Over the last couple of years, remote working has become not only increasingly necessary, but also popular, making the thought of relocating appealing and possible. One route to a new citizenship is through investment, where a minimum amount must be put into an asset stipulated by the government of the country you are investigating, and in return, you will receive either a passport or a residency depending on the programme.
This sort of investment is increasingly well-known and made use of by expats from across the globe, and as is the case in Grenada, the offer of paradise as a second home is certainly an appealing prospect for those of you looking to make the move overseas.
Why Grenada?
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.
How does the process work?
So now we have the location and the definition of the scheme, it is important to understand how exactly the process works in Grenada, as there can be small yet significant changes from country to country. The steps are as follows:
1. Make the required investment deposit in either of the following:
o Government donation in a National Transformation Fund (USD$150,000 for a single person of USD$200,000 for a family of four)
o Invest in real estate (USD$220,000 minimum for shared ownership, USD$350,000 for a single person)
2. Once approved, you will have to pay the outstanding balance
3. Wait 90 days as this is the amount of time processing takes. During this time the relevant documents are submitted and a request for citizenship certificates and passports are made for the applicants
Extra fees are likely to be incurred throughout this stage, however, aside from that, 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. Apart from the investment itself, these are the other requirements for the applicant in order to be able to apply in the first place:
· Clean criminal record
· Pass due diligence
· Be over 18 years of age
· Have not been refused a visa or citizenship in the past
Are there any other benefits for me?
If you are still interested in the programme, you may be intrigued to find out what the benefits are in the long-term, and what the passport of Grenada can offer you. Such advantages include:
· Visa free entry to 144 countries (including the EU and UK)
· Income from outside the country is not taxed
· It is said that with the real estate investment, after 5 years the sale of property will return a healthy profit
· The process is also fast, and the investment amount is comparatively low and therefore competitive
So, if you are interested in finding out more about the pathway to citizenship through investment in Grenada, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
Also, if you want to access our other great content, subscribe to our YouTube channel! At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.