Grenada Island: Citizenship by Investment Program
Grenada is one of the Caribbean islands that was under British administration until its independence in the 1980s. Located north of Trinidad and Tobago, the island spans approximately 350 square kilometers.
Grenada is renowned for its stunning tourist attractions, tropical climate, and the blending of diverse cultures, which makes it easy for foreign travelers to integrate with the local population.
The official language spoken by the citizens of Grenada is English, and the country's economy primarily relies on tourism, given its exceptional tourist attractions.
Grenada offers a Citizenship by Investment (CBI) program, allowing individuals to acquire Grenadian citizenship through specific investment amounts as determined by the government. This article will delve into the process and benefits of acquiring Grenadian citizenship through investment.
Citizenship by Investment (CBI)
The Citizenship by Investment program provides families with the privilege of obtaining alternative citizenship, which grants them the right to travel freely to various destinations and settle in another country.
More than 100 countries around the world have some form of investment migration legislation. Among these, approximately 30 programs for residency or citizenship by investment are successfully operational.
The popularity of such programs has been rising recently, especially among affluent individuals, due to the significant advantages they offer.
Grenada Citizenship by Investment Program
Benefits of the CBI Program
The Grenada Citizenship by Investment program offers numerous advantages to investors seeking alternative citizenship, including:
- Freedom of travel: Obtain citizenship that facilitates visa-free access to numerous countries.
- Ease and speed: Simple and quick processing for obtaining citizenship.
- Access to European travel: Possibility of obtaining a European passport.
- Business opportunities: Open doors to investment opportunities in foreign markets.
- Investment recovery: In most countries offering CBI programs, initial investments can be recovered after approximately five years.
- Diverse investment options: Availability of various investment avenues to acquire foreign citizenship.
Types of Investments for Citizenship Acquisition
Citizenship can be acquired through multiple investment options, such as:
- Real Estate Investment:
Many countries allow foreign investors to gain residency by purchasing real estate. This is the safest option, as the initial investment can often be recovered within five years, either through rental income or resale. - State Donations:
Contributing to a state or development fund for citizenship is a fast, straightforward, and relatively affordable option. It is also the most common method in many CBI programs. - Government Bonds:
Purchasing government bonds as a form of investment. - Business Ventures:
Establishing or investing in a business enterprise.
Countries Offering Citizenship by Investment
The first CBI program was launched in 1984 through Saint Kitts and Nevis, which remains a top choice for acquiring citizenship through investment. Since then, the program has expanded to other countries, including:
- European Union:
While Cyprus was a significant EU player in the CBI space until its program ended in 2020, Montenegro and Malta remain options for EU citizenship through investment. - Outside the EU:
More affordable alternatives to EU citizenship include options like Grenada, which offers significant perks such as visa-free travel to the EU. Other notable programs include:- Saint Lucia Citizenship by Investment
- Cambodia Citizenship by Investment
- Dominica Citizenship by Investment
- Moldova Citizenship by Investment
- Turkey Citizenship by Investment
- Antigua and Barbuda Citizenship by Investment
Grenada Citizenship by Investment
Key Benefits
Grenada offers the unique advantage of visa-free travel to 146 countries with its passport. It is the only Caribbean country with a CBI program that also has an E-2 Visa Treaty with the United States. To acquire Grenadian citizenship, investors must either:
- Donate $150,000 to Grenada's National Transformation Fund, or
- Invest in government-approved real estate projects with a minimum value of $220,000.
Real estate investments must be held for at least five years, after which they can be sold.
The process does not require passing history or language tests, nor is there a need for travel or residency in Grenada at any stage of the application.
Grenada’s CBI program allows the investor's spouse, children, parents, and siblings to also gain citizenship and obtain Grenadian passports.
Advantages of Grenadian Citizenship
- Visa-Free Travel:
Enjoy visa-free access to 146 countries, including the UK, Schengen Zone, Singapore, Hong Kong, and 30-day visa-free stays in China. - E-2 Visa Treaty with the U.S.:
Grenada is the only Caribbean country with a CBI program that has an E-2 Investor Visa Treaty with the U.S. This allows citizens to apply for a non-immigrant visa, enabling them to stay and work in the U.S.- Applicants can create or purchase a business in the U.S., with investment requirements typically starting from $100,000.
- Grenadian citizens can also apply for a B-1/B-2 tourist visa, granting up to 180 days of travel annually to the U.S. for business meetings, hospital visits, or leisure.
