grenada

Grenada Citizenship by Investment

Introduction Grenada’s Citizenship by Investment program offers investors a path to second citizenship and a Grenadian passport in exchange for an investment in the country. The Caribbean island nation launched its program in 2013, and it has proven popular with global investors seeking visa-free travel and greater global mobility.

Grenada is a developing country that relies heavily on tourism and agriculture. The citizenship program brings in much-needed foreign investment to fund national development projects and boost the local economy. At the same time, investors interested in the tax benefits and global mobility that a second passport offers can obtain Grenada citizenship for as little as $150,000.

This comprehensive 4500-word guide covers everything you need to know about the Grenada Citizenship by Investment Program in detail, including the application process, costs, requirements and benefits.

About Grenada Grenada is a nation consisting of the island of Grenada itself, plus six smaller islands in the southeastern Caribbean. It’s located north of Trinidad and Tobago and southwest of St. Vincent and the Grenadines. The country has a population of about 112,000.

The largest city and capital is St. George’s. Known as the “Isle of Spice”, Grenada is one of the world’s leading producers of nutmeg and mace. Tourism is also a major contributor to the economy. The country has beautiful beaches, rainforests, mountains and historic architecture that attract visitors from all over the world.

Here are some key facts about Grenada

  • Located in the Caribbean, 90 miles north of Venezuela.
  • Consists of the islands of Grenada, Carriacou, Petite Martinique, Ronde Island, Caille Island, Diamond Island, Large Island and Saline Island.
  • Population of approximately 112,000.
  • Official language is English, with some French patois spoken.
  • Largest city is St. George’s with over 35,000 inhabitants.
  • Major industries include tourism, agriculture, food processing, rum distilling, boat building and offshore banking.
  • Democratic constitutional monarchy with a parliamentary system of government.
  • Queen Elizabeth II is head of state, represented by a governor general.
  • Prime Minister is head of government.
  • Stable political climate with democratic elections held every 5 years.
  • Economic growth rate averaging over 5% annually from 2013-2017.
  • Currency is the East Caribbean Dollar (XCD) pegged to the US Dollar.

Grenada has a stable, democratic political system. The government actively encourages foreign investment and has policies in place to facilitate it. The country offers attractive tax incentives such as no taxes on worldwide income, capital gains or inheritance. There are also no restrictions on foreign remittances.

Grenada offers the rare combination of a beautiful country with a welcoming environment and pro-business, pro-investment and pro-citizenship policies for investors interested in a second citizenship.

Overview of Grenada Citizenship by Investment The Grenada Citizenship by Investment Program was launched in 2013. It allows investors to acquire citizenship by making a substantial economic contribution to the country.

There are two options:

  1. Contribute a minimum of $150,000 to Grenada’s National Transformation Fund.
  2. Invest a minimum of $220,000 in approved real estate projects.

In return, investors and their family members can be granted Grenadian citizenship within 3-4 months. This provides visa-free access to over 150 countries, the right to live and work in Grenada, and various tax benefits.

The program has a strict due diligence process to ensure that only reputable investors are accepted. The application process can be completed remotely through an authorized agent. Dual citizenship is permitted.

The program has attracted hundreds of millions in foreign investment, resulting in the construction of hotels, resorts and other projects that create jobs and boost Grenada’s economy. Thousands of investors have successfully obtained Grenada passports through the program since its inception.

6.6 Final Score

8/10Visa-Free Access

6/10Ease of obtaining

6/10Processing

6/10Cost of Citizenship

7/10Passport Reputation

Some Key Features of the Grenada Citizenship by Investment Program

  • Launched in 2013 to attract foreign investment to Grenada.
  • Offers citizenship and passport in exchange for a donation or real estate investment.
  • Requires a minimum investment of $150,000 in the National Transformation Fund.
  • Or a minimum investment of $220,000 in approved real estate.
  • Conducts due diligence and background checks to approve applicants.
  • Citizenship process takes approximately 3-4 months.
  • No requirement to visit Grenada during the application process.
  • Dual citizenship allowed.
  • Visa-free access to over 150 countries with a Grenada passport.
  • Thousands of investors and families have successfully obtained citizenship.
  • Significant source of foreign investment for Grenada’s economy.
  • Program popular with foreign investors seeking tax benefits and increased global mobility.

