A Complete Guide To Grenada Citizenship-by-Investment
Grenada citizenship-by-investment (CBI) allows people of good character and their family members to become citizens in return for participating in the country’s prosperity. Grenada’s citizenship program allows qualified investors to obtain a second passport and, as a result, call this lovely island nation home. Grenada is an ideal country to visit if you want to travel without a visa to more than 140 countries.
Citizenship-by-investment initiatives give people the unique opportunity to become citizens of a country through investing in it, generally through real estate or government donations. Grenada’s citizenship-by-investment program is simple to apply for. Grenada enjoys unspoiled environments, a warm climate and iconic reputation as the Caribbean’s “Spice Island.” A Grenada passport can be obtained through an authorized real estate purchase or a contribution to Grenada’s National Transformation Fund.
Table Of Contents
Benefits of Grenada Citizenship-by-Investment Program
There are several benefits to obtaining citizenship-by-investment in Grenada. Grenada citizenship benefits range from having access to its thriving trade and bustling tourism industry to its idyllic beaches and laid-back lifestyle. Here is the list of benefits:
- One of the quickest processing times from the time the application is sent. Your application could be processed in as little as 60 days.
- Spouses, dependent children under the age of 29, dependent parents or grandparents, and siblings are all eligible to apply for a passport and citizenship.
- The nation of Grenada recognizes dual citizenship. On the island, you have the right to live, research and work. The advantages of a Grenada passport could be passed on to future generations.
- Eligibility for an E-2 visa in the United States.
- You are not required to live in Grenada before, during or after the application process.
- There are no qualifications for an interview, education or management experience.
- Grenada has undeniable passport control. Visa-free travel is available to more than 140 nations, including the United Kingdom (for a six-month stay), Europe’s Schengen Area, China, Russia and others.
- There are no taxes on worldwide income, capital gains or inheritance.
Investment Requirements for Grenada’s Citizenship-By-Investment Program
A set of conditions must first be met in order to acquire Grenada citizenship through an investment.
- Applicant must be at least 18 years old.
- Have a good character.
- The applicant is in good health.
- Has no criminal history.
- Passes a thorough background investigation.
- Provides evidence of the funds’ origin. Legal funds are needed for the investment.
Inclusion of Dependents in Grenada Citizenship-by-Investment Program
A significant advantage of citizenship-by-investment is that it applies to the applicant’s family members, making them eligible for Grenada citizenship as well.
The following dependents are allowed:
- Children under the age of 18
- Children age 18 to 29 who are enrolled full-time in a post-secondary institution and are assisted by the main applicant or the main applicant’s spouse
- Physically or mentally ill children age 18 and up
- Parents or grandparents of the main applicant or partner if the main applicant is completely financially assisted
- Siblings of the main applicant or partner, biological or adopted, who are at least 18 years old, unmarried and do not have children
Investment Options in Grenada Citizenship-by-Investment Program
There are two investment options in this program.
National Transformation Fund
The National Transformation Fund (NTF) was founded in 2013 in conjunction with the citizenship-by-investment program to help Grenada’s economy grow while also ensuring the country’s stability, market diversity and prosperity. The main applicant must give the NTF a minimum of $150,000, or $200,000, for a family of up to four members. For each additional dependent, an additional donation of $25,000 is needed. The fees for the National Transformation Fund are described in the table below.
Pre-Approved Real Estate Investment
Applicants who wish to pursue Grenada citizenship and invest in real estate in the Caribbean island have two options:
Option 1: Make a separate investment in pre-approved real estate worth at least USD$350,000.
Option 2: A joint investment in pre-approved tourism accommodation worth a minimum of $220,000 per investor (for a total investment of $440,000).
Condition of investment: If the buyer wants to become a Grenada economic citizen, the investment must be kept for at least five years.
