Applying for citizenship in Grenada by investment is advantageous in many respects. However, there are other citizenship-by-investment options to consider too.
Why You Should Apply for Grenada Citizenship by Investment
The number of people applying for foreign citizenship by investment has been growing rapidly over the last few years. This tendency is not surprising as the world is becoming rather unstable. Several national states administer citizenship-by-investment programs but Grenada in the Caribbean stands out in many respects. Below please find the main reasons you should consider applying for a Grenadian passport if acquiring a second citizenship is on your mind.
Without a doubt, Grenada is not the only country to take into consideration if you are looking to acquire dual citizenship. Some other countries charge a bit less for their passports, some of them give visa-free access to a greater number of destinations, and some countries are located much closer to the Old World. However, Grenada certainly boasts several important advantages and it should be among the first options to consider if you would like to acquire citizenship of a foreign country by investment.
If you believe that only the rich can ‘buy’ the passport of a foreign country, you are mistaken, we’re afraid. The least expensive way to become a full citizen of Grenada is by making a donation to the National Transformation Fund. The required donation amount is US$ 150,000 for a single applicant and US$ 200,000 for a family of four. This sort of investment is not negligible but it doesn’t sound extravagant, does it? For the sake of comparison, acquiring citizenship of Malta, for example, would cost you around a million euros.
The donation is not returnable, meaning you would have to say goodbye to your money if you choose this path to Grenadian citizenship. However, one more option is available: you can make a returnable investment into real estate in the country thus qualifying for the passport of Grenada. The required investment amount is naturally larger as it is returnable. You have to buy property in Grenada that is worth at least US$ 350,000 if you are a single investor. The most economical way of acquiring Grenadian citizenship is by purchasing property together with a friend or relative. If you make a joint investment of at least US$ 440,000 each of you bringing US$ 220,000, you both will qualify for citizenship of the country.
The essential requirement here is that you have to keep the property in your possession for five years to retain Grenadian citizenship. How much is your property going to be worth when the period expires? Will you be able to easily sell it back? Considering how fast the world is changing nowadays, it is hard to give definite answers to these questions. In any case, you are going to be the property owner and you certainly will be able to return at least part of the sum after five years. One more aspect to bear in mind is that you can invest only in Government-approved development projects in Grenada. These are not very many but they are nice resort hotels, which further improves your chances to resell your Grenadian property later if you wish.
Who qualifies for Grenada investment citizenship? A citizen of any country above the age of 18 is eligible to apply but must have a clean police record. Please note that the due diligence procedures that you will have to go through when applying for citizenship in Grenada are stringent indeed. The immigration authorities hire international security agencies to make sure that the applicants for citizenship of the country have no criminal past. This is the main reason why the application processing takes several months (normally, three or four). Grenadians don’t want anyone ‘dirty’ to get through especially given the pressure from the international community. In particular, Grenada has close ties with the USA and that country is a very strong player in the international arena. Please also bear in mind that you will have to cover the costs of the security screening so a few thousand dollars has to be added to the total required investment amount.
What benefits would you enjoy when you have a Grenadian passport? Firsts of all, Grenada is a member of the British Commonwealth of Nations, which makes its passport really strong. You will be able to travel to a great number of countries without visas, including China, among others. You will be welcome to live and work in any country of the Caribbean Community (CARICOM) for as long as you wish. You will be eligible to apply for an E2 business visa to the USA, which will legalize your prolonged stay in North America. What may be especially important for you is that you can use your Grenadian passport to open bank accounts in different countries.
You don’t have to live in Grenada to remain a citizen of the country. Moreover, you don’t have to visit the country even once to keep your passport! The application for Grenadian citizenship by investment can be made remotely and the passport will be sent to you by a courier when the application processing is completed. But ‘you don’t have to live in Grenada’ does not mean that you cannot. On the contrary, relocating to the country is an option worth considering because Grenada is a tropical paradise located outside the hurricane belt. The warm sun, the turquoise water of the Caribbean Sea, the fantastic sandy beaches, the wild forests with lush vegetation, the great local food… and no hurricanes! What else could you ask for?