26 Mar Changes to Grenada Citizenship: More Attractive Starting April 1, 2019
Changes to Grenada’s Citizenship by Investment Program starting April 1, 2019
On March 11th2019, the Government of Grenada announced further “steps to make its Citizenship by Investment Program more attractive to investors by offering a greater range of benefits”.
Starting April 1, Grenada will open a new investment category for real estate investors at $ 220,000 (previously $ 350,000). The new reduced investment offering is only applicable when two applicants co-invest in a unit for a total of $440,000. Additional expenses include Government, Due Diligence, Application and Processing Fees.
The amended Grenada Citizenship by Investment Act also affects the following:
- The definition of dependents has been expanded to include:
- Parents and Grandparents who are below the age of 55.The requirements for parents or grandparents over 55 years to be fully supported have been removed
- Unmarried siblings of the main applicant and spouse
- Children between the ages of 18 and 30 are no longer required to be enrolled at an institution of higher learning
- Eligibility criteria:
- Children born within 12 months of the granting of citizenship to the parents
- Secondary purchasers of real estate projects
- Permanent residence is no longer a pre-requisite for citizenship
Officials reiterate that the “investment programme must be continuously reviewed to ensure that it remains competitive” offering “attractive benefits, without having to reduce the price.”
Grenada earned more than EC$80 million through the citizenship program in 2018. It is open to all nationalities. Since 2017, however, the program refuses citizenship to any applicant who has been denied Citizenship by Investment in another Caribbean jurisdiction.
Benefits of Grenada Citizenship by Investment
Grenada passport offers visa free access to China, Russia, Europe’s Schengen Area, Malaysia, UAE (visa on arrival valid for 90 days), Mauritius, Philippines, Singapore, Switzerland, UK (6 months a year), Brazil, Hong Kong, BVI (6 months a year) and an additional 130 countries. Being a Grenadian doesn’t affect a businessman’s wealth or create any financial liabilities in the country for citizens living outside Grenada.
Attractive tax benefits include an exemption of tax on capital gains, inheritance, net worth, capital duty, stamp duty and Capital Acquisition. Tax treaties are in effect with CARICOM and the UK. Incentive regimes for Corporates are also available.
Thanks to a mutual agreement with the United States, the E-2 Program is available for Grenadian citizens who wish to invest in the US and obtain residency more quickly at a more affordable cost than the EB-5.
Investment Options for A Grenada Passport
To become a Grenadian Citizen, you may pick from either:
- Donation to the National Transformation Fund: $150,000 as a single applicant or $ 200,000 for a family
- Real estate purchase: $220,000 or $ 350,000
Currently, the currency exchange rates are:
- $150,000 = £115,000 or € 132,000
- $ 200,000 = £153,000 or € 176,000
- $ 220,000 = £168,000 or € 194,000
- $ 350,000 = £265,000 or € 309,000
Subject to change based on market variations
Read more about Grenada’s Citizenship Program here:
Known as the Spice Island, Grenada offers fast processing for its Citizenship by Investment Program. Applicants must invest a minimum of US$350,000 in real estate or donate a minimum of US$150,000 to Grenada’s National Transformation Fund
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