- Tax Benefits:
Investors often set up foreign companies in Grenada to reduce tax obligations and bypass currency controls. Personal information is not publicly recorded, ensuring privacy. Additionally, there is no income tax on global earnings, capital gains, or inheritance. Companies operate under favorable tax regimes. - Lifetime Citizenship:
Grenadian citizenship is lifelong and can be passed on to future generations. - Dual Citizenship:
Grenada permits dual citizenship without restrictions. - No Residency Requirement:
Acquiring Grenadian citizenship does not require physical presence or residency in Grenada.
By investing in Grenada’s CBI program, investors gain unparalleled access to global opportunities, tax advantages, and a second citizenship with numerous perks, making it a compelling choice for those seeking alternative citizenship.
How to Obtain Grenadian Citizenship Through Investment
In 2013, the Grenada Citizenship by Investment Program was introduced. The Citizenship by Investment Act outlines the guidelines for the program, requiring applicants to make a significant contribution to the nation's economy.
To qualify for Grenada’s Citizenship by Investment Program, investors must either make a substantial financial donation to the nation or invest in government-approved real estate projects.
In return, applicants and their families will be granted Grenadian citizenship after undergoing thorough due diligence and background checks.
Eligibility Requirements for Grenada Citizenship by Investment
To qualify for the program, the principal applicant must:
- Be at least 18 years old.
- Meet all application requirements.
- Fulfill one of the two main criteria for citizenship:
- National Transformation Fund (NTF) Contribution:
- For a single applicant, a minimum non-refundable contribution of $150,000 USD to the NTF is required.
- Real Estate Investment:
- Purchase real estate worth at least $220,000 USD from an officially approved development project.
- Additionally, make a non-refundable contribution of at least $50,000 USD.
- National Transformation Fund (NTF) Contribution:
Documents Required for Grenada Citizenship by Investment
The principal applicant must submit specific documents to complete the application. Applications can only be processed through an authorized local agent approved by the government. The required documents include:
- Agreement with the Client Facilitator.
- Personal and Family Information.
- Biometric Data (fingerprints and facial scans).
- Health Certificates for the applicant and family members, ensuring no contagious diseases are present.
- Employment, Wealth, and Business Details.
- Proof of Investment.
- Consent Forms for Citizenship by Investment (CBI) candidates over 16 years old.
- Passport Application Forms.
- Oath of Allegiance for all family members aged 18 and older.
- Official Parental Identification Documents.
- Certified Copies of Birth Certificates or original full birth records (two copies required).
- Certified Copies of Name Change Documents (if applicable).
- Passports of all family members, including name, photo, nationality, date and place of issue, expiration date, passport number, and issuing country (color-certified).
- Passport-Sized Photos for each applicant taken within the last six months (12 photos required). A lawyer must certify one photo.
- Marriage or Divorce Certificates (two copies).
- Color Copies of Social Security Cards or national ID cards (required for each applicant).
- Military ID Cards (if applicable).
- Educational Transcripts and Certificates.
Additionally, the following supporting records must be provided during the application process:
- Proof of Residence (e.g., utility bills).
- Original Reference Letters from a professional.
- Proof of Profession for the authorized agent handling the application (e.g., a legal degree certificate).
- Salary Letters or Pay Slips.
- Resume or CV.
- Original Bank Reference Letters for the principal applicant.
- Personal Bank Statements for the last 12 months.
- Criminal Background Checks and original police clearance certificates.
Translation and Certification of Documents Before Submission
When submitting the application, non-English documents must be accompanied by certified translations into English.
The supporting documents must also be certified and authenticated in compliance with local legal requirements.
Are Taxes Imposed on Foreigners with Grenadian Citizenship?
Taxation in Grenada
If you plan to reside in Grenada after obtaining citizenship through investment, understanding the tax system is essential.
- Individual Annual Tax Rates:
- 15% on income up to approximately $9,000 USD.
- 30% on income exceeding $9,000 USD.
- Note: These rates apply only to income earned within Grenada, not to foreign-earned income.
- Corporate Tax:
- A fixed rate of 30%.
- A 15% withholding tax is applied to all payments to non-residents, including interest (excluding bank deposits), salaries, rent, lease payments, licenses, royalties, management fees, commissions, and service fees.
Property Tax in Grenada
- Sellers pay a 5% property transfer tax and 15% VAT.
- Residential Property Tax: 0.2% of the property's market value.
- Stamp Duty on Business Profits:
- 0.75% if total revenue exceeds approximately $120,000 USD.
- 0.5% for amounts below this threshold.
- No stamp duty is imposed on the first $14,000 USD annually.
