03 Aug Why Application Volume for Grenada’s Citizenship Program Has Grown 6 Years in a Row
The Island of Grenada is the southernmost island of the Grenadines islands, lying in the eastern Caribbean Sea about 100 miles (160 km) north of the coast of Venezuela. The island is commonly known as Spice Island for its production of nutmeg and mace crops.
With over forty white and pristine beaches, including the world-famous Grand Anse Beach, fifteen breath-taking waterfalls, five chocolate factories, three rum distilleries, and more than thirty unforgettable dive sites, Grenada is among the most popular tourist destinations for frequent international travelers.
In more recent times, the country has benefited from its citizenship by investment program , by which the Southern Antilles island nation attracts high net worth individuals to contribute to the National Transformation Fund or to invest in property and, in return, be awarded Grenadian citizenship.
Twenty-Five Years of Citizenship by Investment
Grenada’s citizenship by investment program was launched twenty-five years ago, in 1997. The program is the third-oldest in the Caribbean after St. Kitts and Nevis (1984) and Dominica (1993). The citizenship program is among the best-performing of its kind in terms of application volume, primarily thanks to its benefits and close links to world leaders, such as the US and the UK. Grenadian citizens, moreover, are eligible for the E-2 investor visa in the US, which allows Grenadians to run a business and reside in the US.
Grenada has among the world’s most efficient application processing track records; applicants typically get their new passports within six months and often sooner. Investing in government-approved real estate or donating through the National Transformation Fund (NTF) are both valid options. Contributions to the NTF, along with government fees, provided a combined US$45 million in unencumbered revenues for the people of Grenada in 2021 alone.
To qualify, applicants follow a straightforward process, which – along with the E-2 visa option – makes the Grenadian citizenship by investment program an attractive solution for investors worldwide. The base cost for citizenship is US$150,000 for a single applicant, while the cost for a family of four starts at US$220,000.
Donation – National Transformation Fund (NTF)
- $150,000 for a single applicant.
- $200,000 for the primary applicant and three dependents.
- $25,000 for additional children under thirty and dependent parents aged sixty-five and older.
- $50,000 for dependent parents under sixty-five years old.
Real Estate Investment:
- $220,000 investment for a primary applicant and three dependents in a government-approved timeshare unit under Section 11.
- $350,000 investment into real estate for a primary applicant and up to three dependents.
- $50,000 government contribution for the primary applicant and three dependents.
- $25,000 government contribution for additional dependents, or $50,000 for dependent parents under sixty-five.
The real estate market has enjoyed positive growth in recent years, further bolstering demand for property investment relative to the donation route to qualification. Citizenship applicants must hold the property for a minimum of five years to maintain citizenship, after which period the investor may sell the real estate.
Processing and Due Diligence Fees:
Applicants must pay processing and due diligence fees for their initial investment. The costs include:
- €1,500 processing fee for persons over eighteen years of age and $500 for those under eighteen.
- $5,000 for due diligence fee for anyone over sixteen years of age.
Global Citizens Benefit from Visa-Free Travel
Grenada is one of only a few countries whose citizens enjoy visa-free travel to the UK, Europe’s Schengen area, China and Russia. In total, the Grenadian passport has visa-free access to over 144 countries and territories, ranking it in the top thirty-five passports globally.
Grenadian citizens additionally obtain the rights of citizens in countries belonging to the Organisation of Eastern Caribbean States (OECS), gaining employment and education permits in other OECS Economic Union countries. There is considerable upside to doing business within the OECS, with free trade, tax benefits, and a mutual business understanding to grow the region considerably.
Pathway to Residency in the United States of America
Perhaps the most attractive feature of Grenada is its investment treaty with the United States and the attendant E-2 visa. The E-2 investor visa is open to citizens of countries that have entered into bilateral investment agreements with the US (such as Grenada). The only other available investment visa in the US is the EB-5, which has a minimum investment requirement of $800,000.
The investment to apply for the E-2 visa generally starts with the investor needing to invest at least $100,000. However, the most critical aspect will be whether the business will lead to the employment of ten permanent jobs and be profitable.
The combination of citizenship in Grenada and investing in the E-2 visa would save an investor hundreds of thousands of dollars compared to using the EB-5 investor visa route to the US.
The primary applicant may include a spouse and any children under 21 years of age. A discount applies to children of the principal applicant going to in-state universities. The primary applicant’s spouse can work anywhere in the United States under the E-2 visa.
Grenada, the Program of Choice for UAE residents
Residents in the UAE are consistent clients of the Grenadan program. UAE residents enjoy zero income tax, and the majority will never be able to obtain UAE citizenship. The pathway to second citizenship in Grenada seems to be top of mind for residents working in the UAE. It further provides the opportunity to reach the US through the E-2 investor visa.