DUBAI 2 October 2017: The Citizenship by Investment Program in Grenada was introduced in August 2013, with the passage of the Citizenship by Investment Act by the Parliament (Act No. 15 of 2013).
Under the program, an applicant can obtain a Grenadian passport by making a minimum donation of US$200,000 to the National Transformation Fund (NTF), or alternatively, an investment of $350,000 in an approved real estate project, which must be held for at least three years.
Additional costs and government fees also apply, with the exact amount depending on the number of family members and the type of program in which the investment is made.
While no nationalities are excluded from applying under the program, the government of Grenada conducts vigorous due diligence checks on each individual, requiring full disclosure of source of funds, businesses, and criminal record checks.
Passport holders can benefit from visa-free travel to 124 countries, including the UK and countries within the Schengen area. Additionally, one of the key considerations for applicants is that Grenada is currently the only country with a Citizenship-by-Investment program (CIP) that holds an E-2 Investor Visa Treaty with the US.
The E-2 visa is a non-immigrant visa category that allows Grenadian nationals an opportunity to come to the United States to develop and direct the operations of an enterprise in which the applicant has invested or is in the process of investing a substantial amount of capital.
Grenada’s CIP is also the only investor migration program in the Caribbean that offers successful applicants visa–free access to China.
The flexibility of the program makes it a potentially attractive route for individuals with international business interests, who wish to benefit from the visa-free regime without having to commit to residency requirements.
How To Do It
Process of obtaining citizenship of Grenada through investment in the NTF
1. The investor signs a retainer agreement with an authorised agent, submits relevant documentation, and transfers fees to a designated account.
2. The application is submitted to the CBI committee with the proof of funds transferred.
3. The due diligence process starts and usually takes 60 days.
4. Once due diligence checks are finished, the approval from the CBI committee is received.
5. The committee procures the Certificate of Citizenship and a passport(s) and passes it to the local agent.
The documents are sent to the investor with a reputable courier service.
Process of obtaining citizenship of Grenada through real estate investment
1. Enter into investment agreement with the approved real estate developer.
2. Transfer full investment and associated fees to escrow account controlled by an on-island attorney.
3. Submit application and required documents (birth, marriage, military certificates, etc).
4. Receive government approval followed by the issue of CBI naturalization certificate.
5. Passport application is submitted and the passport distributed.
The granting of citizenship is at the sole discretion of the government. There is no guarantee that the applicant will be approved.
Note: Article contributed by global immigration specialists Fragomen.