The programme, known as the Grenada Citizenship by Investment (CBI) programme, allows foreign investors and their families to obtain citizenship in Grenada in exchange for investing in approved real estate developments, and businesses, or making a donation to the country’s National Transformation Fund (NTF).
According to a recent report, the programme has experienced a significant increase in applications since its inception in 2013, with over 4,000 applications and over $350 million raised so far. The Grenada government has set a target of raising $200 million through its citizenship programme, which has seen a surge in applications.
The government has said that the funds raised through the programme will be used for economic development projects and public infrastructure, including the construction of a new international airport, roads, and telecommunications upgrades.
The Grenada CBI Programme is one of several citizenship-by-investment programmes offered by countries in the Caribbean region, including Antigua and Barbuda, Dominica, Saint Kitts and Nevis, and Saint Lucia.
These programmes have become increasingly popular in recent years, with many wealthy individuals looking to obtain additional citizenship and the benefits that come with them.
Attractions for Forigners
The spike in the applications to get citizenship by investment in Grenada or to get a second passport of Grenada is because of the several attractions for foreigners that the government has announced in its policy.
Some of these major attractions are:
1. Visa-free travel to 1144 countries:
Grenada offers visa-free or visa-on-arrival access to over 144 countries, including the UK, Schengen Zone, China, and Russia. These visa options have attracted many foreigners to invest in the country that will entitle them to get visa-free travel.
2. E-2 Investor Visa:
Grenadian citizenship allows investors to apply for the E-2 Investor Visa, which grants them the right to reside in the US with their family for up to five years. People, especially from Mexico, Cuba, Colombia, Dominican Republic, and Venezuela, are the ones that are taking more interest in this kind of investment option for Grenda that will allow them to reside in the US for five years along with their family.
3. Fast processing:
The Grenada CPI has one of the fastest processing times, only three to four months, for citizenship applications. The applicants find it more attractive options than others to get a chance to get a visa through the investment that will allow them to travel to more than 144 countries, including the USA.
4. Dual citizenship:
Grenada permits dual citizenship, which means that foreigners that obtain citizenship can retain their prior nationality. On getting the second passport or citizenship of Grenada, they will not have to choose to be a citizen of one country, they will not have to abolish their first citizenship.
5. Tax benefits:
Grenada does not impose wealth, gift, inheritance, or capital gains tax, making it an attractive location for high-net-worth individuals and entrepreneurs. The applicants or investors that will be investing in the business will not have to pay high taxes like other underdeveloped countries. Instead, they will be asked to pay limited taxes.
The income tax in Grenada is 28% which is only applicable if the money is earned within Grenada. Otherwise, the foreigners that will get citizenship by investment, will not have to pay any taxes. That is why, people find it the best country to reside in and move wealth.
6. Education:
Grenada is home to St. George’s University, a leading medical school in the Caribbean. That means a good quality education in low cost and hence, a bright future.
7. Quality of life:
Grenada is known for its pristine beaches, picturesque landscapes, and warm climate, making it an appealing destination for applicants to get Grenada citizenship by investment to relocate.