The simplicity of the Grenada citizenship-by-investment program makes it key player among the numerous Caribbean countries offering investment immigration programs.
The Grenada program can be held up as an example of how countries are moving to set themselves out from the crowd by dramatically simplifying a process than once took years to secure a second passport.
Candidates no longer have to wait that long. In the Grenada example, the government has a targeted processing time of 90 days.
Grenada offers citizenship-by-investment through two routes. Investors can make a non-refundable donation of $200,000 to the National Transformation Fund or buy government-approval real estate worth at least $350,000, which must be held for at least three years.
Those fulfilling the minimum investment requirements qualify for the second passport without visiting the country. There are no physical residence requirements, no minimum education and no professional experience needed to maintain citizenship.
The program has an average processing time of 90 working days and the applicant receives the passport issued by the government immediately after citizenship is granted.
Grenada launched its citizenship-by-investment program in 2013 in order to attract foreign investment towards development of social and tourism infrastructure in the country. The country’s investment immigration program ranks high on all factors, including:
- Strength of the country’s passport.
- Minimum investment requirements.
- Applicable tax regime.
- Quality of asset classes open for investment.
- Credibility of the due diligence process.
- Average processing time.
Benefits of Grenada’s Investment Immigration Program
Grenada’s passport features visa-free travel to more than 120 countries including the EU, UK, China and Singapore. The 30-day visa-free stay in China is available to holders of only five other passports worldwide.
Another significant advantage enjoyed by citizens of Grenada is access to the U.S. through the E-2 Investor Visa, based on a treaty between the two countries. This visa allows Grenadian citizens to visit, stay, work, or operate a business in the U.S. with few restrictions.
The country’s liberal tax regime does not impose tax on citizens’ foreign incomes, wealth tax or tax on gifts, inheritance or capital gains.
Advantages of Investing in Grenada
There are many advantages, other than the second passport, of investing in Grenada.
The country is a part of the Eastern Caribbean Central Bank and has a stable currency linked to the U.S. dollar. Investors have the option of conducting business in the US dollar.
The country’s economy has vibrant tourism and real estate sectors, featuring tax concessions and government incentives. According to data released by the Grenada Tourism Authority, the first half of 2017 saw a five per cent increase in tourist inflows into the country.
The real estate sector has boomed as a result of the citizenship program.
Projects are planned in partnership with CIP investors, which means wealthy applicants have a good chance of securing attractive returns.
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