Grenada Releases New Program Enhancements
The Grenada Citizenship-by-Investment Program has enacted significant changes within the program, notably to the categories of dependents, qualifying investment requirements, and permanent resident status.
Widely recognized as the Spice Island for its host of locally grown spices, Grenada offers more than just picturesque waterfronts and pristine scenery. With an Arton Index Score of 77, fast processing within 4 months, and unique real estate options for investors, Grenada bridges the serenity of island living with the opportunities of global citizenship. The following changes to their Citizenship by Investment Program will be in effect as of May 24th, 2019.
Categories of Dependents
The following list of dependents are eligible to be included within the main application;
- a spouse of the main applicant;
- a child of the main applicant, or of his or her spouse, who is less than eighteen years of age;
- a child of the main applicant, or of his or her spouse, who is at least eighteen and less than thirty years of age and supported by the main applicant, or its spouse;
- a child of the main applicant, or of his or her spouse, who is at least eighteen years of age and is physically or mentally challenged, and who is living with and fully supported by the main applicant;
- a parent or grandparent of the main applicant or his or her spouse above the age of fifty-five years old and fully supported by the main applicant or his or her spouse;
- a parent or grandparent of the main applicant or his or her spouse not exceeding fifty-five years old and fully supported by the main applicant or his or her spouse;
- a sibling of the main applicant or his or her spouse whether biological or adopted who is at least eighteen years of age, and single with no children.
- a child born of the main applicant or his or her spouse within twelve months of the grant of citizenship pursuant to Citizenship by Investment Act.
Qualifying Investment Requirements
The Unit has further provided notice of the enactment which reflects adjustments to certain qualifying investment requirements, as detailed below:
- 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.
- All fees due at the time of the application submission will remain unchanged.
Documentary requirements for eligible siblings are consistent with the requirements for all other applicants. We note the following points in relation to the package of documents required to be provided at submission:
- Updated version of Due Diligence Letter of Authorization (replaces the previous TR Letter of Authorization)
- A CV is no longer required to be submitted as a separate document, as applicants must provide all relevant education and professional details in Form 1.
- Provide complete list of all business affiliations which includes each company for which the applicant is the beneficial owner of an equity interest.
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.