GRENADA

Citizenship by Investment

Popularly known as the Spice Island for its myriad locally grown spices, Grenada offers one of the most picturesque waterfronts in all the Caribbean. The sublime scenery is just one of the many reasons to visit the three beautiful main islands. Diving, sailing, excellent restaurants, fabulous beaches, and a calendar of unforgettable festivities have fortified Grenada’s status as the preferred destination of many high net worth investors.

WHY CHOOSE GRENADA?

Grenada recognizes dual citizenship, meaning investors can still benefit from their current passports. The Grenadian Citizenship by Investment Program offers the following prime benefits:

  • Fast processing within four months.
  • Inclusion of dependent children under 30, or children with physically or mentally challenged living with and fully supported by the main applicant.
  • Inclusion of dependent siblings of the main applicant or spouse who have no children and are under 18.
  • Inclusion of dependent parents.
  • No physical residency requirements.
  • No requirement to travel to Grenada during the application process.
  • No interview, education or management experience required.
  • Visa-free travel to over 125 countries, including Europe’s Schengen zone.
  • E-2 Visa Program signed between Grenada and the United States allows citizens of Grenada to operate a substantial business in the U.S. and reside therein.
  • No tax on worldwide income.

QUALIFICATIONS

The Grenada Citizenship by Investment Program was launched in 2013 under the regulations of the Grenada Citizenship by Investment Act. Grenada’s pilot scheme allows qualified investors and their family members to apply for citizenship and benefit from visa-free travel.

In recent years tourism has become the leading sector for foreign direct investments in Grenada. Another service sector on the rise is the offshore financial industry, which together with strong performances in construction and manufacturing, have also contributed to growth in national output.

As part of its strategy to attract foreign direct investment, the Grenadian government is working closely with a select number of businesses related to tourism, agriculture and manufacturing. Through the implementation of the program, the government also hopes to create investment opportunities that will bring about sustainable employment.

To qualify for citizenship, applicants must fulfill one of the investment options below in addition to the following criteria:

  • Be of outstanding character.
  • Hold no criminal record.
  • Have excellent health.
  • Have a high personal net worth.

INVESTMENT OPTIONS

1. Real Estate Investment

With its economy shifting from agricultural-dominant to service-dominant, one of the most viable options for foreign nationals is an investment in a pre-approved real estate project.

Applicants must invest a minimum of US$350,000, which must be maintained for a minimum of four years. The minimum amount includes the main applicant, main applicant’s spouse and two qualifying dependents. An extra US$25,000 is required for each additional dependent. Note that where an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of USD 50,000 will be required to be made with the post-approval contribution. Where an application includes an eligible sibling, an additional contribution of USD 75,000 will be required to be made with the post-approval contribution.

2. National Transformation Fund Donation

Applicants may donate a minimum of US$150,000 to Grenada’s National Transformation Fund. The minimum amount covers the main applicant only. For a family of up-to four people, the requirement is set at US$200,000. An extra donation of US$25,000 is required for each additional dependent.

Note that where an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of USD 50,000 will be required to be made with the post-approval contribution. Where an application includes an eligible sibling, an additional contribution of USD 75,000 will be required to be made with the post-approval contribution.

Permanent Residency Certificates

The permanent residence status has been removed entirely from the citizenship by investment process. As a result, the government has ceased issuing PR cards and certificates. Updates for an alternative form of national ID will be communicated when received.

WHAT IS GRENADA BEST KNOWN FOR?

Grenada is known as the Spice Island of the Caribbean and is a hidden gem offering unspoiled beauty and is famed for its aromatic spices and organic chocolate. For those considering living in Grenada it is one of the safest places and it also lies outside of the main hurricane belt providing environmental security. On a reputational level, Grenada has one of the best medical universities in the world.

WHEN MUST THE GRENADA CITIZENSHIP INVESTMENT BE PAID?

Once the processing and due diligence fees have been paid, the investment is made within 2 different stages. An initial deposit must be made upon submission of the citizenship application, and once approved, the balance must be paid. The passports are then issued shortly afterwards.

DO I NEED TO GIVE UP MY CURRENT CITIZENSHIP?

Grenada recognizes dual citizenship, meaning investors can still benefit from their current passports.

HOW DOES GRENADA’S E2 VISA TREATY WITH THE U.S. WORK?

Grenada is the only Caribbean country that offers citizens the option to apply for an E-2 Work Visa with the right to live and operate a business in the U.S. Processing time is usually 2 months, or less and is valid for up to 5 years, with an unlimited number of extensions. Unlike with U.S. permanent residence, E-2 visa holder may be able to avoid taxation on worldwide income.

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ARTON INDEX SCORE

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Updated yearly, the Arton Index is an overall assessment and comparative benchmark of the country and its investment program.


Grenada

111,219

Population Growth: 0.46%

14,100 USD

GDP (per capita)

GDP (purchasing power parity)

1.511billion USD

97

Visa free countries


LOCATION

Caribbean, island between the Caribbean Sea and the North Atlantic Ocean, north of Trinidad and Tobago

CAPITAL

Saint George's

DIFFERENCE

UTC-4

TOTAL AREA

344 sq. km.

AGE DEMOGRAPHICS

0-14: 24.15%, 15-24: 15.55%, 25-54: 40.36%, 55-64: 10.10%, 65+: 9.84%

LANGUAGE

English (official), French patois

RELIGIONS

Roman Catholic: 44.6%, Protestant: 43.5% (includes Anglican: 11.5%, Pentecostal: 11.3%, Seventh Day Adventist: 10.5%, Baptist: 2.9%, Church of God: 2.6%, Methodist: 1.8%, Evangelical: 1.6%, Other: 1.3%), Jehovah's Witness: 1.1%, Rastafarian: 1.1%, Other: 6.2%, None: 3.6%

GOVERNMENT TYPE

Parliamentary democracy (Parliament) and Commonwealth realm

CURRENCY

East Caribbean dollars (XCD), tied to USD

EXCHANGE RATE

1 USD = 2.7 XCD

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