Requirements for Grenada Citizenship These are the main requirements to qualify for the Grenada Citizenship by Investment Program:

  • Be over 18 years of age.
  • Have a clean criminal record with no pending charges.
  • Provide proof that your funds are from legitimate sources.
  • Pass extensive background checks and due diligence.
  • Make the required investment in the NTF or real estate.
  • Provide various documents including birth certificate, passport, bank statements and medical certificate.
  • Pay all required government and processing fees.
  • Participate in an interview as part of the enhanced due diligence process.

Dependent family members such as spouse and children may be included in the same application. The principal applicant must be able to fully support them financially. Dependents over the age of 16 may also be required to attend an interview.

There is no requirement to visit Grenada at any time during the application process or after citizenship is granted. The entire investment and application can be done remotely.

Some key requirements for the Grenada Citizenship by Investment Program include:

  • Principal applicant must be at least 18 years of age.
  • Clean criminal record with no indictments or charges pending.
  • No ties to criminal organizations or activities.
  • Funds must come from legitimate sources with documentation to support them.
  • Performed due diligence and background checks.
  • Make an approved $150,000 NTF donation or $220,000 real estate investment.
  • Provide documentation including birth certificate, passport, bank statements, health certificate, police certificate.
  • Pay all government and processing fees associated with the application.
  • Applicants 17 years of age or older must attend a due diligence interview.
  • No requirement to travel to or reside in Grenada at any time.
  • Provide financial support for all dependents named in the application.

Investment Options Applicants for Grenada Citizenship have two investment options:

  1. National Transformation Fund (NTF)
  2. Approved Real Estate Projects

National Transformation Fund This option involves making a non-refundable donation to Grenada’s National Transformation Fund starting at $150,000 for a single applicant:

  • $150,000 for a single applicant.
  • $200,000 for a family of up to 4 individuals.
  • Additional $25,000 for each dependent after the first 3.

The NTF funds national development projects related to infrastructure, health care, education, and more. As an investor, you will be contributing to Grenada’s growth.

Some key facts about the NTF giving option

  • Non-refundable contribution made directly to the National Transformation Fund
  • Minimum of $150,000 for an individual.
  • Additional $25,000 per dependent after the first 3.
  • Money goes into the National Transformation Fund to finance infrastructure and development.
  • Helps fund projects related to roads, schools, medical facilities and other critical infrastructure.
  • Investor receives Grenadian citizenship in exchange for NTF contribution.
  • No return or interest paid on contribution.
  • Processing takes approximately 3-4 months after donation.

Approved Real Estate Projects The real estate investment option involves the purchase of approved real estate or shares in tourism projects. The minimum investment is

  • $220,000 into an approved real estate project

OR

  • $350,000 for an independent private residence approved for the program.

The property can be sold after 5 years. This route offers the possibility of some return on investment in addition to citizenship.

Some key facts about the real estate investment opportunity

  • Invest a minimum of $220,000 in an approved real estate project
  • Or $350,000 minimum for the private residence option
  • Real estate projects approved by the government and the Citizenship by Investment Committee
  • Typically investments in hotels, resorts or other tourism related projects
  • 5-year holding period before property can be resold
  • Provides opportunity to potentially profit from real estate investment
  • Also qualifies investor for Grenada citizenship upon completion of investment
  • Requires more capital than NTF donation option
  • Application takes approximately 3-4 months after proof of investment is provided

Government and Due Diligence Fees Along with the NTF donation or real estate purchase, investors must pay various government application and due diligence fees:

  • $1,500 per person application fee.
  • $5,000 per person due diligence fee.
  • $1,500 processing fee per person.
  • $1,000 interview fee per person over the age of 16.

These fees are in addition to the base property or NTF investment. All fees are non-refundable, even if the application is rejected.

Key facts about fees

  • State application fee of $1,500 per person.
  • Due diligence fee of $5,000 per person 16 years of age or older.
  • Processing fee of $1,500 per person.
  • 1,000 interview fee for each applicant over the age of 16.
  • Additional fees for dependents added to the application.
  • All fees are non-refundable regardless of the outcome.
  • Fees contribute to administrative costs of processing.
  • Help pay for thorough background checks.
  • Due diligence fees can add $15,000+ to the total for a single applicant.
  • Ensure program remains self-funded through applicant payments

Grenada Citizenship Application Process Applying for Citizenship by Investment in Grenada involves the following steps:

  1. Select an authorized agent. They will advise you on whether to invest in NTF or Real Estate and guide you through the process.
  2. Choose your investment option and complete the application forms and required documents.
  3. Your agent submits the application and fees to the Citizenship by Investment Unit.
  4. Undergo due diligence background checks, which typically take 2-3 months.
  5. Receive provisional approval and make the full investment in NTF or real estate.
  6. Attend an interview and take an oath of allegiance.
  7. Obtain citizenship certificate and Grenadian passport.

