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If leisure and business travel is a priority for you, then the Grenada citizenship-by-investment programme (CIP) might be perfect. This CIP grants you a second passport that you can use to travel to a multitude of first world countries without needing a visa. Here’s why it’s one of the most attractive programmes around.
What makes the Caribbean island of Grenada so special?
Known as the Isle of Spice, Grenada is an independent country located within the south-eastern Caribbean and outside of the hurricane belt. With a stable democracy and few political or social issues, it is one of the safest and friendliest islands in the Caribbean. Home to a plethora of lush, tropical forests, stunning waterfalls and gorgeous sandy beaches, Grenada boasts a strong economic outlook with steady growth in tourism, agriculture and manufacturing.
What is citizenship-by-investment and why should it interest you?
Citizenship-by-investment is fast becoming a route that many high-net-worth individuals are taking in order to obtain a second passport that makes both business and leisure travel easier. A second passport is a legitimate way of increasing your global mobility, diversifying your investment portfolio and also providing your family with a plan B option to hedge against political, economic, and social volatility in your home country.
While there are 62 countries that South Africans can travel to visa-free, and a further 31 that allow you to apply for a visa on arrival, none of these include the most sought-after countries people consider for leisure travel that the Grenadian passport allows. You could celebrate Christmas in London or go sailing in Greece during summer, without the hassle of applying for visas beforehand.
This is one of the most attractive things about holding a Grenadian passport: it opens the world for you. You can travel visa-free to 143 countries including the UK, the EU and Schengen Area, China, Singapore, Hong Kong, Russia and Brazil, which makes travelling for leisure and business a lot easier. If travelling is high on your list of priorities, then investing in a Grenadian passport may have great benefits.
How does Grenada’s citizenship-by-investment programme work?
To qualify for citizenship, the main applicant must be over 18 years of age and meet the due diligence requirements of the programme. The main applicant and their dependants must have clean personal backgrounds and have excellent health.
Grenada has one of the most attractive citizenship-by-investment programmes on offer because:
- It’s a fast, efficient and uncomplicated process straight to citizenship — applications are processed and approved in four to six months.
- There is no physical residency requirement before or after citizenship is granted and there’s no need to visit Grenada during the application process.
- There is no interview, and you don’t need any management skills or a certain level of education.
What it does require, is either a donation to the Grenada National Transformation Fund (NTF) or a real estate investment. Each of these investment options for the Grenadian CIP has its own financial requirement.
Getting Grenadian citizenship through the NTF donation
The NTF donation path requires a minimum non-refundable donation of $150,000 to the Grenada National Transformation Fund for a single applicant. For a family of two to four members, the minimum donation amount is $200,000.
Additional due diligence fees for the main applicant as well as their dependants, government application fees, government processing fees means that the total cost of the NTF donation route is approximately $260,000 per family of four.
Using the real estate investment option for citizenship-by-investment
The other option is a real estate investment of $220,000 in a government-approved real estate project (shared ownership). The investment must be held for a minimum of five years.
With the real estate investment, there is a further flat government contribution to be paid:
- $50,000 for the main applicant and up to three dependants
- $25,000 for each additional dependant
- $50,000 for financially dependant parents
- $75,000 for single siblings, 18 and over
The sibling and parent contributions are applicable even if they make up the initial family of four.
Inclusive of all programme administration fees, share issuing fees and professional fees, the total cost of the real estate investment route is approximately $340,000 per family of four.
Personal benefits to Grenada’s citizenship-by-investment
- The programme covers investors, their spouses, financially dependent children up to the age of 29, parents and grandparents. Siblings of the main applicant and spouse can also be included provided they are not married and do not have children.
- Grenadian citizenship can be passed onto future generations in perpetuity.
- Grenada allows dual citizenship.
- A safe and friendly place to visit.
Business benefits to Grenada’s citizenship-by-investment
- Grenada is the only Caribbean country with a CIP and an E-2 Investor Visa treaty with the United States. This allows citizens, who have significant funds, to enter the US to live, set up and operate a business.
- Option to sell the investment after five years, and secondary purchasers of real estate can also qualify for the CIP.
- Grenada has a source-based income tax system with no foreign income, capital gains, gift, wealth or inheritance tax payable.
- No taxes on the repatriation of profit.
Our advice on the Grenadian investment routes
While the real estate route has the bigger price tag of the two options, it is more beneficial to investors as it offers the opportunity to earn a return on your investment and investors are also permitted two-weeks usage per year. The NTF donation route affords no return of capital and no possible return on investment. It is a straightforward monetary contribution.
Most approved projects are five-star resorts in which investors can buy a share or a unit. These prove excellent for both Grenada – as they help create jobs and boost tourism – and for investors, as they generate returns, are managed on your behalf and the share can be sold after the five-year holding period.
Interested in Grenada’s investment visa? We can help answer your questions and choose the best investment option for you and your family. Get in touch with an investment migration consultant at [email protected] or call us on +27 (0) 21 657 1584.
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