Born elsewhere but feeling the need to become a citizen of a Caribbean island? You’re in luck. The Grenada Citizenship by Investment Program (CBI) was created by the Government to attract foreign investment and successful individuals from overseas to the country. The program has since developed to provide people with a place of safety and happiness—especially if this security wasn’t available to them at birth.
Applications are open to any foreign nationals, and each applicant is evaluated on their merit, with anyone aged 18 or over able to apply. To aid their application they must be in good health, have no criminal history and be able to make the required investment. Main applicants are able to include certain family members in their application (spouse, children, parents and grandparents) who are known as dependents. Each member is thoroughly vetted by the Government of Grenada to ensure that the right individuals are awarded citizenship.
Individuals who apply are advised to get in touch with an International Marketing Agent who, alongside a Local Agent, then submits the application to the Government. Agents are on hand to offer advice and guidance on how to prepare and fill out an application, as well advise on the documentation required (birth, marriage and medical certificates, among others). When the application has been finalized for submission, the upfront due diligence and processing fees must be paid to the Government.
Once the Governments third party agency has vetted the application (Citizenship by Investment Committee), a report is then submitted to the Government to evaluate whether the individual should be recommended for citizenship to the Cabinet. The final decision is then made by the Cabinet.
If successful, the applicant is given an ‘approval in principle’ letter stating citizenship is granted providing the appropriate investment is made. Following the evidence of investment, the applicant then receives a certificate of citizenship, which allows them to apply for a passport. Complete applications are processed in 60 business days, and applicants aren’t required to have resided on any of Grenada’s three islands prior to obtaining their citizenship.
“Countries offering CBI programs, and in particular those of the Caribbean, are constantly improving the vetting of their applicants so as to remain leaders in the investor immigration market. This dedication to excellence should be emulated by other countries seeking to achieve a reputation for integrity and quality.” – Micha-Rose Emmett, Group Managing Director at CS Global Partners.
Two different types of investment are available under the CBI Program.
The National Transformation Fund is one of the most popular, and has, and continues to, diversify Grenada’s economy, as well as assist the Government with public development works. A single applicant and with a maximum family of four, can contribute a minimum of US$200,000 to directly change the lives of the communities in the country.
Secondly, is the option to invest in pre-approved real estate which must be located in Grenada and be approved by the Government. While this option can take longer to complete than the former, it may provide a return on investment. The minimum contribution required is US$350,00, alongside a government fee of US$50,000 for up to a family of four. Real estate purchased under the program must be held for three years from the date citizenship is obtained; after this point resale is allowed.
The CBI Programme in Grenada is one of the most popular in the world due to its fast application process, and expansive lifestyle, business and travel opportunities. Aside from its delightful natural beauty, Grenada also offers a rich culture of celebrations, organic produce and tranquillity.
Grenada also offers great political stability, with international membership in the Commonwealth of Nations and the Caribbean Community, and is a great place to raise children – the 96% literacy rate helps to prove this.
Impressively, citizens in Grenada are able to travel visa-free to 120 nations such as the UK and China and are able to travel to the United States with an E-2 Visa, which is an entrepreneurial visa for those who want to invest and reside there without having to become permanent residents.
Overall, Grenada’s CBI Program is a great opportunity for investors who want an attractive option, which also holds promising citizenship results. Providing investors with a rewarding investment, safety, entrepreneurial opportunities and opening doors to travel for both themselves and their family.
We think that not only is it the island to visit in 2017—it’s one where you might want to stay, forever. The Spice Island, as its known, is a major chocolate producer, which is reason alone. The famous medical school at St. George’s is another. Still another is its miles and miles of beaches, many of which are all but empty. Thanks to its industry and medical school, there is plenty of infrastructure in place, making the move that much easier. Plus, luxury developers like Peter de Savary are all about Grenada these days and are putting their money where their mouth is by building hotels and residential developments. Because of all this change and attention, the time to move to the Spice Island has never been better.