Apr 2, 2019
2018: A Record Year for Grenada Citizenship by Investment
Grenada’s Citizenship by Investment Programme allows individuals and their families to obtain citizenship or permanent residence for the island country through making investments in the local economy. Investors dismayed by longer wait times or onerous financial commitments in other countries have increasingly looked to Grenada as a viable option for them and their families. And, of course, Grenadian citizenship may also allow one to qualify for an E-2 visa.
Since it’s founding, the program has grown tremendously in scale, reaching unprecedented levels in popularity in both investors and funds raised for the country in 2018. Recently published figures reveal the Grenada Citizenship by Investment Programme granted 851 passports in 2018, a 21% increase on the year before, and raised EC$ 147 million (US$ 54 million) in income, a 25.8% improvement.
Clearly, word is getting out about the significant advantages that Grenadian citizenship offers investors. Both in terms of the benefits that the citizenship itself provides, such as access to universal healthcare and reputable universities, as well as the access to different visa opportunities in countries worldwide. Understanding this strong trend, our office has made a concerted effort to connect with local experts and government officials in order to provide our clientele with expertise and leadership on how to navigate the program.
Since the program’s relaunch in 2014, a total of 2,080 individuals have obtained Grenadian citizenship by virtue of their participation in the program. During the same period, main applicants filed 875 applications, of which the Grenada authorities approved 615 and rejected 57 (an overall rejection rate of 8.4%), indicating that a further 203 applications still await adjudication.
Investment type preferences have remained virtually unchanged for the last two years; 34% of applicants opted for the program’s approved project option (36% did so in 2017), while 66% elected the transformation fund option (64% the year prior). A new, somewhat hybrid option, was recently made available.
To find out more about the Citizenship by Investment Program in Grenada, its benefits, and to assess your qualifications, please contact us to arrange a consultation.