Successful businessmen and high net worth individuals are always looking for better options for their business, for freedom of movement, for a Plan B in case the situation in the country of residence turn against them. A good option, in this case, would be a second citizenship.
There are over 10 countries in the world that “sell” their citizenship to wealthy individuals. Today we’ll talk about an island country in the Caribbean called Grenada. We’ll tell you about the advantages Grenada passport provides, how to obtain it and how many people have already become citizens of Grenada vis its citizenship by investment program.
7 main advantages Grenada passport provides
- A free entry into 124+ countries of the world. No need to apply for visas (or getting visas on arrival) to visit China, Singapore, the UK, Schengen countries, among others. You can stay in the UK up to 6 months per year, and up to 90 days within 180 days in any EU country.
- A visa-free entry to China. Only Grenada has this benefit on the list as other Caribbean CBI countries don’t have visa-free relations with China.
- Ability to obtain the E-2 business visa to the US. Establish a business in the US with no excessive difficulties and red tape procedures. This type of visa is not available to citizens of China, Russia, Saudi Arabia, United Arab Emirates, etc. No other Caribbean passport has this on its benefits list.
- New possibilities for business development. Grenada has no property, capital gains, inheritance, dividend or gift tax.
- It is possible to obtain the passport in a remote mode. The citizenship is processed exclusively through a licensed, government-approved agent. The processing takes up to 5 months.
- The citizenship is issued for a lifetime. Together with the main applicant, their spouse, children under 29 years of age and parents aged 65 and above may also apply.
- The minimum investment amount is $150,000 (donation to a state fund), while the minimum investment, for example, for a Malta passport is €880,000.
Real estate in Grenada: Is it worth investing in?
To qualify for Grenada citizenship by investment program, you should invest at least $350,000 and keep the investment for at least 4 years after obtaining the citizenship. According to the official data, 58% of CBI investors chose to purchase real estate in 2016. While in 2017 the situation is different, 89 investors out of 125 chose to the donation option.
As Grenada is located in the southeastern Caribbean, near Venezuela, its location helps to avoid annual Caribbean hurricanes as it’s not within the typical storm boundaries. It’s very important if you are interested in real estate investment. Grenada is also a paradise for yachtsmen with its perfect blend of sea breezes, pristine blue water, and some of the best cruising grounds in the Caribbean.
The applicants are expected to invest into government approved real estate projects only. There are several promising options to choose from: Levera Nature & Beach Resort, Mariposa Residence, Bacolet Bay Resort & Spa.
Grenada CBI program: The number of issued passports
The Grenada Citizenship by Investment program has been re-launched in August 2013. Since the launch of the program, Grenadian authorities have approved over 1,300 applications from foreign investors, according to the official data.
From January to December 2017, the number of CIP applications increased by 108% compared to the same period last year. The program brought over $130 mln in revenue last year. The rejection rate has decreased from 13% in the first half of 2016 to 8% in the first half of 2017.