Economic Citizenship Program
Grenada Economic Citizenship Program
Grenada’s Citizenship by Investment Program (CIP) has been re-established by the Citizenship by Investment Act, No. 15 of 2013, passed by the Grenadian parliament. In order to preserve the prestige, honour and value of Grenadian citizenship, a strict legal protocol has been established. Application is by invitation only. Each and every applicant, including family members and business partners, must be approved individually by the Government of Grenada through a strict “Know Your Client” procedure.
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Officially the newest of its kind in the world, the Grenadian Citizenship-by-Investment Program provides the following prime benefits:
- Fast processing within 4 months;
- Inclusion of dependent children under 25 years;
- Inclusion of dependent parents regardless of age;
- No physical residency requirements;
- No requirements to travel to Grenada during the application process;
- No interview, education or management experience required;
- Visa-free travel to over 70 countries including the UK;
- E-2 treaty ‘Investor Visa’ 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.
Furthermore, Grenada recognizes dual citizenship, therefore you can still benefit from your current citizenship status.
The newest Economic Citizenship Program, Grenada’s Pilot scheme will allow qualified investors and their family members to apply for citizenship and benefit from facilitation of visa-free travel.
The Grenada Citizenship by Investment Program was launched in 2013 under the regulations of the Grenada Citizenship by Investment Act.
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 their strategy to attracting foreign direct investment, the Grenadian Government is working closely together with a select number of businesses related to tourism, agriculture, and manufacturing. Through the implementation of the Citizenship-By-Investment Program, they also hope to create investment opportunities that will bring about sustainable employment.
The Program offers many benefits in exchange of several requirements that applicants must meet. To qualify for citizenship in Grenada, applicants need to fulfill one of the investment requirements outlined below, in addition to the following criteria:
- Be of outstanding character;
- Hold no criminal record;
- Have excellent health;
- Have a high personal net worth.
With its economy shifting from agricultural-dominant to service-dominant, one of the most viable options for foreign nationals is the investment in a pre-approved real estate project. The investment must be minimum US$ 250,000 and must be owned and maintained for a minimum period of 4 years.
The development is situated on a lush hillside on almost two miles of the white-sand Grand Anse Beach, which is recognized by some as one of the most beautiful beaches in the world. The resort-hotel, looking towards the historic capital St. George’s, sets the tone for an irresistibly elegant yet intimate, relaxed beach hideaway. The opportunity to own shares of Mount Cinnamon is an invitation to become a citizen of Grenada, begin a long and fruitful relationship with the island and its culture, and contribute to its future.
Property registration, processing fees and taxes must be paid in addition to the property purchase.
- ARTON INDEX SCORE 65%
Updated yearly, the Arton Index is an overall assessment and comparative benchmark of the country and its investment program.
The Citizenship by Investment Act allows investor applicants to qualify for expedited naturalisation as Grenadian citizens in two ways:
- Investment of a minimum of US$ 250,000 in an Approved Real Estate Project. Routine applications, once they have passed the KYC checks, will be processed within 60 days with a passport to be issued shortly afterward. The investment is subject to a minimum holding period of four (4) years. The investment does not include government processing fees, due diligence check and other associated costs.
- A non-refundable donation to the Island Transformation Fund. This option although not ready to receive applications currently is available in a two-step program for a little over US$200,000. This process involves first obtaining Grenada Permanent Residence and then applying for naturalisation as a second step.
The Citizenship by Investment program in Grenada was conceived for unique global citizens who demand exclusivity and prompt personal service. It has been developed to have some distinct advantages over other citizenship options in the Caribbean.
There are distinct benefits for the applicant, whilst the benefit to Grenada is manifested through inward investment, the creation of sustainable long term new employment opportunities for Grenadians, training and the wider benefit directly and indirectly to the island’s economy. The broadening of skills, the creation of jobs and the economic benefits derived from new foreign investment will immeasurably strengthen Grenada.
The benefits to the applicant/new investor are as follows:
- Citizenship of Grenada with its attendant benefits for themselves and their immediate families.
- The opportunity to own freehold prime real estate in an approved project.
- The real estate owned by the applicant/investor should produce a modest annual income, may be enjoyed by the investor along with friends and family, and will maintain or enhance its market value.
More specifically, the benefits that Grenada’s program offers over the citizenship programmes of other Caribbean states include:
- Efficiency: The application process is quicker. The law mandates that routine applications will be approved within 60 days of submission, with the passport issued immediately thereafter. (The application cannot be submitted until after the background checks been performed.)
- Family Friendly: By not charging exorbitant processing and due diligence fees for Spouses and family members, Grenada is an attractive option for international businessmen looking for security and travel options for their families.
- Good Visa-Free Travel: The Grenada passport allows visa-free travel to more than 100 countries.
- Zero tax: The island has no income, wealth or inheritance taxes.
- There is no requirement to visit Grenada in order to qualify for citizenship.