Grenada Citizenship by Investment | SovSpot (2024)

A Grenadian passport offers visa-free travel to 146 countries, and it is the only Caribbean country with a CBI program that also has an E-2 visa treaty with the United States.

To obtain Grenada citizenship, investors must either donate $150,000 to Grenada’s national transformation fund or purchase property in a government approved project worth at least $220,000. In five years, real estate investments can be sold.

To become a citizen, investors do not need to pass a history or language test. At any point during the citizenship process or beyond, they are not required to travel to Grenada.

The Grenada CBI program allows an investor’s spouse, kids, parents, and siblings to acquire citizenship and obtain a Grenadian passport.

How to become a Grenadian citizen

In 2013, the Grenada citizenship by investment programme was made public. The Grenada Citizenship by Investment Act No. 15/2013 contains the program guidelines. Candidates for the Grenada Citizenship by Investment Program must significantly boost the nation’s economy.

Qualified investors for the Grenada Citizenship by Investment Program must either make a sizeable financial donation to the nation or make a real estate investment in government-approved real estate.

The applicants and their families will acquire Grenada citizenship in exchange, subject to a thorough vetting and due diligence process, including background checks.

The principal applicant must be at least 18 years old, meet all application requirements, and meet one of the two main requirements for citizenship:

– Donation option: donate to the National Transformation Fund: For a single applicant, a minimum non-refundable contribution to the NTF (government fund) of USD 150,000 is required.

– Real estate option: Buying a minimum of USD 220,000 worth of property from a development that has received official approval. For this option, a minimum additional non-refundable donation of USD 50,000 is required.

Benefits of obtaining Grenada citizenship

1. Visa-free entry to China, the Schengen region, and the UK

Visa free access to 146 countries, including the UK, the Schengen nations, Singapore, and Hong Kong, do not require visas for citizens of Grenada to enter. Up to 30 days may be spent in China without a visa.

2. Only Caribbean CBI option with E-2 visa access to the US

Grenada is the only Caribbean country with a citizenship by investment program that has a treaty with the US called the E-2 Investor Visa Treaty, allowing its residents to apply for a non-immigrant visa. Citizens of Grenada may be eligible for an E-2 visa to the USA, which permits them to stay and work there. Applicants start or purchase a company in the US. While the needed minimum investment is often $100,000, it is not always the case (it has to be a substantial business investment). Most international applicants must submit an EB-5 visa application, which requires a minimum investment of $800,000.

3. 10-year tourist visas for the United States

Grenada passport holders can obtain a B-1/B-2 tourist visa for the USA. It entitles the holder to up to 180 days per year of travel around the nation, attendance at business meetings, and access to American hospitals for medical care.

4. Foreign company registration

Investors frequently set up foreign corporations in Grenada to lower their tax obligations and get around currency controls when doing business with foreign partners. Additionally, because the beneficial owner’s personal information is not recorded into the business register, it helps in protecting the investor’s privacy.

5. Tax planning

Worldwide income, dividends, interest, and royalties earned from other nations are all tax-exempt in Grenada. Inheritance, capital gains, income, and stamp duty are all exempt from taxation. Companies operate under distinct regulations, although Grenada nevertheless benefits from their presence more than many other nations.

6. Citizenship based on ancestry

Transferable citizenship to new spouses and future generations.

7. Dual citizenship

In Grenada, dual citizenship is permitted.

8. Family members can also apply

The option to add a spouse, dependent children under 30, unmarried siblings, parents, and grandparents to the main applicant and spouse.

9. No minimum stay is necessary

No need to travel or to stay in Grenada at any time during the citizenship by investment process.

Grenada Citizenship by Investment Program steps and timeline

The procedure for applying for Grenadian citizenship is quick and simple, and it doesn’t require the candidate to travel to Grenada.

The government usually responds to applications within 90 days of receiving them. Successful candidates who have been granted citizenship will receive their passports in 10 working days. Passports do not have to be picked up by the applicants in person.

The time frame under the real estate option could change based on the project. As a result, it’s critical to pick a real estate project that can deliver the required documentation from the developer.

Required documentation for the Grenada Citizenship application process

The main applicant must provide certain citizenship documentation. You must receive the application forms from authorized international marketing agents because applications can only be processed by a government approved local agent.

The following paperwork is required for the application process:

• Agreement with the client facilitator.
• Information and personal information (form 1).
• Fingerprint in front of a trained officer (form 2).
• Office of Home Affairs’ specifics (form 3).
• A prescription certificate (form 4).
• Information on employment, wealth, business, and related topics (form 5).
• Confirmation of an investment (form 6).
• The consent form from Thomson Reuters is for CBI candidates who are older than 16.
• Purchase and sale agreements in four copies, along with an escrow agreement and a letter of engagement with a local agency (in the event of the real estate investment option) (in case of NTF option).
• Passport Application form.
• Each family member who is at least 18 years old must take the Oath of Allegiance.
• Official document attesting to the parents’ names.

On the official website of Grenada, you can find these forms here.

The following are additionally the standards for general civil documents:

• Certified copies of birth certificates or the original full birth record (2 copies needed).
• Certified copy of the name-change documentation (if applicable).
• Current passport(s) with name, photo, citizenship/nationality, date, place of issue, expiration date, passport number, and country of issue certified in color.
• Original, passport-sized images of each applicant, taken no more than six months ago (12 needed). A lawyer must certify 1 photograph.
• Marriage or divorce certificates (2 copies).
• Color copies of a social security card or national ID (required for each applicant).
• Permanent residency documentation or evidence.
• A copy of your military ID card (if applicable).
• spouse’s or ex-affidavit spouse’s regarding children.
• Affidavit of dependent support.
• Transcripts and certificates of education.

Supporting records

• Original records demonstrating the applicant’s residence (e.g utility bill).
• Original letter of reference from a professional
• Certificate of practice for a lawyer or notary (a copy of the license of the lawyer of notary certifying the documents).
• Additional paperwork.
• Salary letters or pay stubs.
• CV.
• original banker reference letter for the principal applicant.
• Personal bank records from the last 12 months.
• Checks for criminal history and police clearance (original document).

It is crucial to remember that any correspondence must be addressed to:

Burns Point, Floor 2, Grenada Board of Tourism Building, Grenada Citizenship by Investment Committee

Document translation and certification

When submitting an application, non-English documents must be accompanied by a certified translation into English.

A document that is required to be produced in support of the CBI application must be certified and authenticated in compliance with local legal requirements.

Taxation

Individual yearly tax rates are 15% up to XCD 24,000 and 30% on amounts beyond XCD 24,000, according to the Grenada Income Tax Act Cap. 149 (this is only for Grenadian income, not worldwide income). For businesses, the flat tax rate is 30%. 15% of all payments made to non-residents for interest (apart from bank deposits), salaries, rent, leasing premiums, licenses, royalties, management fees, commissions, and fees must be withheld as withholding tax.

Property tax in Grenada

In Grenada, the vendor or seller is responsible for paying 5% in property transfer tax and 15% in value added tax. Property tax, which is 0.2% of the market value of residential property, and stamp duty on commercial profits, which is 0.75% if gross receipts exceed XCD 300,000 and 0.5% on sums below this threshold, are the two main annual taxes in Grenada. Stamp tax on the first XCD 36,000 is waived annually.

Frequently Asked Questions