If you’re interested in becoming a citizen of Grenada via Grenada citizenship by investment, you might be wondering: which opportunities exist to become a citizen by investment? Grenada has many programs that make it easy for wealthy foreigners to become citizens by investing in the country. This citizenship by investment program provides wealthy investors with a chance to become citizens in exchange for financial investment. For example, you could become a citizen of Grenada through one of its citizenship by investment programs. This article will explore the options for becoming a citizen of Grenada, so check back for updates as we learn more!
A Complete Guide to Grenada citizenship by investment
Grenada citizenship by investment entitles individuals of good character and their family members to citizenship to contribute to the country’s growth. Grenada’s citizenship scheme enables eligible investors to get a second passport and permanently reside in this charming island country. In addition, Grenada is a great place to visit if you want to travel to more than 140 countries without obtaining a visa.
Grenada citizenship by investmentprovide individuals with a chance to become citizens of a country by investing in it, often via real estate or government contributions. The application process for Grenada’s citizenship-by-investment program is straightforward. Grenada benefits from pristine natural landscapes, a tropical temperature, and an enviable reputation as “Spice Island.” Grenada passport may be acquired by purchasing permitted real estate or a gift to Grenada’s National Transformation Fund.
Benefits of Grenada citizenship by investment
There are various advantages to getting citizenship in Grenada via investing. The perks of Grenada citizenship vary from access to the country’s booming commerce and busy tourist sector to its exquisite beaches and laid-back lifestyle. The following is a list of advantages:
- The application has one of the shortest processing timeframes from the moment the application is submitted. Your application may be completed in as little as 60 days.
- Passports and citizenship are available to spouses, dependent children under the age of 29, dependent parents or grandparents, and siblings.
- Grenada is a dual citizenship country. You have the right to reside, research, and work on the island. Future generations may benefit from the benefits of a Grenada passport.
- Eligibility for a US E-2 visa.
- You don’t need to reside in Grenada before, during, or after the application procedure.
- No interview, education, or management experience is required.
- Grenada, without a doubt, has a passport control system. Visa-free travel is accessible to over 140 countries, including the United Kingdom (for a six-month stay), the Schengen Area of Europe, China, and Russia.
- Worldwide, there are no taxes on income, capital gains, or inheritance.
Investment Requirements for Grenada’s Citizenship-By-Investment Program
To get Grenada citizenship by investment, several prerequisites must first be satisfied.
- The applicant must be at least eighteen years of age.
- Possess an excellent character.
- The candidate is in excellent physical condition.
- Has no prior criminal record.
- Completes a comprehensive background inquiry.
- Provides proof of the origin of the money. The investment requires legal finances.
Inclusion of Dependents in Grenada Citizenship-by-Investment Program
A key benefit of citizenship-by-investment is that it extends to the applicant’s family members, making them eligible for Grenada citizenship.
The following dependents are allowed:
- Children between the ages of 18 and 29 who are enrolled full-time at a post-secondary institution and who get assistance from the principal applicant or the principal applicant’s spouse
- Children aged 18 and above who are physically or psychologically sick
- Parents, grandparents, or partner of the primary applicant, if the primary candidate is entirely financially aided
- Siblings, biological or adoptive, of the primary applicant or partner who are at least 18 years old, single, and do not have children
Investment Options in Grenada Citizenship-by-Investment Program
This program offers two investing possibilities.
National Transformation Fund
The National Transformation Fund (NTF) was established in 2013 in connection with the citizenship-by-investment program. The primary applicant must contribute at least $150,000 to the NTF, or $200,000 for a household of four members. In addition, a gift of $25,000 is required for each extra dependant. The National Transformation Fund’s fees are shown in the table below.
Pre-Approved Real Estate Investment
Applicants seeking citizenship in Grenada and investing in real estate on the Caribbean island have two options:
Option 1:Make a separate investment of at least USD$350,000 in pre-approved real estate.
Option 2: A combined investment of at least $220,000 per investor in pre-approved tourist accommodation (for a total investment of $440,000).
Condition of investment: If the purchaser wishes to become a Grenada economic citizen, the purchaser must maintain the investment for five years.
Application Fees For Grenada Citizenship-by-Investment Program
The government charges the following fees for real estate applications:
- USD$50,000 for a single candidate
- $50,000 for the principal candidate and up to three family members
- If there are more than three family members, the extra family member is $25,000
- $50,000 per parent or grandparent under the age of 55
- Siblings: $75,000 per individual
Both Investment Options: Application Fees: Payouts for Due Diligence
- $5,000 for the principal applicant
- $5,000 for the spouse
- $5,000 for a family member who is 16 years old or younger.
- Between the ages of 17 and 29, a family member: $5,000 per person
- Individuals 55 years of age and older: $5,000 per person
- $1,500 for the principal applicant
- $1,500 for a spouse
- $500 for a family member who is 16 years old or younger.
- Individuals between the ages of 17 and 29: $1,500 per person
- Individuals 55 years of age and older: $1,500 per person
Tax Implications For Grenada Citizenship-by-Investment Program
Residents and citizens of Grenada pay comparatively minimal taxes. There are no capital gains, inheritance taxes, income taxes, or wealth taxes on international income or property.
It’s worth mentioning, however, that there are unique local tax ramifications.
There is an annual income tax rate on locally generated money. The first XCD$36,000 each year is tax-free, the following $24,000 is taxed at 10%, and the remaining $24,000 is taxed at 28%.
The flat tax rate for enterprises is 30%. Interest (save on bank deposits), rent, lease rates, licenses, dividends, management charges, commissions, and fees paid to a non-resident are subject to a 15% withholding tax.
