Apr 2, 2019
Grenada Citizenship by Investment Programme Opens New Tourism Pricing Reduction
Benjamin S. Green and Matthew Galati
Grenada’s Citizenship by Investment Programme makes it possible for those who invest in Grenada’s economy or real estate development to gain citizenship, and the associated benefits that come with it such as a relatively powerful passport and the potential E-2 visa availability. Now, the ability for certain investors to realize this potential opportunity will be less expensive.
In March, the Grenadian Parliament approved amendments to the Act, to offer what it considers to be a more attractive range of benefits to investors, while simultaneously spurring government priorities. We consider this to be a win/win dynamic that will likely spark more interest from investors.
Of particular note, the regulation amendment permits a new pricing option for investments in qualified Approved Projects in the Tourism Accommodation sector. Conventionally, Grenada has offered three options under its Citizenship by Investment Programme:
- The first option is to make a contribution to the country’s “National Transformation Fund” or “NTF.” This option requires a one-time payment of $200,000 (for a family of 4 applicants) or $150,000 (for an individual applicant). The payment is only made upon approval of the application, however applicants receive no return on this investment.
- The second option requires making an investment of at least $350,000 in a pre-approved real estate project.
- The third option is to make a “significant investment,” that is of considerable benefit to the Grenadian economy and will also help to create or continue employment opportunities for local citizens. This option is relatively less common.
This new option could be considered a hybrid of #1 and #2, above. Under the new price option, certain Approved Projects in the Tourism Accommodation sector may offer investors a new, less expensive, qualifying investment option. Applicants investing in the Tourism Accommodation sector can co-own a single unit with at least one additional applicant. Each of the main applicants must pay a minimum price of $220,000 USD, plus the government contribution fee of at least $50,000 USD.
The relevant government announcements are attached to this blog. 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