What To Expect In Grenada’s Golden Visa Scheme

Grenada, an island country in the West Indies popularly called the Spice Island, launched its own Golden Visa Scheme in 2013. Heavily reliant on tourism and agricultural exports, the economy plans to undergo steady developmental growth, for which it has been attracting foreign investments for quite some time now. For that, its Golden Visa Scheme has been tailored to suit the needs of the wealthy and opportunistic.

The scheme has many advantages, giving it an edge over similar schemes from neighboring countries. This aspect has made it quite a popular option for investors. But, you should see for yourself whether or not the said scheme is worth your time and money. For that, I have listed down specific vital details about the scheme. Here are five things you should expect in Grenada’s Golden Visa Scheme. 

What the investment requirement is

There are two options available for interested applicants. The first option is to invest at least USD 150,000 in the National Transformation Fund or at least USD 220,000 in the purchase of real estate in the country. In the case of the former, the National Transformation Fund, hereby NTF, had been created especially for the purpose of the scheme, and the funds from therein are distributed for various developmental activities. Note that the value of the investment will increase if you add family members to the application. On the other side, regarding investment in real estate, you can invest only in pre-approved properties. These pre-approved properties include options in the hospitality sector. So, it is advised to take a good look at the available properties before investing. 

What documents to submit

In addition to documentary proof regarding the investment made, there is a slew of documents you are required to deposit with the authorities. Broadly speaking, you will have to submit a copy of the passport, your Identification Card, a certified copy of the birth certificate, passport-size photographs, medical records indicating the current status of your health, a police clearance certificate showing no criminal record, and a statement of the sources of income. In case you are bringing along family members, more documents will have to be submitted depending on the case. 

You can add certain family members

You don’t have the discretion to add as many family members as you can to the application. Under the scheme, the eligible family members are your spouse, children below the age of 30 years, parents and grandparents, and siblings who are over 18 and are unmarried. Towards this, you will have to pay an extra sum so note that as well in your expenses. 

What do you get in return?

Grenada’s passport will offer you access to an array of benefits. These benefits include visa-free access to China and the countries of the Schengen Area, and the United Kingdom, among many others; easier registration of international companies and protection of the personal information of the owners; no taxes on international income or dividends; no inheritance or capital gains tax, or income tax, however, companies may be subject to certain terms which are not onerous. You also get a US B1/B2 tourist visa that will allow you to travel to the United States of America for a maximum of 180 days a year. Furthermore, Grenada allows dual citizenship, but you must ensure that your country of nationality allows the same. 

The processing time of the application varies

The time taken to process the application depends on the kind of application and the documents submitted. Generally, it takes around 3 to 4 months. But there are several reasons why the process gets delayed; at times, your application may even get rejected. The reasons for rejection include falsehood in the application form, conviction in another country for a crime that attracts a minimum of 6 months imprisonment in Grenada, engagement in disruptive activities against Grenada, or denial of visa to a country to which Grenada provides visa-free access. To augment the success rate of your application, it is advised that you hire a local representative that will help you get done with the process with fewer hassles. 

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