What To Know About Grenada’s Citizenship By Investment Scheme

You might know Grenada as Spice Island, but it is much more than that. Its glory is wider than its worldly renowned locally grown spices. The country is gifted with brilliant natural landscapes making it one of the favorite places in the Caribbean. Tourism, its strongest USP, makes it an ideal place for retreat, adventure, and investments. People want to come here as often as possible and need the infrastructure and services to experience the best. It is no wonder that many are opting for its Citizenship by Investment (CBI) scheme.

Grenada launched its CBI Scheme in the year 2013. It draws its legitimacy from the Citizenship by Investment Act 2013. Under the scheme, successful applicants can acquire fast-track citizenship upon select investments. But, the scheme offers much more than this. There is a catena of things you must keep in mind when applying for Grenada’s CBI.

Why Grenada’s Scheme in the first place 

Before anything else, you should know why Grenada may be a good investment opportunity and a welcome long-term commitment.

• • Unlike many CBI schemes, Grenada does not stipulate a mandatory physical residence requirement.
  • The application gets processed quickly, which takes around four months.
  • The country does not impose any tax on the global income of the investors.
  • On a Grenadian passport, you will have visa-free access to as many as 144 countries, including Singapore, Hong Kong, and the United Kingdom. Moreover, you can have a visa-free stay in China for 30 days.
  • As a Grenadian, you can get a B-1/B-2 tourist visa to the United States of America. This means you can travel the country, engage in business meetings, and avail of healthcare services for 180 days a year.
  • Writing an exam on language, culture, and education is not required.
  • Family members from select categories can be added to the application.

Eligibility considerations 

While the investment requirement is primary to the scheme, complementary eligibility requirements must be adhered to. These include the following:

• • The applicant must come clean in terms of background. He must produce a police clearance report indicating no criminal antecedents.
  • They should have a good character.
  • It is necessary to provide proof of good health to the authorities.
  • They must show that they have the necessary funds to sustain themselves and their family members. Also, he must provide details of the source of his income from which investments will be made.
  • Only those family members specifically allowed in the scheme can be added, and additional investment and fee requirements are accordingly imposed.

Investment requirements 

There are two options where the applicant can make his investment.

Option 1
Option 1 involves a non-refundable contribution to a government-founded National Transformation Fund. The minimum amount of investment for a sole applicant is USD 150,00. The said amount increases with the addition of a family member. For example, a married couple will have to invest a minimum of USD 200,00. There will be other costs in the form of due diligence fees and other fees.

Option 2
This option is the commonly provided real estate choice. The investor can purchase shares in any of the state-approved projects. However, the investor can only sell the property after five years. The minimum investment amount for a sole applicant is USD 220,000. The amount varies depending on the number of family members added to the application.

The Process 

Once your application and the documents stipulated in the scheme are forwarded to the CBI unit of Grenada, you will have to wait. The CBI unit generally conducts its due diligence in three months. Still, it can extend to six months due to underlying issues in the application. After successful due diligence, the application is approved, and the applicant is asked to fulfill the investment requirement within 30 days. After that, it takes additional four weeks to get your passport and naturalization certificate.

Get a Licensed Agent 

This is a fundamental piece of information. You are not allowed to apply for the CBI scheme on your own. The Grenada government recognizes a select number of agents for the scheme’s operation. These agents, which are basically consulting companies, take care of every step of the application process. Immigrant Invest and Henley & Partners are among the licensed agents.

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