looking for financial freedom and stability.
Spouse, Children, And Parents Can Be Included
The Grenada citizenship application also grants you the chance to include your spouse, children, and parents in the application. Eligible family members can be included in the application process with just one additional contribution required per person.
An application form must be completed which requires details such as the dependents’ names, dates of birth, and passport copies. Processing time usually takes around four to eight months to receive approval from the government of Grenada. International legal agents can assist with finding an appropriate solution for entire families wishing to obtain Grenadian citizenship.
Application Process For Grenada Citizenship By Investment
The entire process involves several steps but, when done through an immigration lawyer, it can be simplified greatly.
- Donation route: This route requires applicants to make a non-refundable donation to the National Transformation Fund (NTF). The source of the funds must be verified during the due diligence process.
- Joint investment: Alternatively, one can choose the joint investment option that requires foreign investments in real estate options. Additional fees may apply depending on how many individuals are included in the transaction.
- Current passport: For applicants to qualify for Grenadian citizenship they must hold a current passport from their home country as well as provide proof of no criminal record. It is also important that these documents remain valid until after their approval has been granted by the government of Grenada.
- Alternative energy: Those who invest in alternative energy projects such as solar power or wind farms have special incentives available and may even receive expedited processing times.
How Long Does It Take To Get Grenada Citizenship By Investment?
The application process typically takes between four to eight months upon submitting all required documents and undergoing successful due diligence checks from the government agency responsible.
The process begins with a private consultation where applicants are guided through their options based on their qualification status as either a principal applicant or dependent family member. After selecting an option, applicants must provide documentation such as proof of identity, criminal background checks, health certificates, and sometimes financial statements which will be reviewed by the official agency overseeing the program. Once these steps have been completed, applicants will enter into the final stage of review and approval.
Apply For Grenada Citizenship By Investment
To successfully become a citizen of Grenada, applicants need to provide documents such as proof of identity, travel history, criminal records, and more. Additionally, foreign investors must go through a rigorous due diligence process before they become passport holders. The best way to handle these procedures is by receiving help and advice from a licensed agent.
At JH Marlin, we have the experience and expertise to help immigrant investors successfully fulfill their goal of becoming a citizen of Grenada and accessing the several benefits that come with a second passport. We offer guidance along the way including help understanding regulations and ensuring paperwork is properly filed so that it meets legal requirements under Grenadan law.