Grenada is a beautiful island country in the Caribbean. Grenada’s citizenship by investment program allows investors and their families to obtain Grenada passports. Through substantial investments or donations, individuals around the world can receive the privilege to hold a powerful second passport.
Interested individuals may choose real estate investments or government donations in their application method. Grenada’s citizenship by investment program offers a simple application process. After this straightforward route, applicants enjoy the perks of being a citizen of the Spice Island.
How to Become a Citizen of Grenada
The Grenada Citizenship by Investment Program provides applicants with a straightforward process. To take advantage of the program, the applicants should select an authorized agent to help with the application process. Although the route is relatively straightforward, the paperwork might get confusing.
After choosing an agent, the applicants must fill and submit all the necessary documents. The documents must follow CBIC’s (Citizenship by Investment Committee) standards.
Then, the submitted documents are assessed by the CBIC. If the application is approved, the applicants choose their investment route at this stage.
After the investment is completed and the paperwork is done, the applicants may enjoy being a Grenada citizen.
What are the Investment Opportunities in Grenada?
Investors interested in Grenada citizenship have two options. They may choose either to invest in Grenada real estate or donate to the National Transformation Fund.
National Transformation Fund
Grenada’s citizenship by investment program was initiated in 2013. Together with it, the National Transformation Fund was established. The Fund aims to support Grenada’s economy and increase its resilience. To benefit from this option, investors must donate a minimum of $150,000. For family applications, investors must donate $200,000 for up to four members.
Real Estate Investment
For individuals, the minimum investment requirement for the real estate option is $350,000. If the applicants choose to make a joint investment, the requirement goes up to $440,000. Thus, if the investment is joint, each individual must invest at least $220,000. Also, to become a citizen, the real estate investment must be held for at least five years.
How Long Does It Take to Become a Citizen of Grenada?
First, the applicants must choose an agent and decide on their investments. After the initial application, the CBIC assesses the submitted information which takes two to three months. When the application is approved, the investor must fulfill the investment and provide proof. In total, the process takes around five months.
Does Grenada Allow Dual Citizenship?
Yes, investors may enjoy having dual citizenship with Grenada. The Caribbean country allows dual citizenship. The applicants and their dependents can obtain Grenada citizenship as a second passport. However, to do so, the country of origin must also allow dual citizenship. It is best to confirm this beforehand.
What are the Tax Considerations that Must be Taken into Account?
Grenada imposes no capital gains, inheritance, income, or wealth taxes on worldwide income or assets. Yet, there is some taxation information that must be considered.
For instance, Grenada imposes taxes on local income. The first XCD 36,000 is exempt from this tax. The next XCD 24,000 is subject to a tax rate of 10%. Anything above XCD 60,000 is taxed at 28%.
The companies in Grenada are also subject to a flat tax rate of 30%.
Hotel and villas are subject to 10%, and other accommodation is subject to 15% VAT in Grenada.
Citizens pay around 5% as a property transfer tax. There are also annual taxes that equal 0.2% of the value of the real estate.
Finally, if the total amount is over XCD 300,000; there is a 0.7% stamp tax on business receipts.
Which Family Members are Eligible as Dependents?
Grenada’s citizenship by investment program allows including dependents into the application. The eligible family members are the applicants’ spouse, dependent children, and dependent parents. There may be additional fees for dependents following the chosen route.
Is Physical Presence a Requirement for Application?
No, it is not. The applicants do not have to be physically present at any stage of the application.
To How Many Countries Does Grenada Passport Grant Visa-Free Travel?
According to the current passport index of Henley & Partners, Grenada has the 35th strongest passport in the world. The strength of a passport is determined using several criteria. The most important one of these criteria is the travel advantages. Grenada passport allows visa-free travel to 143 countries. These countries include giant business hubs like China and the UK.
The Cost of Living in Grenada
The beautiful island country of the Caribbean has a relatively low cost of living. Not only compared to the USA or the UK, but Grenada is also cheaper than in other Caribbean countries. Education and real estate have especially highly advantageous prices. The country also has top-quality healthcare. Shopping from the local market and using public transportation are also considerably cheap.