The entire process takes approximately 3-6 months to complete. The agent handles all aspects of the application on behalf of the client.

A more detailed overview of the application process is as follows

1. Consult with Authorized Agent

  • You will meet with a CBI Authorized Representative to discuss your options.
  • Provide guidance on whether to invest in NTF or real estate.
  • Discuss additional services the agent can provide throughout the process.

2. Gather Documents

  • The agent will provide you with a list of all required documents that you will need to provide.
  • This may include birth certificate, passport, bank statements, health certificate, police certificate, etc.
  • May take 2-6 weeks to obtain and legalize all required documents.

3. Submit Application

  • Agent submits completed application form to CBI Unit.
  • Includes all required documents, background checks, processing fees.
  • CBI Unit reviews initial application for completeness.

4. Due Diligence Background Checks

  • CBI Unit performs extensive checks on your background and finances.
  • Process typically takes 2-3 months.
  • Ensures that only reputable investors are approved.

5. Make Investment

  • After preliminary approval, you make full investment in NTF or property.
  • Agent provides proof of payment or property purchase.

6. Interview and Oath of Allegiance

  • Interview introduced in 2022 as part of enhanced due diligence process.
  • Must attend interview and take oath to demonstrate commitment.

7. Receive citizenship and passport

  • Upon approval, you will receive a Certificate of Citizenship.
  • Then apply for and obtain a Grenada passport.

Benefits of Grenada Citizenship These are the main benefits that come with investing in Grenada Citizenship:

Visa-free travel The Grenada passport provides visa-free access to over 150 countries worldwide, including the United Kingdom, Singapore, China and member states of the EU Schengen Area. Grenadian citizens also have access to Russia.

Unlike some CBI programs, Grenada offers lifetime citizenship that can be passed on to future generations.

No Residency Requirement Investors are not required to live in Grenada before or after obtaining citizenship. The entire investment and application process can be completed remotely.

Tax Advantages Grenada does not tax worldwide income, capital gains or inheritance. You only pay taxes in Grenada on income earned in the country.

Wealth diversification Investors can hold assets in a stable country that offers favorable conditions for holding wealth and expanding business reach.

Family Inclusion Spouses, children, siblings, parents and grandparents can be included in the same citizenship application.

USA E-2 Visa Grenada citizens may be eligible to apply for a U.S. investor visa to operate a business. Recent legislation aims to impose a 3 year residency requirement first.

This beautiful Caribbean nation offers a high standard of living in a tropical climate. It is an attractive place to live, work or retire.

Here are some of the key benefits of Grenadian citizenship

Visa-Free Travel

  • Grenadian citizens enjoy visa-free access to over 150 countries.
  • Includes the coveted visa-free entry to the United Kingdom.
  • Also includes visa-free access to EU Schengen Area countries.
  • Visa-free access to China, Singapore, Russia and Hong Kong.
  • High mobility to visit or conduct business in North America, Europe, Asia.

Citizenship for Life

  • Grenada grants citizenship for life upon approval of application.
  • Citizenship passes to future generations.
  • Allows you to retain your Grenada citizenship indefinitely.

Tax Benefits

  • No taxes on worldwide income, inheritance, gifts, capital gains or assets.
  • Pay Grenada taxes only on income earned in the country.
  • Strong privacy and asset protection benefits.

No residency requirements

  • Investors are not required to reside in Grenada before or after obtaining citizenship.
  • Application and approval process can be completed remotely.
  • Provides flexibility to live and work wherever you choose.

Family Inclusion

  • Spouse and dependents can all be included on a single application.
  • Dependent children up to age 29, dependent parents, siblings may qualify.
  • Simplifies process for entire family to obtain Grenada citizenship together.

E-2 Visa Eligibility

  • Grenada citizens may apply for USA E-2 investor visa with business.
  • Provides a pathway to live and work in the United States after meeting requirements.
  • Recent legislation may impose 3 year Grenada residency requirement first.

High standard of living

  • Grenada is an attractive place to live, work, study and retire.
  • Tropical climate, high quality real estate, quality healthcare.
  • Stable economic and political environment.

Due diligence and approval rate

The Grenada Citizenship by Investment Unit conducts rigorous due diligence and background checks on all applicants to maintain the reputation of the program.

Applicants must provide police clearance from any place they have lived for more than 6 months in the last 10 years. All funds must be verified as coming from legitimate sources. Previous visa denials, criminal allegations, or ties to dangerous organizations may be grounds for rejection.

