Caribbean Dreams Limited
Caribbean Property Consultants, Investment Management & Property Sales Specialists
Grenada - Citizenship by Investment
Overview:
Grenada’s Citizenship by Investment Programme allows individuals and their families to obtain citizenship or permanent residence. Applicants must apply through licensed agents, and may not make submissions to the Government on their own behalf.
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Grenada Citizenship by Investment, CBI Investment, CBI Grenada, CBI Real Estate, CBI Property for sale, CBI Real Estate for sale, Citizenship by Investment Grenada, Property Investments in Grenada or Real Estate investments in Grenada.
International Benefits:
Grenadian citizens can travel without visa restrictions to more than 115 international and Commonwealth countries. These include the United Kingdom and all other members of the European Union, and important business hubs such as Singapore and Hong Kong. Grenada is one of very few nations whose citizens can travel to the People’s Republic of China without first obtaining a visa.
Legal Aspects:
The Citizenship by Investment Programme came into being in August 2013, when the Grenadian Parliament passed Act No. 15 of 2013, otherwise referred to as the ‘Grenada Citizenship by Investment Act, 2013.’ The stated objective of the Act is to “enable persons to acquire permanent residence and citizenship of Grenada by registration following investment in Grenada.”
Applicants may only make two types of investments to obtain citizenship or permanent residence:
1. They must make “a payment into the National Transformation Fund;” or
2. They must make “a payment towards an approved project in Grenada”
The National Transformation Fund (NTF) was established under section 43(1)(a) of the Public Finance Management Act Cap 262B, and is responsible for funding Government-sponsored projects in Grenada. ‘Approved project’ is defined under Section 3 of the Grenada Citizenship by Investment Act, 2013 as “a project that is approved by the Minister following the review and recommendation of the Citizenship by Investment Committee.”
Benefits of Grenada's Citizenship by Investment Programme:
Individuals who choose to apply for citizenship under Grenada’s Citizenship by Investment Programme may take advantage of the following:
◾Minimal processing fees.
◾No interview, education, or management experience required.
◾No requirement to reside in Grenada before or after citizenship is granted.
◾Well-known, stable and established investment environment.
The application process is confidential, with no disclosure or exchange of information with other governments or bodies, except when due diligence checks are carried out as part of the application process. These checks are performed by an authorised due diligence agency.
Benefits of Grenadian Citizenship:
Individuals who obtain citizenship through Grenada’s Citizenship by Investment Programme are entitled to the same rights as any other Grenadian citizen. These include the right to live and work in Grenada at all times, and all the rights associated with membership of the Caribbean Community (CARICOM).
Grenada allows individuals to hold dual citizenship, and citizenship may be extended to family members, such as a spouse, dependent children, and dependent parents. Children and young adults may obtain preferred access, and in some cases grants, to top schools and universities.
Lifestyle Benefits:
Grenada offers its citizens social and political security, reinforced by its membership in the United Nations and the Commonwealth of Nations. Grenada’s local community is culturally vibrant, vivacious, and extremely friendly. Grenada has a long history, and locals are proud of their national heritage, which they celebrate throughout the year. Finally, Grenada is the perfect setting for both adventure and relaxation: its wildlife attractions, marine life, and national parks make it an exciting place to explore, while its super-yacht marina and pastel towns make it ideal for strolling and unwinding.
Business advantages of Grenadian Citizenship:
Grenada has no foreign income, wealth, gift, inheritance, or capital gains tax. There is no restriction on the repatriation of profits and imported capital. Generous incentive packages exist including corporate tax incentives, full exemption from import duties, tax relief benefits, and export allowance. Grenada’s currency, the East Caribbean dollar (XCD), is pegged to the United States dollar (USD). Lastly, there is duty-free trading in the Caribbean.
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Grenada - Obtaining Citizenship
Grenada obtaining Citizenship requirements:
In order to protect its people and Grenada’s international standing, the Government of Grenada will only grant citizenship to individuals who are truly deserving of that honour. Therefore, the Grenada Obtaining Citizenship Requirements must be clearly recognised.
For clients looking for further details on the following topics, please continue to read on:
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Further Requirements:
Therefore, the Government will deny the application of any applicant who:
◾Provides false information on his or her application form;
◾Has at any time previously been convicted in any country of an offence for which the maximum custodial penalty for the same or similar offence in Grenada is in excess of six months imprisonment (unless he or she received a free pardon);
◾Is the subject of a criminal investigation;
◾Is considered to be a potential national security risk to Grenada or to any other country;
◾Is involved in any activity likely to cause disrepute to Grenada; or
◾Has been denied a visa to a country with which Grenada has visa-free travel and who has not subsequently obtained a visa to the country that issued the denial
Moreover, the main applicant must demonstrate that he or she:
◾Is at least eighteen years old;
◾Is in good health; and
◾Has enough funds to make the required investment. The source of these funds must be legal.
In order to ensure that the requirements listed above are fully adhered to, the Government of Grenada subjects each applicant to strict due diligence procedures. Moreover, each applicant must supplement his or her application with supporting documents. These include, but are not limited to, original or certified copies of:
◾A certificate by a medical practitioner, indicating that the main applicant and his or her applying family members are not suffering from any communicable disease and that they are otherwise in good health; and
◾A police certificate.
Routes to Citizenship - Contribution or Investment:
In addition to fulfilling the personal requirements listed above, applicants must also choose between two potential routes for citizenship. These are:
◾A contribution to the National Transformation Fund; and
◾An investment in an approved project (real estate) in Grenada.
The National Transformation Fund (NTF):
The National Transformation Fund (NTF) is a Government fund responsible for financing projects that will benefit Grenada’s economy and help its diversification.
Applicants who choose this route must make a one-time contribution to the NTF. It is important to note that applicants may not contribute to the NTF in person, but rather that they must use the services of an Authorised Local Agent.
Under the NTF route, applicants may either immediately apply for citizenship, or first apply for permanent residence and apply for citizenship at a later stage.
Please refer to your Authorised Local Agent for more information on the NTF route and the criteria that applicants must fulfil.
Approved Project (Real Estate) in Grenada:
The process of approving a project for the purposes of citizenship by investment begins with the Citizenship by Investment Committee, which reviews viable projects and recommends them to the Minister. The Minister then decides whether to approve the project, and publishes his or her approval in the Gazette.
Currently, the vast majority of approved project consists of real estate developments on the island of Grenada. These include luxury hotels, resorts, and villas.
Applicants who choose to invest in an approved project must make the investment through an Authorised Local Agent. Investments in real estate must be maintained for at least three years from the date on which citizenship is granted.
Please refer to your Authorised Local Agent for more information on the approved projects route and the criteria that applicants must fulfil.
Under both the NTF route and the approved project (real estate) route, the contribution or investment must be accompanies by application, due diligence, processing, and – in the case of approved projects only, government fees.
One of the options available to applicants seeking to obtain citizenship by investment in Grenada is to invest in a Government-approved project. Currently, these projects encompass real estate developments such as hotels, villas, and resorts. Because of the growth of the tourism industry, there is rising demand for tourist housing facilities. Real estate developments are thus fantastic opportunities for investors looking for high returns.
Applicants opting for the approved project (real estate) route must invest at least US$350,000. They must keep the real estate for at least three years following the grant of citizenship. The following chart highlights the costs and fees associated with this route.
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