Grenada Citizenship

LOCATION
Caribbean, island between the Caribbean Sea and Atlantic Ocean, north of Trinidad and Tobago

CAPITAL
Saint George’s

TIME DIFFERENCE
UTC -4

TOTAL AREA
344 km2

AGE DEMOGRAPHICS
0-14: 24.7%, 15-64: 66%, 65+: 9.2%

LANGUAGES
English (official), French patois

RELIGIONS
Roman Catholic, Anglican and other Protestant)

GOVERNMENT TYPE
Parliamentary democracy and Commonwealth realm

CURRENCY
East Caribbean dollars (XCD)

EXCHANGE RATE:
1 USD = 2.7 XCD (2012)


109,590
Population Growth
0.52%
20,000 USD
GDP ( per capita)
GDP (purchasing power parity)
1.467 billion USD (2012)
74
Visa free countries

Popularly known, as “The Spice Island”, because of the myriad locally grown spices, Grenada offers one of the most picturesque waterfronts in all of the Caribbean. The sublime scenery is but one of the many enticements to visit the three beautiful main islands. Diving, sailing, excellent restaurants, fabulous beaches, and a calendar of unforgettable festivities add to the many reasons why Grenada has become preferred destination to many high net worth investors.

Qualifications
The newest Economic Citizenship Program, Grenada’s Pilot scheme will allow qualified investors and their family members to apply for citizenship and benefit from facilitation of visa-free travel.

The Pilot Grenada Citizenship by Investment Program was launched in 2013 under the regulations of the Grenada Citizenship by Investment Act.

The Program offers many benefits in exchange for several requirements that applicants must meet. To qualify for citizenship in Grenada, applicants need to fulfill one of the investment requirements outlined in the “Investment Options” section, in addition to the following criteria:

  • Be of outstanding character
  • Hold no criminal record
  • Have excellent health
  • Have a high personal net worth.

Why Choose Grenada?
As the newest of its kind in the world, the Grenadian Citizenship-by-Investment Program provides the following prime benefits:

  • Fast processing within 4 months.
  • Inclusion of dependent children under 25 years.
  • Inclusion of dependent parents over 65 years.
  • No physical residency requirements.
  • No requirements to travel to Grenada during the application process.
  • No interview, no education or managerial experience required.
  • Visa-free travel to over 70 countries, including the UK.
  • No tax on worldwide income.

Furthermore, Grenada recognizes dual citizenship, therefore you can still benefit from your current
citizenship status.

Investment Criteria
In recent years, tourism has become the leading sector for foreign direct investments in Grenada. Another service sector on the rise is the offshore financial industry, which – together with strong performances in construction and manufacturing, have also contributed to growth in national output.

As part of their strategy to attracting foreign direct investment, the Grenadian Government is working closely together with a select number of businesses related to tourism, agriculture, and manufacturing. Through the implementation of the Citizenship-by-Investment Program, they also hope to create investment opportunities that will bring about sustainable employment.

With its economy shifting from agricultural-dominant to service-dominant, one of the most viable investment options before foreign investors is the purchase of real estate.

The property purchased must be minimum US$250,000 in a pre-approved real estate development area. The property must be owned and maintained for a minimum of 4 years.

Property registration, processing fees and taxes must be paid in addition to the property purchase.

Application Fees
Advisory fees associated with the program are US$30,000 for a single applicant, US$35,000 for a family
of two (main applicant + spouse) and US$2,500 for each additional dependent. Fees are based on the
number of dependents, country of origin, residence and other retained services. The advisory fees are
non-refundable and are payable in two equal instalments.

All application fees charged by the Grenada government and by our immigration agent are subject
to change. These fees depend on the number of applicants and the complexity of the process. Please
contact us at info@SovereignGroup.com if you have any questions or need more information.

Additional Fees

  • US$1,500: Application fee per personp

  • US$250: Passport processing fee per personp

PROCESSING FEES

  • US$500: Spouse
  • US$100: Dependent below 17
  • US$200: Dependent between 18 and 25
  • US$100: Parent below 65
  • US$200: Parent over 65

DUE DILIGENCE FEES

  • US$2,200: Spouse
  • US$1,700: Dependent between 0 and 11
  • US$1,850: Dependent between 12 and 17
  • US$4,200: Dependent between 18 and 25
  • US$1,950: Parent below 65
  • US$4,200: Parent over 65

Due diligence fees for the main applicant are included in the investment funds.

Steps and Timeline

The summarized timeline presented below is based on the required process that needs to be followed by all applicants for the Citizenship-by-Investment Program in Grenada. The table breaks down the process into three basic steps. Each step must be completed before continuing to the next.

  • STEP 1
    File preparation stage. Our immigration agent will verify all documents and complete due diligence. Application fees are applicable at this stage. The applicant now invests in the selected development.

  • STEP 2
    Submission of Citizenship Application after which confirmation of received file is issued. Naturalization certificate is issued.

  • STEP 3
    Submission of Passport Application. Issuance of passport.

For more information email info@SovereignGroup.com or click here to find your nearest office.


DISCLAIMER – © The Sovereign Group 2014

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, this information does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.


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Tel: +350 200 76173