Grenada's Citizenship by Investment

Grenada is a picturesque island with exotic, diverse topography, breathtaking beaches, and a year-round temperate climate. Often referred to as the ‘Spice Island’ for its nutmeg and mace crops, Grenada is an English-speaking Commonwealth country with a common law legal system and a stable government. The Grenada Citizenship by Investment Program was launched in August 2013 when the Grenadian parliament passed the Citizenship by Investment Act, 2013. The Grenada Citizenship by Investment Program requires applicants to either make a significant economic contribution to the country or to acquire a government-approved qualifying asset. In exchange, and subject to a stringent vetting and due diligence process, including thorough background checks, the applicants and their families will be granted citizenship.

Family members can be included in the application for Grenada citizenship. 

The main investor can include:

• Spouse

• Dependent Children

• Dependent Parents over 55 years

• Siblings over 18 years old, must be unmarried with no children

Benefits of the Grenada Citizenship by Investment Program

• Visa-free or visa-on-arrival access to over 140/147 destinations, including China, Hong Kong, Singapore, the UK, and Europe’s Schengen Area

• The procedure of obtaining a passport is entirely remote

• The only Caribbean citizenship by investment program that holds an E-2 Investor Visa Treaty with the USA, allowing citizens to be eligible to apply for a non-immigrant visa after being domiciled in Grenada for a continuous period of three years. It allows the holder to travel around the country, run businesses, attend business meetings, and get medical treatment in American clinics for up to 180 days a year.

• Citizenship transferable to new spouses and future generations

• The ability to include a spouse, children under 30, unmarried siblings aged 18 and over, parents, and grandparents of the main applicant and spouse

• No restrictions on dual citizenship in Grenada

• No minimum stay required

• Fast-track citizenship with a processing time of only 5 months

• Allowed to stay in the United Kingdom 6 months at a time

• No interview or language and history test

• No tax on personal income, wealth, gift, inheritance, or capital gains

• Investors often register international companies in Grenada to reduce tax payments and avoid currency control restrictions in transactions with foreign partners. Moreover, it helps protect the investor’s privacy as the personal data of the beneficial owner isn’t entered into the commercial register.

Requirements of Grenadian citizenship by investment

• Applicant must be over 18 years of age, meet the application requirements

• National Transformation Fund donation option: A minimum non-refundable contribution to the NTF of USD 150,000 for single applicants

• Real estate option: A purchase of at least USD 220,000 from a government-approved real estate project. An additional minimum non-refundable contribution of USD 50,000 applies for this option. The real estate must be held for five years if it is resold as a qualifying investment to another citizenship by investment investor. Alternatively, it can be sold at any point after purchase.

• Applicant must demonstrate an absence of criminal history, and evidence of good character

• Proof that they have enough funds to make the required investment, and proof of the legal source of these funds.

• No outstanding visa refusals

• Various documentation, including financial documents, employment/ business documents, ID, proof of address

Documents Required

• Certified copy of ID Card

• Certified copy of passport

• Medical Certificate

• Original or Certified copy of Marriage Certificate (if applicable)

• Original or Certified copy of Birth Certificate (if applicable)

• Original Police Clearance Certificate

• Original Bank Reference Letter (Not older than 6 month)

• Six passport-size photos

• Statement of Source of Funds

• Photograph and Signature Certificate

• Affidavit of support for Dependents

• Real estate sales and purchase agreement

• Proof of payment of nonrefundable processing and due diligence fees

• Letters of recommendation from personal and professional acquaintances, such as a banker, lawyer, or accountant

Procedures and time frame of the Grenada Citizenship by Investment Program

The application process for Grenadian citizenship is efficient and uncomplicated, and the applicant is not required to visit Grenada to complete the process. The procedure normally takes 3-4(5) months from the time the application is submitted to the time the applicant receives citizenship. Once an application is submitted, the government generally provides an answer within 90 days. Passports for successful applicants will be issued within 10 working days. Applicants are not required to pick up their passports in person. Under the real estate option, the time frame may vary depending upon the project. Therefore, it is important to select a real estate project that is able to provide the necessary paperwork from the developer.

