Known as the “Island of Spice,” Grenada is an independent Commonwealth state in the Eastern Caribbean. The island is home to dramatic scenery, including tropical rain forests, coral reefs, and waterfalls. Indeed as it has not historically been a tourist haven, most of the natural beauty is left unspoiled and in the same state for millennia.
For its non-resident citizens, Grenada is a tax friendly jurisdiction with no personal income tax for non-residents or tax on worldwide income. The island is a safe haven for those seeking a secure and stable second home nation. Grenada provides the opportunity for investors to acquire citizenship without extensive residency requirements, unlike many other countries.
Grenada established its citizenship by investment program in 2013. It is governed by a governmental body known as the Grenada Citizenship by Investment Committee (CBIC), responsible for overseeing the processing of applications for citizenship. Following the CBIC’s recommendation, the country’s Prime Minister holds ultimate authority to approve, deny, or delay the citizenship application.
Many are attracted to the Grenada passport because it is the only country in the world that offers citizenship by investment and also holds an E-2 treaty with the United States. Independent of this unique benefit, Grenada citizens also enjoy visa free visitor travel to over 90 countries, including P.R. China, Brazil, the United Kingdom, and the Schengen region.
Foreign nationals including their spouse, dependent children, and parents can obtain citizenship via one application. Investors and family members are subject to strict application procedures, including thorough background checks. There are no specific requirements pertaining to business experience. Further, there is no residency requirement whatsoever before, during, or after the application process, making this an ideal option for those who seek a second passport to utilize only if plans change.
To qualify for citizenship, the applicant must meet the application requirements and select one of the following two investment options:
- Make a monetary contribution of US$200,000 to the National Transformation Fund; or
- Invest a minimum US$350,000 in a pre-approved real estate project and sustain the investment for at least three years following the grant of citizenship.
To find out more about the Citizenship by Investment Program in Grenada and to assess your qualifications, please contact us to arrange a consultation.