GET READY FOR GRENADA CITIZENSHIP BY INVESTMENT
Welcome to the captivating island of Grenada, a Caribbean haven known for its breathtaking landscapes, vibrant culture, and prosperous economy. As one of the most beautiful destinations in the West Indies, Grenada’s Citizenship by Investment program entices investors seeking an exceptional quality of life, lucrative business prospects, and a secure community.
Established in 2013, the Grenada Citizenship by Investment program (CBI) has quickly garnered global interest, becoming a popular destination for individuals searching for new horizons, boundless freedom, and a welcoming atmosphere. A Grenada passport grants its holders significant worldwide mobility, along with access to the nation’s thriving economy and favorable tax system.
With a flourishing tourism industry, promising agribusiness sector, and robust CBI program, Grenada is the ideal location to cultivate a prosperous future for yourself and your other family members.
ABOUT THE ISLAND
Grenada, also known as the “Island of Spice,” is a bewitching Caribbean nation that offers stunning scenery, a rich history, and an enticing investment environment. Through CBI, you can fully realize the potential of this magnificent island for both you and your loved ones.
CAPITAL
Saint George’s
POPULATION
112,532
TOTAL AREA
348.5 km²
CURRENCY
East Caribbean Dollar
Geographical Location and Climate
Situated at the southern end of the Grenadines in the southeastern Caribbean Sea, Grenada consists of three main islands: Grenada, Carriacou, and Petit Martinique. The trio boasts diverse topography, including volcanic peaks, lush rainforests, pristine beaches, and picturesque harbors. The island enjoys a tropical climate, with temperatures ranging from 75°F (24°C) to 85°F (29°C) year-round. Grenada experiences two primary seasons: the wet season from June to November (which aligns with the Atlantic hurricane season) and the dry season from December to May.
Language and Culture
Grenada’s unique cultural heritage mirrors its multifaceted history. While English is the official language, residents commonly speak Grenadian Creole, which originated from French Patois and African dialects. The island’s diverse culture emerges in its vivid music, dance, cuisine, and folklore. Grenada’s lively Carnival celebration, known as “Spicemas,” annually attracts thousands of visitors who revel in vibrant costumes, traditional steel pan bands, and unforgettable calypso music.
Economic Overview
Tourism, agriculture, and the CBI program primarily drive Grenada’s economy. With enchanting landscapes that foster eco-tourism – such as hiking, bird watching, and scuba diving – visitors are enticed by Grenada’s commitment to sustainability and genuine Caribbean experiences. Agriculture remains vital to Grenada’s economy, particularly through its cultivation of nutmeg, mace, cocoa, and other spices.
WHY GRENADA?
FAMILY SAFETY AND FUTURE SECURITY
Your spouse, dependent children, parents and siblings can apply to obtain their Grenadian citizenship along with you, with the option to relocate and work in any other Caribbean Community (CARICOM). Your children will also benefit from a 90% reduction in tuition fees to Saint George's University, a world-renowned university for medical programmes.
VISA-FREE TRAVEL
As a citizen of Grenada, you will have visa-free access to over 146 countries, including the UK, all Schengen States and Hong Kong.
USA E-2 VISA
As a Grenadian passport holder, you are eligible to apply for the U.S. E-2 non-immigrant visa that allows you and your family to live and work in the USA.
HEALTHCARE
Grenada is known for maintaining one of the best healthcare systems in the Caribbean. Health centers and medical stations throughout the island offer a wide range of services and have dedicated teams of highly trained healthcare providers.
How to Qualify
for the Grenada Citizenship by Investment Program
To qualify for Grenada’s CBI programme, applicants must meet the following criteria:
- Complete one of the approved investment options.
- Be in good health.
- Have a clean personal and professional background with no criminal records.
- Pay the necessary government and due diligence fees.
- Enroll dependent children under the age of 30 and dependent parents over the age of 55, if applicable.
Investment Options
The Grenada CBI offers potential foreign investors with two primary routes to obtain citizenship.
Grenada’s National Transformation Fund
The first investment option involves financial contribution through a direct, non-refundable donation to the government fund the National Transformation Fund (NTF). This fund supports the development of various sectors, including infrastructure, healthcare, and education.
The minimum investment for a single applicant or primary applicant is USD 150,000. For families, the minimum investment is USD 200,000, which includes the main applicant, a spouse, and up to two dependents. Additional dependents require an extra USD 25,000 each.
Government-Approved Real Estate Investment
The second investment route entails making a government-approved real estate investment. Investors must make a minimum investment of USD 220,000 and hold the property for at least five years. Additionally, only the primary applicant, successful applicants are responsible for government fees, due diligence fees, and processing fees.