How to Easily Obtain Grenadian Citizenship
Since Grenadian law prohibits personal applications for citizenship by investment and requires the involvement of an authorized legal agent, the most crucial step in obtaining Grenadian citizenship is hiring an authorized agent.
Finding an authorized agent is now easier through Zajl. We collaborate with some of the world’s top immigration lawyers and can assist you in securing an authorized agent to complete your Grenadian citizenship application through investment correctly.
Additionally, we offer a wide range of services you can explore by downloading the Zajl App from the Play Store. In the app, you’ll find all the pricing plans for our services—download it now to learn more.
You can also get a legal consultation from our team of expert lawyers and legal advisors through WhatsApp. Simply click here to connect with one of our legal representatives.
FAQ
What are the benefits of the citizenship by investment program?
The citizenship by investment program offers numerous benefits for investors seeking alternative citizenship, including:
- Obtaining an alternative citizenship to facilitate travel and gain visa-free access to many countries.
- Easy and fast citizenship acquisition procedures.
- Possibility of obtaining a European passport.
- Opening new opportunities and gateways for investment in foreign markets.
- Potential to recover the initial investment amount after approximately 5 years in most countries offering this program.
- A variety of investment options available for acquiring foreign citizenship.
How can one obtain another citizenship through investment?
Citizenship can be obtained through investment via several options, such as:
- Real estate investment: Many countries allow foreign investors to obtain residency in exchange for purchasing property. This is the safest option, as it enables you to recover the initial investment within 5 years, either through rental income or resale.
- Donating to a national fund or a development fund: This is the easiest, fastest, and often the most affordable option and is common in most countries offering the citizenship by investment program.
- Buying government bonds:
- Establishing investment projects:
Can Grenadian citizenship be purchased?
Yes, to obtain Grenadian citizenship and a Grenadian passport, you must make a minimum investment through the citizenship by investment program. There are two options:
- National Transformation Fund (NTF) donation: For a single applicant, a non-refundable contribution of at least $150,000 to the NTF (a government fund) is required.
- Real estate option: Purchasing property worth at least $220,000 from an officially approved development project. For this option, a minimum additional non-refundable contribution of $50,000 is required.
What are the benefits of obtaining Grenadian citizenship through investment?
Obtaining Grenadian citizenship through investment provides numerous advantages, including:
- Visa-free access to 146 countries, including the UK, Schengen countries, Singapore, and Hong Kong. Additionally, up to 30 days can be spent in China visa-free.
- Grenada is the only Caribbean country with a citizenship by investment program and a treaty with the US called the E-2 Investor Visa Treaty, allowing its citizens to apply for a non-immigrant visa. Grenadian citizens may be eligible for the US E-2 visa, enabling them to live and work in the US.
- Applicants can establish or purchase a company in the US. While the minimum investment typically required is $100,000, this is not always the case (it must be a significant business investment). Most international applicants apply for the EB-5 visa, which requires a minimum investment of $800,000.
- Grenadian passport holders can obtain a B-1/B-2 tourist visa for the US, allowing up to 180 days of annual travel within the US, attend business meetings, and access US hospitals for medical care.
- Investors often establish offshore companies in Grenada to reduce tax obligations and bypass currency controls when dealing with foreign partners. Additionally, personal information of the beneficial owner is not recorded in the commercial register, which helps protect investor privacy.
- Worldwide income, profits, interest, dividends, inheritance, capital gains, income, and stamp duties are all tax-exempt. Companies operate under different systems.
- Grenadian citizenship holders can pass on citizenship to children and family members and retain citizenship for life.
- Grenada allows dual citizenship.
- Obtaining Grenadian citizenship through investment does not require any specific residency duration in Grenada or travel to or residence in Grenada at any specific time.
What are the requirements for obtaining Grenadian citizenship through investment?
To qualify for Grenadian citizenship by investment, the primary applicant must be at least 18 years old, meet all application requirements, and fulfill one of the two main conditions:
- NTF donation: For a single applicant, a non-refundable contribution of at least $150,000 to the NTF is required.
- Real estate option: Purchasing property worth at least $220,000 from an officially approved development project. For this option, a minimum additional non-refundable contribution of $50,000 is required.
How long does it take to obtain Grenadian citizenship through investment?
The application process and approval for Grenadian citizenship typically take around 60–90 days.
Does Grenada allow dual citizenship?
Yes, one of the key advantages of obtaining Grenadian citizenship through investment is the ability to retain your original citizenship.
Is having a Grenadian passport beneficial?
According to the Global Passport Index, the Grenadian passport ranks 76th and allows visa-free travel to over 146 countries, including the Schengen Area, the UK, China, Singapore, and Hong Kong.