The first step in applying for citizenship is choosing an Authorized International Marketing Agent. Applications for citizenship may not be submitted directly to Grenada’s Citizenship by Investment Committee (CBIC) and must only be handled by agents. Applicants must contact an Authorized International Marketing Agent, who in turn will liaise with an Authorized Local Agent. Applicants may not contact Authorized Local Agents directly. An ‘Authorized International Marketing Agent’ is a trusted global marketer who is permitted to promote the Programme and who assists applicants along with the Authorized Local Agent. An ‘Authorized Local Agent’ is someone who has been granted a Local Agent’s license by the Minister and who is authorized to act on behalf of the main applicant with respect to his or her application. 

The second step in an application for citizenship is contacting an Authorized Marketing Agent, whose role is to provide the applicant with assistance in preparing documents for submission to the CBIC. The applicant will need to complete official forms, attend a medical examination, and obtain certain supporting documents – all of which must be submitted in English and be appropriately legalized. If the applicant is purchasing real estate, this will need to be reserved through a sale and purchase agreement. The Authorized Marketing Agent will be able to advise the applicant on the preparation of the documents and on how to have them legalized.

When all forms are complete, the Authorized Local Agent submits the application to the Executive Office of the CBIC. The Authorized Local Agent then becomes responsible for liaising with the Executive Office of the  CBIC in relation to all correspondence, queries, or questions that may arise with respect to the applicant’s file. There is currently no mandatory interview requirement for the Grenada Citizenship by Investment Programme. Each application is vetted by the Government through a thorough due diligence background check, during which time submitted information is examined and verified. The CBIC considers application files in light of this due diligence check, and then issues a recommendation about the application. Final approval is in the hands of the Minister, who generally follows the CBIC’s recommendation. Upon the Minister making a decision, the applicant is issued a letter (through his or her Authorized Local Agent) detailing whether the application was successful, delayed for further processing, or rejected. If the application is successful, the CBIC issues a letter granting the applicant (through his or her Authorized Local Agent) 30 days to fulfill their investment requirement by either purchasing real estate or submitting a contribution to the National Transformation Fund. If real estate is purchased, then the applicant must demonstrate completion, as well as the execution of all necessary documents. Upon receiving proof of payment, the CBIC issues the certificate of registration, establishing that the applicant has received Grenadian citizenship. Authorized Local Agents must use this certificate to apply for a Grenadian passport on behalf of the applicant. Grenada automatically rejects applications refused by other CBI countries.

Investment Options

The National Transformation Fund (NTF) was established in 2013 as a means of transforming Grenada’s economy into one that is ever more prosperous and independent. The NTF finances various projects in Grenada for the benefit of its many industries, including tourism, agriculture, and alternative energy. Having made a donation to the NTF, investors are left with a true sense of having contributed to their new nation’s wellbeing. Applicants opting for the NTF route must contribute at least USD 200,000 to the Fund. It is worth noting that this investment type requires a non-refundable contribution to the National Transformation Fund.

NTF DONATION

• Individual Applicant - USD 150,000

• Main Applicant + Spouse - USD 200,000

• Family of four family members – USD 200,000

• Family over four family member - USD 200,000 plus USD 25,000 per additional dependent after the third dependent

• Application Fee - USD 1,500 (per person)

• Due Diligence Fee - USD 5,000 (per person) (dependent child 0 – 16 - nil)

• Processing Fee - USD 1,500, USD 500 for persons under 18

• Interview Fee - USD 1,000, (per person aged 17 and over)

Real Estate Option

Applicants can also gain citizenship in Grenada by investing in government-approved real estate developments, such as hotel resorts and touristic properties, If applicants are seeking more of a return on investment, they can purchase shares in approved real estate projects to obtain a Grenada passport. The biggest difference with a real estate investment is that after 5 years, the property investment can be sold for profit, recouping much of the initial investment if desired.

• Single Applicant - USD 350,000 (resalable after 5 years)  / 220,000 (resalable after 7 years)

• Main Applicant + Spouse - USD 350,000 / 220,000

• Up to four family members - USD 350,000 / 220,000

• Four family members and over - USD 350,000 / 220,000

• Government Fee - USD 50,000, USD 25,000 per additional dependent after the third dependent (Four family members and over)

• Application Fee - USD 1,500 (per person)

• Due Diligence Fee - USD 5,000, (dependent child 0 – 16 - nil) 

• Processing Fee - USD 1,500   USD 500 for persons under 17

• Interview Fee - USD 1,000 (per person aged 17 and over