Grenada, located in the faraway southern region of the Caribbean is famously described as “the Spice isle” for being the largest producer of some of the exotic spices such as nutmeg, vanilla, cocoa, cloves and cinnamon. Comprising of two other tiny islands of Petite Martinique and Carriacou, Grenada is well known for its sandy beaches, lush volcanic mountains, waterfalls, rainforests and vibrant villages by the seaside. In addition to the above natural attractions, sailing, diving, multi-cuisine restaurants and memorable festivities celebrated with fervor all round the year has made this nation the most sought after destination for innumerable high net value investors.
Advantages of applying for citizenship in Grenada through investment programs
Who can qualify under the Grenada Citizenship by Investment Program?
The government of Grenada re-launched the investment program for citizenship in the year 2013 regulated by the Grenada Citizenship by Investment Act. Since tourism, agriculture, manufacturing and offshore financial sectors are showing promising results as economy boosters, the government of Grenada is encouraging direct foreign investments in the above mentioned fields. It also aims to provide sustainable employment opportunities for Grenadian nationals.
In order to get qualified, applicants need to satisfy the below mentioned criteria apart from making investment.
Available Investment choices
Applicant can contribute to the NTF (National Transformation Fund) by remitting a non-refundable amount of 200,000 USD. However, the amount can differ based on the total number of citizenship applicants. Under normal circumstances, a family consisting of four members including the main applicant, spouse and two dependents aged below 26 has to contribute a minimum of 200,000 USD and have to pay an extra of 25,000 USD as government fees for every extra family member below 26 yrs of age.
Applicants can Invest 275,000 USD in GSA or Grenada Sustainable Aquaculture which would be returned after a lock-in period of 5 yrs by the developer as Buy Back. It is guaranteed by the concerned international insurance company from which the investor has bought the insurance policy, directly. After the third year, the investor can choose to receive a minimum of 6% as dividends or can sell this Buy Back option to any other applicant and can retain his/her second passport.
According to the legislation pertaining to Grenada’s citizenship, the applicant needs to invest a minimum of 350,000 USD in real estate and also pay the applicable government fees. After 3 yrs, the investor can choose to sell the invested property to another applicant, making the purchaser also eligible for citizenship.
Timeframe for processing the application
First and Second month:
The customer is required to sign the second citizen retainer agreement and has to make the retainer invoice payment. Once the file is prepared for submission, government processing fees, citizenship application fees, passport fees and due diligence has to be paid. The customer is expected to pay the submission invoice of second citizen professional fees.
The results of Due Diligence are kept ready and issuance of citizenship approval takes place.
If the applicant opts for Real Estate, GSA or Donation options, the applicable amount has to be remitted into Grenada’s Escrow Account.
The customer is expected to pay the professional fees of second citizen towards approval invoice.
Issuance of citizenship certificates takes place and second citizen receives the passports which are delivered to the customers in their respective home countries.