Both investment options unlock numerous benefits, such as visa-free or visa-on-arrival access to over 140 countries, no requirement for permanent residence in Grenada, no wealth or income tax, and family inclusion in the application. The application process takes approximately three to six months and can be executed remotely.
Benefits of Dominican Citizenship By Investment
Grenada Citizenship by Investment (CBI) program offers many benefits for investors and their families seeking second citizenship in a Caribbean country. With its attractive tax environment, Grenada citizens can enjoy no income, or wealth tax, or inheritance tax – making it highly favorable among high-net-worth individuals.
Investing in the Grenada citizenship program is affordable as investment options start at USD$150,000 while simultaneously providing the convenience of including your entire family in the application – spouse, dependent children, siblings, parents, and grandparents. What’s more impressive is that granted citizenship will pass down to future generations.
Dual citizenship status is recognized in Grenada, allowing you to hold on to your previous nationality without conflict. Moreover, as a passport holder, you’ll have visa-free access to over 140 countries, such as European Union nations, the UK, Hong Kong, Singapore, Russia and China, increasing travel flexibility. Uniquely amongst Caribbean countries that offer CBI investment programs, investing in the Grenada citizenship investment program opens doors for settling within the USA through the US E2 Visa scheme.
Some additional advantages of this citizenship include the following:
– No residency requirements. The whole process can be completed remotely.
– No language tests or academic requirements allowing straightforward eligibility.
Taxes In Grenada
Grenada offers individuals an attractive tax regime as part of the benefits for obtaining Grenadian citizenship. Citizens and residents can enjoy the advantages of having no capital gains tax, inheritance tax, or wealth taxes levied on worldwide income or assets. However, it is essential to understand the local taxation measures that do apply in personal circumstances in this Caribbean country.
For citizens with Grenadian-sourced income, annual tax rates are set at a progressive structure: The first XCD 36,000 per annum is exempt from taxation; the subsequent XCD 24,000 is taxed at 10%, while any remaining income is taxed at 28%. Companies operating within Grenada face a flat tax rate of 30%.
In addition to these grants for granted citizenship holders, there’s a withholding tax of 15% applied on non-residents receiving payment for various services such as interest (excluding bank deposits), other rental income, incomes, lease premiums etc.
The VAT applicable in Grenada stands at 15% generally but drops to a lower figure of just 10%, specifically for hotels and service providers like villa-type accommodations and diving activities. Citizens also benefit from reduced property transfer tax rates compared to foreigners when selling real estate – usually around 5%.
Lastly, dual citizenship holders should be aware that annual taxes include property taxes based on market value. This currently comprises 0.2% attributed towards land ownership and an additional levy calculated upon the total worth occupied by buildings, this generally equates to being around 0.3%.
Grenada Citizenship by Investment FAQs
How much investment is required for Grenadian citizenship?
As of 2023, the minimum investment required for the Grenada CBI Program is USD 150,000. Two investment options exist: a non-refundable donation to the NTF or making a government-approved real estate investment. For the NTF option, the minimum investment ranges from USD 150,000 to USD 200,000, depending on family size. The approved real estate projects option demands a minimum investment of USD 220,000 with a holding period of at least five years.
How long does the Grenada citizenship process take?
Typically, the Grenada citizenship application process requires three to six months from the submission of a complete application. The actual timeline can vary based on individual cases and the thoroughness of the due diligence process.
How much money do you need to retire in Grenada?
There is no specific amount of money needed to retire in Grenada. However, a comfortable retirement would depend on factors like lifestyle, healthcare, and housing preferences. Generally, the cost of living in Grenada is lower than in many Western countries. A budget of USD 2,000 to USD 3,000 per month should suffice for a comfortable retirement, covering housing, utilities, groceries, healthcare, and leisure activities.
How do I obtain permanent residency in Grenada?
Achieving permanent residency economic citizenship in Grenada can be accomplished through various methods such as long-term residence, family reunification, or investment. If you aren’t applying to acquire citizenship via the Citizenship by Investment Program, you must first reside in Grenada for a specific period (usually five years) and meet eligibility criteria like financial self-sufficiency and good character. After meeting these qualifications, permanent residency is attainable through appropriate channels, like the Grenada Immigration Department. It is crucial to seek advice from immigration experts or legal professionals for up-to-date guidance on the application process.
Can you have dual citizenship in Grenada?
Yes, you can have dual citizenship in or obtain Grenada citizenship. The country permits individuals to maintain their current nationality in addition to Grenadian nationality. A Grenadian passport offers visa-free travel for you and your family to over 140 countries worldwide, making it a convenient choice for global travel. Ranked 74th by the Global Passport Index, the Grenadian passport allows access to 144 destinations, truly unlocking the world for its holders.
