Grenada has been providing citizenship through a government-backed investment scheme since 2013 to boost the nation’s economy by attracting foreign investment. The program awards permanent legal citizenship and second passports to international investors within a few months.
Despite being a small island nation, Grenada is highly sought-after as a second home due to its unique geographic position and proximity to the natural world. It is the perfect place for travelers looking for a change of scenery because of its beautiful colonial-era architecture, diverse animals, and powder-soft white beaches.
The Citizenship by Investment Act, No. 15 of 2013, together with other Act modifications and corresponding Regulations, is the legal basis for the program. The main goal of the program is to make it easier for people to become citizens of Grenada and get permanent residency, primarily through investments in approved real estate projects or contributions to the government’s National Transformation Fund. Investors have the option to apply, in compliance with legislative conditions, for themselves and their dependents to become lifetime citizens of Grenada.
The one-time investment applies to the investor, their spouse, parents, siblings, and offspring for the rest of their lives, as well as future generations. The Grenada 2nd Passport has contributed to this status. This article explores the citizen investment program and its benefits.
Overview Of The Investment Program
The grenada citizenship by investment Program is the best option for investors looking for a quick path to a second citizenship. It serves wealthy people who want unrestricted international travel and business. Citizenship in Grenada might also be advantageous for people who wish to minimize their tax obligations.
In return for a minimum investment of $150,000, the investment program permits US residency and allows the investor to create and direct. Additionally, holders of the Grenada investment program can live in the United States for five years without facing restrictions or difficulties about how often their E2 visa needs to be renewed. It also granted the spouse and dependent children this E2 visa, allowing them to work and study in the US as long as they are under 21.
Investment Options
This Citizen Investment Program offers two avenues for application. Contribution under the National Transformation Fund (NTF) that is non-refundable and real estate investment in a project that has been approved under the Grenada Investment Unit Citizenship.
Of the two investment alternatives available, donating to the NTF is not only the most economical but also the fastest method to get Grenadian citizenship. A single application is required to contribute USD 150,000, which is non-refundable. The greater the number of dependents, the greater the needed donation.
The candidate is required to acquire a minimum of $220,000 worth of real estate. The property may be sold again five years after the original purchase date. To get their citizenship application approved, applicants must pay extra costs to the government (which may vary depending on the number of dependents). A family of four (two adults and two under-16 children) would spend approximately $300,000 overall to obtain such citizenship when all factors are taken into consideration. In order to maintain their gained citizenship, applicants must hold the qualifying investment for a minimum of five years, following which they may sell it.
Eligibility Criteria
To apply for this program, you do not need to have prior job experience, pass any language proficiency exams, or pass interviews. The only requirements are good character, financial stability, and health examination.
You must not have a criminal record, be of good character, and be at least 18 years old to be eligible to apply. You also have to invest in government-approved real estate projects or make a non-refundable payment to the National Transformation Fund.
Benefits
1. E-2 Investor Visa
Of all the Caribbean citizenship by investment schemes, only the Grenada program provides a chance to get an E-2 investor visa in the US. After obtaining citizenship, a person is granted full resident rights and becomes qualified to apply for the US E-2 visa. This allows Grenada passport holders the ability to work in the US.
2. Visa-Free Travel
Grenada has excellent connections with other countries, and holding a Grenadian passport gives one access to 130 countries without the need for a visa, including the UK, Russia, China, and Schengen European Countries.
3. Minimal Residency Required
It is optional to travel or live in Grenada in order to obtain this kind of citizenship. The process is intended to be simple and easy to follow, taking six months to get your new citizenship. Passports are given in three to four months.
4. Dual Citizenship
Renouncing your present citizenship(s) is not required, guaranteeing dual citizenship. Also, your new citizenship is not disclosed to the authorities in your native country.
Application Process
Applications and payments for the Grenada citizenship by investment program must be made exclusively via government-approved agents. The application procedure eliminates all bureaucracy and is incredibly applicant-friendly. To reserve a real estate choice for the CBI Program, one must sign a reservation form and pay a deposit of $22,000 against the $220,000 investment.
The first step for prospective applicants is to choose an international marketing agent to handle their application. This is due to the fact that Grenada’s citizenship by investment program is only open to applications from government-approved local agents. These agents may only be contacted by government-approved worldwide marketing agents.
In addition to a medical examination, applicants must submit a conventional set of papers. When applying the investment route, candidates must further demonstrate that they have secured a suitable investment via a sale and purchase agreement and that the investment sum is being placed in escrow with a local escrow agent who has been approved.
The application procedure should take six months on average. Depending on how well the applicant gathers the papers, the duration of the initial document-gathering step may vary. Several variables may influence the review stage, which is subject to the relevant government timetable.
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Bottom Line
Since the program’s inception in 2013, Grenada Citizenship by Real Estate Investment has grown steadily, with more people participating. The main objective of this program was to boost Grenada’s economy regularly, and the Grenadan administration has succeeded in accomplishing this objective over time. In retrospect, Grenada has made significant progress to rank among the top options for foreign investors seeking citizenship.
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