Most applications are approved if due diligence reveals no cause for concern. The government aims to process applications within 60-90 days.

The extensive due diligence process ensures that only legitimate investors participate in the program. This adds credibility and helps attract continued foreign investment into Grenada’s economy.

Some key facts about the due diligence process

  • CBI Unit conducts extensive due diligence on all citizenship applicants.
  • Police clearances required from all countries lived in for the past 10 years.
  • Financial records scrutinized to ensure funds are from legitimate sources.
  • Process helps identify any ties to risky groups or activities.
  • Ensures program maintains high ethical and reputational standards.
  • Vetting process can take 2-3 months for each applicant.
  • CBI agents assist clients in gathering necessary documentation.
  • Strong due diligence lends credibility and attracts continued foreign investment.
  • High percentage of applicants approved after successful due diligence.
  • Stable political climate with democratic elections held every 5 years.
  • Economic growth rate averaging over 5% annually from 2013-2017.
  • Currency is the East Caribbean Dollar (XCD) pegged to the US Dollar.

Authorized Agents Investors must use authorized agents registered with Grenada’s Citizenship by Investment Unit to submit applications. The agents will advise and guide clients through the process from start to finish. Using an authorized agent ensures a smoother application process.

Authorized CBI Agents

  • Go through a licensing process to be approved by the CBI Unit.
  • Must renew license annually and comply with regulations.
  • Provide advisory services to investors interested in Grenada CBI.
  • Assist in determining the best investment route for the applicant’s situation.
  • Assist in the preparation and submission of all documentation.
  • Serve as a liaison communicating with the government on behalf of the client.
  • Handle process end-to-end, allowing applicant to remain hands-off.
  • Make the process as smooth and efficient as possible for the applicant.
  • Charge professional fees for their services.

Costs and Professional Fees Agents typically charge approximately $35,000 – $55,000 for a single applicant. This covers their legal and professional services related to the application, including:

  • Initial consultation
  • Advice on the selection of an investment option
  • Gathering and preparing documents
  • Submission of the application
  • Communication and follow-up with the government
  • Status updates throughout the process

Agents may also assist with services such as background reports, document legalization, and real estate consulting if that investment route is chosen.

Inclusion of a spouse or dependents will increase the total fees. Passport renewals every 5 years also incur additional fees.

The breakdown of the professional fees:

  • $35,000 to $55,000 for a single applicant
  • Additional fee per dependent added to the application
  • Covers consultation, application preparation and submission, government liaison, renewals
  • May offer discounts for families applying together
  • Additional services such as document legalization or real estate consulting incur additional fees
  • Passport renewal every 5 years adds renewal service cost
  • Accept payment in installments or in full up front
  • Fees may be refunded, at least in part, if application is unsuccessful
Faq

Frequently Asked Questions

How much does it cost to become a Grenadian citizen?

The minimum investment is $150,000 for the National Transformation Fund option or $220,000 for approved real estate. Government fees and due diligence fees add approximately $15,000 or more per person. Authorized agent fees are also additional.

What are the requirements to become a citizen of Grenada?

You must be over 18 years of age, have a clean criminal record, provide proof of funds, pass due diligence, make the qualifying investment, provide various documents and pay all related fees.

How long does it take to become a Grenadian citizen?

The entire process takes approximately 3-6 months from start to finish. The application and approval process may take 3-4 months.

What are the benefits of Grenadian Citizenship?

Benefits include visa-free travel to over 150 countries, eligibility for a U.S. E-2 visa, no residency requirement, tax benefits, lifetime citizenship, and the ability to sponsor family members.

Is the Grenada Passport a Good Passport?

Yes, the Grenada passport is ranked 74th in the world and provides visa-free access to over 140 countries including the UK, EU, China and Russia.

Does Grenada allow dual citizenship?

Yes, Grenada allows dual citizenship so you can retain your current nationality.

Do I have to live in Grenada to become a citizen?

No, there are no residency requirements before or after obtaining Grenada citizenship through investment.

What documents do I need to apply for Grenada Citizenship?

Documents include your passport, birth certificate, police certificate, medical examination, proof of financial resources, application forms, photographs and other identification documents.

Can I include family members on my application?

Yes, you can include your spouse, dependent children, parents, grandparents and in some cases siblings.

Why choose Grenada for citizenship by investment?

Grenada offers political stability, tax benefits, visa-free travel, the ability to obtain a U.S. E-2 visa, a high standard of living, and natural beauty.

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