Application Fees For Grenada Citizenship-by-Investment Program
The government fees for the real estate application are as follows:
- Single applicant: USD$50,000
- Main applicant and up to three family members: $50,000
- If there are more than three family members: $25,000 for each additional family member
- Parent or grandparent under the age of 55: $50,000 per person
- Siblings: $75,000 per person
Application Fees For Both Investment Options: Due-Diligence Fees
- Main applicant: $5,000
- Spouse: $5,000
- Family member 16 years old or younger: $5,000
- Family member between 17 to 29 years old: $5,000 per person
- Family member 55 years old and older: $5,000 per person
- Main applicant: $1,500
- Spouse: $1,500
- Family member 16 years old or younger: $500
- Family member between 17 to 29 years old: $1,500 per person
- Family member 55 years old and older: $1,500 per person
Tax Implications For Grenada Citizenship-by-Investment Program
Grenada’s residents and citizens enjoy relatively low tax rates. There are no capital gains, inheritance taxes, income taxes or wealth taxes on worldwide income or properties.
It’s worth noting that there are specific local tax implications, however.
For locally produced revenue, there is an individual annual income tax rate. The first XCD$36,000 a year is tax-free, the next $24,000 is taxed at 10%, and the remainder is taxed at 28%.
For businesses, the flat tax rate is 30%. Payments sent to a non-resident for interest (except bank deposits), rent, lease rates, permits, dividends, management charges, commissions and fees are subject to a 15% withholding tax.
In Grenada, the VAT rate is 15% for hotel and villa accommodations and 10% for dive activities.
Citizens pay a 5% property transfer fee paid by the vendor or seller; approved projects may be subject to a lower rate.
Property tax, which is 0.2% of the market value of the residential property when it applies to land and 0.3% on the house, is one of Grenada’s annual taxes.
If gross receipts exceed $300,000, there is a 0.70% stamp tax on business receipts.
Application Processing Times for Grenada Citizenship-by-Investment
When an application is sent to the CBIC, the government carefully considers it. CBIC conducts rigorous due-diligence tests and will reject an application if the applicant makes a false statement or fails to provide any relevant details.
It usually takes 60 to 90 days for an application to be approved. The eligible investment must be made, and evidence of the respective investment must be provided once the application is accepted.
Citizenship papers are released, and a passport can be obtained following the investment.
How Can You Submit the Application For Grenada's Citizenship-by-Investment?
An authorized international marketing agent processes applications and communicates with an authorized local agent (who should not be contacted directly by applicants).
For more details about how we can assist you in your application, contact our experts at Global RCG.
Procedure to Apply for Grenada Citizenship-by-Investment
Follow these quick steps to apply for Grenadian citizenship through investment to obtain your second nationality.
1) With the assistance of a government-approved local agent, the authorized marketing agent can assist you in preparing documentation for submission to the CBIC.
2) Fill out all of the application forms and documentation that your certified marketing agent sends you. Ensure that all records are legalized in accordance with CBIC guidelines (more information on document requirements below).
3) Each application is evaluated by the government branch, which conducts due diligence and background checks on each applicant.
4) Your application should be accepted within 60 to 90 days of submission, and you will receive a letter with specific instructions on how to make your investment.
5) Decide whether you want to put your money into the NTF or real estate. Please submit proof of purchase and pay all Grenada CBI fees.
6) The CBIC issues the certificate of registration after obtaining proof of payment. The passport documents must then be sent to a local agent. After that, you will be given Grenada citizenship and will be able to obtain a Grenadian passport.
Required Documents for Grenada Citizenship-by-Investment Program
Important note: Only licensed authorized persons can handle citizenship applications. Authorized international marketing agents can provide you application forms.
Here is a list of documents required for this program:
- Client Facilitator Agreement
- Personal information – Form 1
- Biometrics – Fingerprints – Form 2 (only if a person older than 16)
- Particulars for the Office of Home Affairs – Form 3
- Medical – Form 4
Form 4 needs to be filled in by a registered medical practitioner no longer than six months before the application submission date. In addition, HIV tests also must be conducted no longer than three months before the application submission date.
