Popularly known as the Spice Island for its myriad locally grown spices, Grenada offers one of the most picturesque waterfronts in all the Caribbean. The sublime scenery is just one of the many reasons to visit the three beautiful main islands. Diving, sailing, excellent restaurants, fabulous beaches, and a calendar of unforgettable festivities have fortified Grenada’s status as the preferred destination of many high net worth investors.
Grenada recognizes dual citizenship, meaning investors can still benefit from their current passports. The Grenadian Citizenship by Investment Program offers the following prime benefits:
About the Program
The Grenada program is one of the newest citizenship investment programmes available to investors. Introduced in 2013 it offers a low cost entry for a second passport. Grenada is the only Caribbean programme with no country restrictions. All applicants are welcome but are subject to strict due diligence checks.
There are fees and taxes to pay in addition. Applicants must be of outstanding character, in good health, of high net worth and with no criminal record. There is no requirement to visit for an interview for the Grenada citizenship programme and in fact there is no need to travel to the country to complete the application.
There are no specific country restrictions with the Grenada programme (includes Iran, Iraq, Afghanistan, Syria). Children and dependents up to age 30 can be included (subject to restrictions) along with dependent parents over age 55 (if fully supported). There is no tax on worldwide income and processing of the application takes around 4 months. Government, Professional and Due Diligence fees apply
The Grenada Citizenship by Investment Program was launched in 2013 under the regulations of the Grenada Citizenship by Investment Act. Grenada’s pilot scheme allows qualified investors and their family members to apply for citizenship and benefit from visa-free travel.
In recent years’ tourism has become the leading sector for foreign direct investments in Grenada. Another service sector on the rise is the offshore financial industry, which together with strong performances in construction and manufacturing, have also contributed to growth in national output.
As part of its strategy to attract foreign direct investment, the Grenadian government is working closely with a select number of businesses related to tourism, agriculture and manufacturing. Through the implementation of the program, the government also hopes to create investment opportunities that will bring about sustainable employment.
To qualify for citizenship, applicants must fulfill one of the investment options below in addition to the following criteria:
With its economy shifting from agricultural-dominant to service-dominant, one of the most viable options for foreign nationals is investment in a per-approved real estate project.
Applicants may donate a minimum of US$150,000 to Grenada’s National Transformation Fund. The minimum amount covers the main applicant only. For a family of up-to four people, the requirement is set at US$200,000. An extra donation of US$25,000 is required for each additional dependent.
Note that where an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of USD 50,000 will be required to be made with the post approval contribution. Where an application includes an eligible sibling, an additional contribution of USD 75,000 will be required to be made with the post approval contribution.
Permanent Residency Certificates
The permanent residence status has been removed entirely from the citizenship by investment process. As a result, the government has ceased issuing PR cards and certificates. Updates for an alternative form of national ID will be communicated when received.
Caribbean, island between the Caribbean Sea and the North Atlantic Ocean, north of Trinidad and Tobago
344 sq. km.
0-14: 24.15%, 15-24: 15.55%, 25-54: 40.36%, 55-64: 10.10%, 65+: 9.84%
English (official), French patois
Roman Catholic: 44.6%, Protestant: 43.5% (includes Anglican: 11.5%, Pentecostal: 11.3%, Seventh Day Adventist: 10.5%, Baptist: 2.9%, Church of God: 2.6%, Methodist: 1.8%, Evangelical: 1.6%, Other: 1.3%), Jehovah’s Witness: 1.1%, Rastafarian: 1.1%, Other: 6.2%, None: 3.6%
Parliamentary democracy (Parliament) and Commonwealth realm
East Caribbean dollars (XCD), tied to USD
1 USD = 2.7 XCD