Grenada is best known worldwide as an attractive tourist destination that’s the perfect place to spend the summer holidays. But that’s not all this beautiful island nation is known for. Like its counterparts in the Caribbean, Grenada also offers a successful Citizenship by Investment (CBI) program that has seen a steady growth of foreign investors seeking a second passport.
We look at what makes the Grenada Citizenship by Investment program such an appealing option to high-net-worth individuals, as well as break down the costs associated with the application process.
In This Article:
- About the Grenada CBI Program
- What does the program cost?
- Benefits of Grenadian citizenship
- Book a free consultation
About the Grenada CBI Program
Launched in August 2013, the government of Grenada began its Citizenship by Investment Program to strengthen the country by stimulating economic growth through foreign investment. In exchange for an individual’s investment into the island nation, they will gain lifetime citizenship in Grenada, as well as a second passport.
Related Article: Getting a Second Citizenship From Grenada is Faster Than You Think
What does the program cost?
When applying for second citizenship through Grenada’s CBI program, foreign nationals have two qualifying investment options to choose from:
Donation
Investors can choose to make a minimum, one-time contribution to the country’s National Transformation Fund, a Government Escrow Account, which is used to further develop Grenada’s economy and infrastructure. The costs are:
- Single applicant: USD 150,000
- An applicant with up to 3 dependents: USD 200,000
- Each additional dependent child up to the age of 30: USD 25,000
- Dependent parents under the age of 65: USD 50,000
- Dependent parents over the age of 65: USD 25,000
Real Estate
The second option available to investors is a real estate investment. A minimum investment of USD 220,000 must be made in government-approved real estate projects – these include freehold property with title deed, hotel shares, fractional ownership or land.
Grenada is filled with white-sand beaches and one of the most popular is Grand Anse Beach.
Investors can recover their investment by reselling the property after the required holding period of 4 years.
Other additional fees that will need to be paid are:
Government Fees
- Government fees: USD 50,000
- Each additional child up to the age of 30: USD 25,000
- Dependent parents under the age of 65: USD 50,000
- Dependent parents over the age of 65: USD 25,000
Processing and application fees
- Processing fees per person: USD 1,500
- Processing fees for dependents under 18 years: USD 500
- Process fees for dependents 18 years and older: USD 1,500
- Application fees per person: USD 1,500
Due Diligence and Background Checks
There are required background checks that are payable to the government’s chosen due diligence agency, which will use Interpol, World-Check and other government agencies to screen applicants based on their application. The costs are:
- Due Diligence per person: USD 5,000
- Due Diligence for children 16 years and under: No charge
- Due Diligence for children aged 17-30 years: USD 5,000
- Due Diligence for dependent parents: USD 5,000
Please note: In addition to the above, there are professional fees and other costs associated with both options. When using Savory & Partners as your trusted agent, you will be supplied with a fully itemised quotation with no hidden costs.
There are no residency requirements to apply for Grenadian passport, you are eligible to apply immediately.
Benefits of Grenadian citizenship
- Unrestricted travel: As a citizen of Grenada, investors gain visa-free or visa-on-arrival travel to over 140 countries and territories worldwide, including the United Kingdom, the Schengen Area, Singapore and China.
- E-2 Investor Visa: Out of all the Caribbean CBI programs on offer, Grenada’s program is the only one that offers the opportunity to obtain an E-2 Investor Visa in the United States of America.
- Quality Education: Grenada is home to one of the world’s best medical schools called Saint George’s University. The university is ranked highly by multiple global organizations, such as the Caribbean Accreditation Authority for Education in Medicine and Other Health Professions (CAAM-HP), National Committee on Foreign Medical Education and Accreditation (NCFMEA) and World Federation for Medical Education (WFME). It is one of a handful of non-US institutions approved by the Council on Education for Public Health Accreditation (CEPH) to be accredited. The premier Caribbean medical school is also the second-largest source of US doctors, with a 94% US Residency Attainment in 2020.
- Retirement option: Grenada is a beautiful island paradise – it is the perfect place to live after you have retired from many years of hard work and are looking to live in peace and serenity for the rest of your life.
- Ultimate insurance: Holding second citizenship in Grenada is a great Plan B to put your mind at ease in times of economic or political instability in your home country.
- Ease of Process: The application process is designed to be a smooth and straightforward process, with no interview and education and management experience required to apply.
- Favourable tax policies: Grenada places no taxes on foreign income, capital gains, dividends, gifts, wealth and inheritance.
- Minimal residency requirements: There are no physical residency requirements and applicants do not have to visit the island nation before or after applying.
- Dual citizenship permitted: When obtaining citizenship in Grenada, you are not required to renounce your current citizenship(s), and your home authorities will not be notified of your new nationality and passport.
Famed for its tropical scenery, dramatic waterfalls and stunning beaches, this small archipelago is one of the world’s most exclusive tourist destinations and considered home by many second passport holders.
Book A Free Consultation
Please be aware that the government of Grenada does not accept applications directly. Applying to any citizenship by investment program can only be done through a government-approved agent like Savory & Partners.
The Savory & Partners team is made up of a diverse group of industry experts who span over 15 nationalities, speak over 25 languages collectively, and come with decades of accumulated CBI and RBI industry experience. Our level of expertise and competence combined with our commitment to serving our clients with the highest level of professionalism and transparency has led us to aid over 1,100 families obtain a second passport with a 100% success rate. There is no one better positioned and more trustworthy than Savory & Partners when seeking the best results on your quest to secure a better future for yourself and your family.
If you would like to apply to the Grenada citizenship by investment program or would like to learn more, get in contact with us today for a free online consultation and one of our skilled agents will happily aid you in your enquiry.
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