Low investment requirements, a powerful passport, and an E-2 investor visa treaty with the US make Grenada one of the most popular citizenship by investment destinations in the world.
However, this popularity has a significant drawback – processing of Grenada CIP applications routinely exceeds the statutory 60-day limit.
To remedy this issue, the Grenada citizenship by investment unit has modified documentation requirements, restructured procedures, and switched to automated solutions for faster processing.
Pre-Submission of Documents
Proper documentation is one of the most important steps of any CIP application, which is why it is common for the applicant to delegate this task to specialized agencies to compile all the necessary information.
For countries offering CIP programs, document processing is a complicated process where authorities have to balance thorough vetting and due diligence with the risks of losing out to other countries offering faster processing.
To expedite processing, Grenada authorities intend to allow pre-submission of initial documentation before the final application is lodged.
Going ahead, investors have the option of pre-submitting documents like passport details, certificates related to birth, education, marriage or divorce, and police clearance, bank references, proof of source of funds, and proof of address.
This move is expected to allow Grenada to initiate and run due diligence before the applicant formally submits his/her application. It takes around a month for the government and other specialized agencies to finalize the due diligence report.
With pre-submission, the Grenada CIP unit may complete processing and forward all necessary information to the Citizenship Committee for the final decision within 15 days of submission of the application.
Based on in-depth analysis of local issues in its key source markets, Grenada intends to allow submission of substitute documents in jurisdictions where originally-required documents cannot be acquired.
Applicants from countries that don’t issue birth or marriage certificates or have complicated processes may now be permitted to submit Family Books as valid proof of identity or relationship with a spouse for the purposes of the CIP application.
Dominica was one of the first Caribbean nations to rely on automated and software-assisted solutions for the processing of CIP applications.
The move paid dividends when processing continued uninterrupted despite the devastation caused by hurricanes in 2017. Dominica processed 2,100 CIP applications, more than any other Caribbean country, in 2018.
Seeking to replicate Dominica’s successes, Grenada too intends to deploy automated application processing solutions in early 2020.
Investment immigration is a highly competitive market in the Caribbean region with countries relying on low investment requirements and short processing times to attract foreign investment.
The impact of pre-submission and tech-based innovations on quality and speed of processing will be watched closely by other CIP destinations in the region as well as across the world.General Information: Contact us to receive more information about this article.
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