- A proof of employment and source of funds – Form 5
- Document confirming your investment – Form 6
- Consent form from Thomson Reuters (applicants above the age of 16)
- In the case of a real estate option, purchase and sale documents in four copies. If opting for the NTF, escrow agreement and letter of engagement with a local agent
- Form for applying for a passport
- Oath of allegiance (required for each family member 18 years and older)
- Sworn affidavit confirming the identities of the parents
You can access agent application forms on Grenada’s government website.
General Civil Document Needed For The Application:
- Original or authorized copy of the birth certificate or an excerpt from the whole birth record (Two copies).
- If applicable, a certified copy of the evidence of name change
- Certified color copy of current passport(s) with name, photo, citizenship/nationality, date and place of issue, expiration date, passport number and issuing country
- Each applicant must submit 12 original passport-sized images taken within the last six months One photo must be approved by a lawyer on the back, with the lawyer’s signature and the words “I certify the true likeness of [applicant’s name].”
- Certificate of marriage or divorce (Two copies)
- Color copies of national identification cards and social security cards (required for each applicant)
- A permanent resident ID is required
- A copy of your military identification card (if applicable)
- Affidavit to children from a current or ex-spouse
- Aid affidavit for dependents
- Certificates and transcripts of education
Supporting Documents Required For This Program
- Original document proving the applicant’s current residence
- A valid copy of a contract, an original utility bill, a bank statement, or written confirmation from a bank verifying the applicant’s address are examples of acceptable documentation.
- Original professional reference letter
- Lawyer/notary certificate of practice (a copy of the lawyer’s or notary’s license certifying the documents)
Employment/Business Documents Required For This Program
- Original reference letter from the main applicant’s banker
- Personal bank statements for the last 12 months
- Police clearance (original)
- Letter of employment (original)
Translation of Documents
- Documents written in a language other than English must be accompanied by a professional translation into English only when the application is submitted. The translation must be completed and faithful to the original text by a translator who is a member of a professional order or is allowed to work professionally in this capacity. The original document’s text, seals and signatures must all be translated.
Certification of Documents
- When a document is required to be created in support of a citizenship-by-investment application, it must be accredited and authenticated in compliance with the jurisdiction laws from which it originates.
- The person certifying the document must include their full name in capital letters, the capacity they are operating, their residential or business address, phone number, and email address.
When a notary public certifies a document as a true copy of the original, it must be authenticated by one of the following:
1) In the case of a jurisdiction that is a party to the Hague Convention, an apostille in compliance with the terms of the Hague Convention abolishing the need for legislation for international public records.
2) In a territory that is not a party to the convention, validation of the notary public’s certificate by the relevant government department.
Frequently Asked Questions
How can you become a Grenada citizen by investment?
To become a Grenada citizen by investment, you must be in good health, have a good character, a clean police record, be at least 18 years old, and have a valid legal source of income. You must also donate money to the government’s National Transformation Fund or buy pre-approved real estate.
Which investment prospects exist in Grenada for investment immigration?
To be successful in your Grenada investment immigration application, you must either contribute USD$150,000 to the National Transformation Fund (single applicant) or invest in government-approved projects, such as villas and resorts, with a minimum investment of USD$400,000 for independent contributions, or USD$220,000 per investor in government-approved projects.
Is it possible for my family to apply for citizenship as well?
Yes, you may apply for Grenada citizenship with your wife or partner, dependent children and dependent parents. Fees for family members differ depending on how many relatives are included in a citizenship application.
Is dual citizenship permitted in Grenada?
Grenada does accept dual citizenship. The citizenship-by-investment program allows you and eligible family members to obtain a second passport.
Is it necessary for me to travel to Grenada as part of the application process?
It is not necessary to travel to Grenada before, during or after the application process.
What is the processing time for Grenada citizenship?
It usually takes 60 to 90 days from the time you apply for citizenship to be granted. After that, applying for a passport is a quick and straightforward process. Passports can be issued within days of receiving an application.
How long does a Grenadian passport last?
Grenadian passports have a five-year validity period and can be extended indefinitely after that.
Is it necessary for me to attend an interview in order to obtain Grenada citizenship by investment?
There is currently no provision for a mandatory interview for Grenada’s citizenship-by-investment program.