Citizenship by Investment Program in Grenada
Located in the West Indies, the island nation of Grenada is a not-so-hidden gem of a country that boasts a year-round temperate climate, spotless beaches, safe environment, unique topography including waterfalls and a tropical rainforest, and a proud historic culture. Ten to fifteen years ago, many foreign investors may have overlooked Grenada, but with the country’s passage of the Grenada Citizenship by Investment Act of 2013, many investors are now taking advantage of all the benefits investing in Grenada – and Grenada citizenship – has to offer.
How to Become a Citizen by Investing
Grenada offers two options for foreign nationals seeking to gain citizenship through investment. The first option requires the foreign national to invest at least $500,000USD into an approved real estate project. Presently, the only approved project under the program is the Mount Cinnamon beach resort. By investing the required funds into Mount Cinnamon, the foreign national will receive a 50% share in a one-bedroom apartment and is immediately eligible to apply for Grenada citizenship. The investor’s spouse and children under 25 years old may also obtain citizenship but their applications will require separate fees.
The application requires the investor to provide proof that the funds are from a lawful source of income, such as salary or sale of property, as well as two references from their banker and their lawyer or financial accountant.
While $500,000USD is the minimum required, larger investments are of course welcome and investments of $2,000,000 or more entitles the foreign national to a larger villa (in place of the one bedroom apartment) and exempt the national’s family from the additional citizenship application fees.
The second option requires the foreign national to make a non-refundable donation to the Grenada Island Transformation Fund. The donation must be at least $200,000USD.
Importantly, in contrast to the first option wherein the foreign investor receives citizenship and the Grenada passport in as little as 60 days, under the second option the investor first receives permanent residence in Grenada and is not eligible for citizenship until after 5 years have passed.
Benefits of Holding a Grenada Passport
Once an investor receives the Grenada passport, he/she may live, work, study, and travel without restriction in the country. Additionally, because of Grenada’s membership in CARICOM – the Caribbean Community – the investor’s second passport will be a CARICOM passport and will be valid for entry into and travel through the CARICOM membership countries of Antigua and Barbuda, Barbados, Belize, Dominica, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago without the need of a visa.
Also, Grenada does not require a new citizen to renounce his/her prior citizenship which is important to many foreign investors.
Since the Grenada Citizenship by Investment Program was only recently enacted in 2013, the Grenada government is still working out the exact parameters and requirements of the program. Therefore, it is highly advisable that interested investors contact knowledge attorneys who can assist them throughout the process.
