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.
Over the last year, all of us, irrespective of where in the world we are, have ventured into uncharted territory with regards to how life has changed, professionally as well as personally. As a result of this, remote working has become increasingly necessary, and popular, making the thought of relocating appealing after the pandemic. 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.
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
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 feel the citizenship by investment programme in Grenada could be for you, perhaps we can help you. At Creimerman, we assist our clients with their cross-border ventures and would love to make you the next.