Grenada is located in the West Indies at the southern end of the Grenadines group of islands in the Caribbean Sea. The country consists of the main island of Grenada plus the two smaller islands of Carriacou and Petite Martinique, which became a dependency of Grenada in February 1974. The picturesque tropical islands offer the perfect getaway destination for both adventure lovers and those seeking rest and relaxation or a romantic break with a partner.
The islands are of volcanic origin with extremely rich soil. Their natural beauty remains largely untouched by industrialisation. With its lush, fertile landscapes and award-winning white sandy beaches and invitingly clear waters, Grenada has the perfect balance, and visitors may find themselves wishing that they could extend their stay.
Citizenship by Investment
The Grenada Citizenship by Investment Committee (CIBC) is the main government-appointed body responsible for overseeing the processing of applications for Grenadian citizenship by investment. The Committee assesses applications in accordance with the Grenada Citizenship by Investment Act, after which recommendations are made to the Minister, who makes the final decision to deny, approve or delay granting Grenadian citizenship.
The Citizenship by Investment Programme came into being in August 2013. Subject to strict due diligence procedures, applicants may choose between these two types of investments to obtain citizenship or permanent residence:
1. A payment into the National Transformation Fund; or
2. A payment towards an approved real estate project in Grenada.
Benefits
Individuals who obtain citizenship through Grenada’s Citizenship by Investment Programme are entitled to the same rights as any other Grenadian citizen. These include the right to live and work in Grenada at all times, and all the rights associated with membership of the Caribbean Community (CARICOM). There is no requirement to reside in Grenada before or after citizenship is granted.
The application process is confidential, with no disclosure or exchange of information with other governments or bodies, except when due diligence checks are carried out as part of the application process by an authorised due diligence agency. Grenada allows individuals to hold dual citizenship, and citizenship may be extended to family members. Following changes announced in March 2019, dependent children are defined as up to the age of 30 (previously 26), and dependent parents or grandparents aged 55+ are also included. Children and young adults may obtain preferred access, and in some cases grants, to top schools and universities.
Grenada has no foreign income, wealth, gift, inheritance, or capital gains tax. There is no restriction on the repatriation of profits and imported capital. Generous incentive packages exist including corporate tax incentives, full exemption from import duties, tax relief benefits, and export allowance. Grenada’s currency, the East East Caribbean dollar (XCD), is pegged to the US dollar (USD).
Grenadian citizens can travel without visa restrictions to more than 115 countries. These include the UK and the EU, and important business hubs such as Singapore and Hong Kong. Grenada is one of very few nations whose citizens can travel to the People’s Republic of China without first obtaining a visa. Grenadian citizens also have the opportunity to apply for the USA E-2 visa. Grenada is one of the few countries to have an E-2 visa treaty of commerce arrangement with the United States.
Options and costs
1. The NFT option
The National Transformation Fund (NTF) is a government fund responsible for financing projects that will benefit Grenada’s economy and help its diversification.
Applicants who choose this route must make a one-time contribution to the National Transformation Fund.
It is important to note that applicants may not contribute to the NTF in person, but rather must use the services of an Authorised Local Agent.
Under the NTF route, applicants may either immediately apply for citizenship, or first apply for permanent residence and apply for citizenship at a later stage. Applicants opting for the NTF route must contribute at least USD $150,000 to the Fund, plus fees, as per the following table:
2. Approved Project (Real Estate) option
One of the options available to applicants seeking to obtain citizenship by investment in Grenada is to invest in a Government-approved project. Currently, these projects encompass real estate developments such as hotels, villas, and resorts. Because of the growth of the tourism industry, there is rising demand for tourist housing facilities. Real estate developments are thus fantastic opportunities for investors looking for high returns.
Applicants opting for the approved project (real estate) route must invest at least USD $350,000. They must keep the real estate for at least three years following the grant of citizenship. The following chart highlights the costs and fees associated with this route.
The CIBC reviews viable projects and recommends them to the Minister who then decides whether or not to approve them. A list of approved projects for citizenship investment can be found on www.cbi.gov.gd and currently includes luxury hotels, resorts and villas.
For more details on Grenada Citizenship and its benefit please email info@blsmedia.co.uk or Tel: +44 (0) 207 241 1589
Some key points for Grenada Citizenship
Expeditious processing (subject to satisfactory due diligence) within 3 months without the need to reside / visit Grenada – please refer to the attached presentation for recent case studies.
Tax advantages Spouse, children, siblings and parents may be included in one citizenship application (subject to various eligibility conditions).
Ability to resell the investment after 5 years to another individual who may also apply for citizenship, whilst the original investor maintains his citizenship. In addition during this 5 year holding period, the investor may enjoy a week a year at any of our Caribbean hotels during construction of the Six Senses, and once the Six Senses is open, the investor is entitled to similar benefits at the Six Senses. In addition after the first year of operation, the hotel is expected to generate 2 to 5 per cent return for investors.
The ability to apply for a US E2 visa. This is a key advantage – a Citizen of Grenada upon making a further investment (from USD100,000) in the US, can invest and reside in the US. A US E2 visa typically has a six week approval process and is becoming a recognized alternative to EB5 (given the recent price increase and the backlog, up to c 7 years for Indian nationalities or in case of Nigerians a blanket ban).
