Citizenship by investment: Grenada
Grenada – the fastest way for getting the second citizenship
In most countries, that offer citizenship by investment, the term of obtainment of passport is from six to twelve months. In some cases, it is caused by procedure, in others – by popularity. Although this term cannot be even compared with a standard naturalization procedure, which may take from 2-3 years to decades, sometimes each day is valuable.
Grenada is different in this context – its program is designed in such a way that the second passport can be obtained in 60 days after submission of all documents. Plus the fact that the cost for some applicants may be much lower than in other jurisdictions.
What are the benefits of the second passport of Grenada?
Above all, the second passport of Grenada allows you to feel yourself more secure as well as to carry on business all over the world. As with a passport of any other neutral country, holders of passport of Grenada face less questions and are usually met more friendly.
The holders of passport of Grenada can visit the following countries without visa: Austria, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Bangladesh, Belgium, Bermuda, Botswana, British Virgin Islands, Bolivia, Bahamas, Barbados, Belize, Vanuatu, United Kingdom, Hungary, Venezuela, Eastern Timor, Haiti, Guadeloupe, Germany, Greece, Guernsey, Gibraltar, Hong Kong, Denmark, Jersey, Commonwealth of Dominica, Dominican Republic, Egypt, Zambia, Zimbabwe, Israel, Ireland, Island, Italy, Spain, Iran, Jordan, Cuba, Cayman Islands, Columbia, Costa-Rica, Cabo Verde, Kenia, Cambodia, Kosovo, Kiribati, Lao, Latvia, Lithuania, Luxembourg, Malta, Martinique, Montserrat, Malawi, Mauritius, Madagascar, Micronesia, Mozambique, Macao, Malaysia, Maldives, Netherlands, Norway, Netherland Antilles, Nepal, Nicaragua, Niue, Isle of Man, Cook Islands, Saint Helena, Ascension and Tristan da Cunha, Pitcairn Islands, Panama, Peru, Palau, Poland, Portugal, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Surinam, Seychelles, Swaziland, Singapore, Samoa, Solomon Islands, Slovakia, Slovenia, Trinidad and Tobago, Turks and Caicos, Tanzania, Togo, Turkey, Tuvalu, Uganda, Falkland Islands, Philippines, Fiji, Finland, France, Central African Republic, Czech Republic, Chili, Sweden, Switzerland, Sri-Lanka, Ecuador, Estonia, South Korea, Jamaica.
Second, the most serious advantage of Grenada among its competitors is timeframes for issue of passport – around 60 days. An individual of any nationality can obtain passport here, then live here, and even vote.
Third, an applicant is not required to visit Grenada personally to obtain citizenship (the compulsory interview is not required). There are no requirements to live in Grenada as well.
Fourth, according to the program, the applicant is exempt from income tax, capital gains tax and inheritance tax in Grenada.
How to get the second citizenship in Grenada
Citizenship by investment program in Grenada was re-opened in 2013. Now every person who wishes to invest funds into the state’s economy can get the valid passport.
There are two ways of investment:
a) to invest funds into the country’s development foundation controlled by the government; or
b) to acquire real property within a specified project.
The first way, fairly speaking, is not the prompt one (it includes two stages – obtaining permanent residence permit and then, after 12 months – citizenship). Instead, the second option is working and quite popular.
As a reward for investment into immovable property, the minimum amount of which is 350 000 US dollars, an applicant gets a share in a resort complex Mount Cinnamon – luxury hotel and residencies, which are being built at the moment. One should note, that an applicant owns the item indirectly. The purpose is to improve the economic efficiency of the item and make it a real investment.
Investor has right to stay in the hotel with a considerable discount and does not bear expenses for services – this is vested in a management company. Therefore, the investment into this resort complex is not only a way to get the second citizenship, but also a possibility to rest in an excellent place and even to make money.
After acquisition of share in Mount Cinnamon, an investor should own it for at least 4 years. It is 1 year shorter than in other programs of real property acquisition.
As in other programs, an applicant and his/her family should go through personal due diligence check (the citizenship may be given only at the government’s discretion). An applicant does not have to pay extra money for such check - it is included into the amount of investment. Due diligence check for applicant’s spouse costs 8 000, for children before 11 – 2000, for children from 12 to 17 years – 4000, for adult children from 18 to 25 (and parents older than 65) – 8000 US dollars.
Therefore, in case if your family consists of four persons, citizenship in Grenada may be very cost-efficient for you. It can also be faster and more available than on other islands.
For all questions related to citizenship by investment program of Grenada, please contact our specialists.