VAT is 15% on hotel and villa stays and 10% on diving activities in Grenada.
Citizens pay a 5% property transfer tax; authorized projects may be subject to a reduced rate.
Property tax, which is calculated at 0.2 percent of the market value of a residential property when applied to land and 0.3 percent when applied to houses, is one of Grenada’s yearly taxes.
If gross revenues surpass $300,000, business receipts are subject to a 0.70 percent stamp tax.
Application Processing Times for Grenada Citizenship-by-Investment
Grenada’s Citizenship by Investment Committee (CBIC) analyses applications processed in partnership with local agents by registered international marketing agents.
When a government agency receives an application to the CBIC, it is carefully considered. CBIC undertakes thorough due diligence checks and will reject an application if the applicant makes a false statement or fails to supply any required information.
An application is typically granted within 60 to 90 days. Once the application is approved, the eligible investment must be made, and the investment documentation must be produced.
Following the investment, citizenship documents are issued, and a passport may be acquired.
Grenada Citizenship-by-Investment Application: How Do You Do It??
A licensed international marketing agent prepares applications and interacts with a licensed domestic marketing agent (who should not be contacted directly by applicants).
Contact our specialists at Global RCG for further information on how we can help you with your application.
Procedure to Apply for Grenada Citizenship-by-Investment
Apply for Grenadian citizenship via investing in the following simple procedures to gain your second nationality.
1) The authorized marketing agency may help you draft papers for submission to the CBIC with the aid of a government-approved local agent.
2) Complete all application forms and documents your licensed marketing agency sends to you. Ascertain that all records are legalized correctly in compliance with CBIC regulations (more information on document requirements below).
3) The government branch evaluates each application and does due diligence and background checks on each candidate.
4) Within 60 to 90 days of submission, your application should be approved, and you will get a letter with explicit information on how to make your investment.
5) Decide whether to invest in the NTF or real estate. Kindly produce a copy of your purchase receipt and pay any Grenada CBI costs.
6) After receiving evidence of payment, the CBIC gives the registration certificate. After that, the passport paperwork must be delivered to a local agent. Following that, you will be granted citizenship of Grenada and will be eligible to receive a Grenadian passport.
Required Documents for Grenada Citizenship-by-Investment Program
Important note: Only licensed and authorized individuals can process citizenship applications. International marketing agencies with authorization may offer you application forms.
The following is a list of the documents that are necessary for this program:
- First, the client and Facilitator must agree on a plan of action.
- Biometrics – Fingerprints – Form 2 Personal information – Form 1 (only if a person older than 16)
- Form 3 Medical – Form 4 Particulars for the Office of Home Affairs
A registered medical practitioner must complete Form 4 no later than six months before the application submission date. HIV testing must be completed no more than three months before the application deadline.
- Form 5 – a declaration of employment and financial resources
- Confirmation of your investment – Form 6
- Thomson Reuters consent form (applicants above the age of 16)
- In the event of a real estate option, four copies of the purchase and selling paperwork. If you choose the NTF, you must execute an escrow agreement and a letter of engagement with a local agent.
- Passport application form
- Allegiance oath (required for each family member 18 years and older)
- An affidavit is sworn to attest to the parents’ identities
Agent application forms are available on Grenada’s government website.
General Civil Document Needed For The Application:
- The original or a certified copy of the birth certificate or a portion of the complete birth record (Two copies).
- If appropriate, a certified copy of the name change documentation.
- Certified color copy of current passport(s) with the following information: name, picture, citizenship/nationality, date and place of issuance, expiry date, passport number, and issuing country.
- Each candidate must provide twelve original passport-sized photographs taken within the last six months. A lawyer’s signature and the phrase “I confirm the genuine likeness of [applicant’s name]” must be included on the back of one photograph.
- Marriage or divorce certificate (Two copies)
- Copies in full color of national identification and social security cards (required for each applicant)
- A permanent resident identification card is necessary.
- A duplicate of your military id card (if applicable)
- Affidavit from a current or former spouse to the children
- Affidavit of assistance for dependents
- Education certificates and transcripts
Supporting Documents Required For This Program
- Original documentation establishing the applicant’s present address
- Proper paperwork includes a legitimate copy of a contract, an original utility bill, a bank statement, or written confirmation from a bank establishing the applicant’s residence.
- Original reference letter from a professional
- Certification of practice by a lawyer or notary public (a copy of the lawyer’s or notary’s license certifying the papers)
Employment/Business Documents Required For This Program
- Original paperwork attesting to the applicant’s current residence
- Acceptable documentation includes a genuine copy of a contract, an original utility bill, a bank statement, or written confirmation from a bank confirming the applicant’s residence.
- Original letter of recommendation from a professional
- Certification of practice by a lawyer or notary public (a copy of the lawyer’s or notary’s license attesting to the authenticity of the documents)
Translation of Documents
- When applying, documents written in a language other than English must be supported by a competent translation into English. The translation must be finished and accurate to the original text by a translator who is a member of a professional organization or is permitted to act in this capacity professionally. In addition, the text, seals, and signatures of the original document must all be translated.
Certification of Documents
- When a document is necessary to be prepared in support of a citizenship-by-investment application, it must be accredited and authenticated by the applicable jurisdiction’s regulations.
- The signatory must provide their full name in capital letters, the capacity they are acting, their residence or business address, phone number, and email address.
When a notary public authenticates a document as a genuine copy of the original, it must be one of the following:
1)In the event of a jurisdiction that is a party to the Hague Convention, an apostille by the Hague Convention’s requirements obviates the need for international public records law.
2) Validation of the notary public’s certificate by the competent government agency in a territory not a party to the convention.