Grenada and Turkey: 2 powerful second passports you can invest in.
Do you find yourself looking overseas for a new place to call home? Well, in today’s article we’ll explore 2 countries offering...
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Grenada
Overview
Grenada is situated in the West Indies in the Caribbean, making the island nation set in an idyllic location and therefore popular for both tourists and expats from across the world.
Geographically speaking, Grenada is not far from the Venezuelan coast, making the proximity with Latin America an important link economically, providing opportunity for future market injection as the region sees development in different sectors, such as technology.
Not only this, but also being close to the North American continent and with reliable air links to Europe, Grenada is located very handily for businesspeople and families looking to make the move abroad.
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Minimum investment of $150.000
Passport granted in 3 - 4 months
No physical residency required with an option to obtain Grenadian passport remotely
Visa-free access to 143 countries, including EU & UK
What makes Grenada different ?
A favorable tax environment
This opportunity allows the entrepreneur not to pay taxes for the Income that comes from outside the country.
Visa free access
This program allows you to travel throughout 144 countries, including the UK and EU.
No need to come to apply
There is also no physical presence requirement for the program, making your travel load lighter and in all facilitating an easier application process for you as the investor.
Short processing time
The process itself is not very long, and after you have been accepted and made the payment, the rest is mostly a waiting game as the other documents are processed by the necessary people in Grenada.
Great opportunity for real estate
With the real estate investment, after 5 years the sale of property will return a healthy profit.
Cheap investment
The investment amount to apply to this program is relatively low compared to other countries and therefore competitive.
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Investment options:
Contribution option:
• If you choose this option, to qualify for citizenship as a single applicant you will be required to make a government donation of $150,000.
Real Estate Option:
• One of the options available to applicants seeking to obtain citizenship by investment in Grenada is to invest in a Government-approved project. Currently, these projects encompass real estate developments such as hotels, villas, and resorts. Because of the growth of the tourism industry, there is rising demand for tourist housing facilities. Real estate developments are thus fantastic opportunities for investors looking for high returns. Applicants opting for the approved project (real estate) route must invest at least USD 220,000. They must keep the real estate for at least five (5) years following the grant of citizenship.
Steps to follow
Step 1 - Preliminary check:
Prepare documents, this includes completing official forms, attending a medical examination, obtaining supporting documents, and legalizing them. If the applicant intends to purchase real estate, a sale and purchase agreement must be arranged.
Step 2 - Prepare documents and seek assistance:
This includes completing official forms, attending a medical examination, obtaining supporting documents, and legalizing them. If the applicant intends to purchase real estate, a sale and purchase agreement must be arranged.
Step 3 - Submission of the application:
The Authorized Local Agent, holding a Local Agent's license, submits the completed application to the Executive Office of the CBIC. The Authorized Local Agent becomes responsible for communicating with the CBIC regarding the application.
Step 4 - Due diligence background check:
The government conducts a thorough due diligence background check on each application to verify the submitted information. The CBIC reviews the application files in light of the due diligence check and makes a recommendation to the Minister. The Minister ultimately makes the final decision on the application.
Step 5 - Decision notification:
The applicant is notified of the decision through the Authorized Local Agent. The letter from the Minister will detail whether the application was approved, delayed for further processing, or rejected.
Step 6 - Fulfilling financial obligations:
If the application is approved, the CBIC issues a letter instructing the applicant (through the Authorized Local Agent) to make the required contribution or complete the real estate purchase, depending on the chosen investment option. The applicant must provide proof of payment or completion.
Step 7 - Certificate of registration and passport application:
Upon receiving proof of payment or completion, the CBIC issues a certificate of registration, confirming the applicant's Grenadian citizenship. The Authorized Local Agent must use this certificate to apply for a Grenadian passport on behalf of the applicant.
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FAQ
How many years before I have to renew my Grenada passport by investment?
The Grenada passport by investment is valid for a period of 5 years, after which you will have to renew it at a $105 renewal fee. Legal Services, bank commission, and forwarding of documents are paid separately.
How much is the processing time?
3 - 4 months.
What documents are required?
• A completed application form with a photograph. • A copy of your passport. • Documents that prove your income is legal. For example a employment contract. • Certificates of no criminal records. • Health insurance policy. • Payment documents confirming the payment of state duties and fees. • Documents confirming the fulfillment of the investment conditions stipulated in the application.
Is dual citizenship accepted in Grenada?
Yes, Grenada does allow dual citizenship.
With what currency must the residency programs be paid?
This program should be paid in dollars.
How strong is the Grenada visa?
Visa-free or visa-on-arrival access to 146 destinations, including China, Hong Kong, Singapore, the UK, and Europe’s Schengen Area.
Can I bring my family in this experience?
Yes, this visa includes a spouse, children under 30, unmarried siblings aged 18 and over, parents, and grandparents of the main applicant.
Can citizenship be purchased with an investment in Real Estate?
Yes, there is a real estate option to get this citizenship.
In what cases can my application be rejected?
Most of the applications are authorized, however there are some reasons why you may have difficulty with this residency. Such us: • Having criminal records. • Lack of documentation. • Do not meet the minimum time in the country.
The main applicant must go to Grenada?
No. You won’t need to travel to Grenada before, during, or after the process. There is also no residency requirement, so technically, you will never have to visit the country to become and remain its citizen.
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