If you want improved political security, international mobility and global trade opportunity, and you want it fast, Grenada’s second citizenship programme ticks every box.
Re-launched in 2013, the Grenadian programme is quickly establishing itself as a major player. Set up as a means of driving economic growth on this Caribbean island, the Grenada programme allows investors to attain citizenship in an incredibly short time period. And it offers flexibility – with two investment alternatives and minimal qualification requirements.
Speed and simplicity of process aside, citizenship in Grenada has a lot to offer. The Grenadian passport unlocks over 120 countries on visa-free or visa-on-arrival terms, including some of the most important business hubs in the world. Grenada is one of only 11 nations whose citizens can travel to the Republic of China visa-free and it’s also one of the privileged US Treaty Nations, entitling citizens to apply for a visa to live and work in the US on investment grounds.
So let’s take a closer look at the Grenada second citizenship programme and how it can benefit you, your family and your business.
The Grenadian passport unlocks over 120 countries on visa-free or visa-on-arrival terms, including some of the most important business hubs in the world.
1. Fast application: Grenada’s second citizenship programme is popular for a number of reasons, not least because it’s one of the fastest in the world. Should you need to secure second citizenship quickly, Grenada is the perfect choice. If you invest in real estate, your application could be approved within 60 days. Your new passport will be handed to you shortly thereafter, and you’re ready to go. As fast-action ventures go, Grenada is unbeatable.
2. No residency requirement: To gain and maintain your status as a Grenadian citizen, you do not need to reside on the island. In fact, even visiting is not required to secure your application. There are no other strict requirements either – a great bonus since some programmes can require you to learn the basics of the local language. This is not necessary for Grenada, so your application can progress quickly and with minimal disruption.
3. Permanent lifetime citizenship: When you acquire Grenadian citizenship, it is for life. This means you’re completely protected from subsequent changes in policy that could otherwise threaten your claim. Your investment in second citizenship here is securely protected, so you know you can enjoy the benefits for years to come.
4. Dual citizenship is recognised: If you’re seeking to expand your portfolio with a second passport, having to renounce your current citizenship would make it unfeasible. Luckily, Grenada officially recognises dual citizenship, so you’re considered both a citizen of Grenada and your home nation alike. Your home nation won’t even be informed of your new nationality, which affords you a great degree of privacy.
5. Family friendly citizenship option: For the family-minded, Grenada’s second citizenship programme is an unusually cost-effective route to full family citizenship. It is ideal if you have family obligations as you can add additional family members for a nominal additional fee. Under the Grenada programme your initial investment includes children under 25 and dependents over 65. Government and processing fees aside, the investment itself will be the same for a single applicant as it would a family of four.
6. Cost-effective investment: One of the big advantages of the Grenadian second citizenship programme is its real estate investment option, offering the prospect of high returns on top of your citizenship. The Grenadian tourism industry is booming so your investment here will stand you in good stead, and you need only hold this investment for three years.
One of the big advantages of the Grenadian second citizenship programme is its real estate investment option, offering the prospect of high returns on top of your citizenship.
7. Unlock the Commonwealth: One of the main indicators of passport strength is whether your nation has global agreements in place with other countries to facilitate freer trade and travel. Ordinarily, such decisions are out of your hands but investment in Grenadian second citizenship earns you a place as a citizen of a Commonwealth realm, meaning you’re able to travel freely across the 52 member nations. This status also opens up preferential trade conditions amongst the group.
8. Increased global mobility: As a Grenadian citizen you can travel visa-free or visa-on-arrival to around 120 countries. This includes some of the most attractive business and travel destinations in the world including the UK, the Schengen area, Singapore and Australia. Grenada is one of only 11 countries that allows travel to the Republic of China without obtaining a visa, making this the ideal passport for conducting business in the Chinese hubs. The Grenadian passport always ranks highly in any index globally, granting you a level of freedom that few enjoy. Plus, Grenada is a politically low-profile country.
9. A route into the USA: As a US Treaty Nation, Grenada’s citizens are entitled to apply for the coveted American E-2 Investor Visa. This is a major advantage since it gives its (Grenadian citizen) holder the right to live and work in the States on the basis of an investment of around USD 100,000. Fewer than 40% of countries worldwide currently have such an agreement with the US. For those aspiring to the US lifestyle in their personal lives or in business, second citizenship in Grenada can be a strong first step in the direction of establishing in the States.
10. Attractive tax regime: Grenada offers investors a very favourable tax regime, making this a popular global tax haven. Grenada imposes no foreign income, wealth, inheritance, capital gains or gift tax. There are also generous tax incentives available including an attractive regime that discounts IBCs from corporation, income and withholding tax for 20 years. You’ll also benefit from a complete lack of restriction on repatriated profits or imported capital.
Securing Grenadian citizenship – an option for everyone
Aside from your financial investment, there are minimal requirements to secure Grenadian citizenship. There are no interview, education, language or residency requirements, although you must hold a clean criminal record and your funds must be legally derived. You will also attend a medical examination before submitting your various supporting documents. This peparation takes around four weeks, and the government process then takes an additional eight weeks.
There are two investment options available to you. Let’s look at those in more detail.
The donation route: Firstly, you can choose to make a non-refundable donation to Grenada’s National Transformation Fund of at least USD 200,000. The National Transformation Fund was formed in 2013 as a way of supporting the Grenadian economy, so your donation will be used to fund projects deemed important to the island. This same USD 200,000 investment applies whether you apply as a single applicant, with a spouse, or in a family of up to four people. Beyond that, you can add additional dependents onto your application for USD 25,000 per person.
This investment option is subject to application, due diligence and processing fees that start at a total of USD 8,000 for a single applicant. It’s worth considering if you would prefer not to own property on Grenada and if you are not under any time pressure, since this process takes up to one year to complete.
You can add additional dependents onto your application for USD 25,000 per person.
The real estate route: For many investors, however, the real estate investment option offers a very attractive alternative to donating wealth. It was introduced to fuel Grenada’s shift towards a tourism-based economy, and you would invest in government-approved developments to this end.
In this instance, you would invest a minimum of USD 350,000 in approved real estate. This figure is the same irrespective of how many dependents you include, making it an incredibly cost-effective way to secure citizenship for your entire family.
There is also a government fee of USD 50,000 which does increase by USD 25,000 for every dependent after the third. As with the donation option, this process is of course subject to application, due diligence and processing fees that start at a total of USD 8,000 for a single applicant.
Once your application is successful, you complete your real estate purchase and receive a certificate of registration attesting to your new citizenship so you can apply for your Grenadian passport. If you choose the real estate investment option this entire process can take as little as 60 days. So long as you hold your investment for a minimum of three years thereafter, your citizenship can never be revoked. You will enjoy the same privileges as natural-born Grenadians.
Welcome to Grenada, welcome to the world
Investors today are looking beyond the traditional asset classes when it comes to growing their portfolio, and with good reason. An astute second passport unlocks freedoms in terms of travel and business alike, and offers security against any changes the world can throw your way.
For individuals with capital to invest, the Grenadian second citizenship program is a remarkably fast way to insure the future for you and your loved ones.
Next Generation Equity specialises in dual citizenship-by-investment and residency-by-investment programmes around the world. To schedule a no obligation consultation.