Apart from its natural beauty, Grenada is a member of the Commonwealth of Nations. It’s also a member of the Caribbean Community and the organization of Eastern Caribbean States.
Strengthened by its membership in the Commonwealth, Grenada provides social security to citizens. It also makes sure that it offers political security to Grenadians.
This country has a vibrant and friendly community with a long and rich history. It boasts of marine life, national parks, and wildlife attractions. The island provides applicants with the right setting for adventure and relaxation. Grenada citizenship by investment comes with many advantages for individuals around the world.
Benefits of Grenada Citizenship by Investment Program
Foreign nationals can apply for Grenada’s second passport. But you’ll have to meet specific qualifications to become a Grenadian. You’ll need to make some necessary payments. That includes the minimum contribution of $150,000 to the National Transformation Fund.
There’s also an oath of allegiance that you’ll have to take, to become a full citizen of Grenada.
Grenada’s citizenship by investment program allows the government to attract foreign investments. In return, you can enjoy all the benefits that come with Grenadian citizenship. Some of which are explained below.
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Business Visa to the United States of America
The Grenada passport gives you the ability to obtain an E-2 visa in the United States. The E-2 visa is a non-immigrant investor visa that enables you to move to the USA and do business. You’ll have the right to continue your stay in the country for as long as your business makes a profit.
Note that there is no minimum investment threshold when it comes to getting an E-2 visa in the United States. As an investor, you’d be required to deposit a significant amount of money into your company. The amount must be enough to invest from $200,000 and you’d have to wait for 2 to 5 months to get the visa.
The E-2 visa is not available to everyone though. That’s because to acquire it, there must have been an agreement between the country of citizenship and the United States. Without the agreement, you’d only be eligible for the EB-5 visa, which is an investor immigrant visa.
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Security
Grenada citizenship provides investors with improved security should the need arise. A lot is going on in the world that has proved that the world is not stable. The disasters mentioned below can make someone leave their home country. That’s where your second passport comes in handy:
- Political riots
- Economic destructions
- The intolerance that leads to violence
- Catastrophes like floods, fires, earthquakes, and hurricanes
No one can say that they are fully protected from the above disasters. Thus, it’s always safe to prepare for the worst as you hope for the best.
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Transparency and Efficiency
Grenada doesn’t have hidden goals for allowing people to get dual citizenship. The procedure for the acquisition of citizenship is completely transparent. They also provide the same conditions to all applicants no matter where they come from.
Also, the authorities ensure they keep in touch with the immigration service providers. This ensures they publish financial reports that reflect the results the program yields.
The time needed to acquire investment citizenship is a crucial factor for applicants. So the Grenadian government follows strict procedural rules while performing due diligence checks. The authorities also do their best to quickly process the applicants for citizenship.
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Favorable Tax Policies and No Visa-Related Headache
Grenada’s government ensures that investors are satisfied with tax planning and optimization. It has also ensured that you are comfortable with business management options.
Also, Grenada doesn’t levy taxes on gifts, inheritance, and capital gains. The country’s tax legislation does not restrict the repatriation of profits either.
Business management involves a lot of traveling. Once you get the Grenada passport, more than 100 countries will open up their borders to you visa-free.
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Children’s Education Abroad
Grenada is one of the countries that are part of the Commonwealth of Nations as mentioned. Due to this, your children can take advantage of preferential conditions for education in the United Kingdom.
Investors’ children, for instance, can get one of the Commonwealth commission scholarships. This means that the ability to reduce the cost of education is one of the benefits of this citizenship.
The visa-free regime with the Schengen states and the UK allows you to go to these countries and select a school. You can also visit students and not miss the important school events.
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Protection for Real Estate Investors
This has been termed as a step in the right direction. It’s meant to reduce investors’ risk associated with purchasing partially completed properties. The new regulation states that CBI-real estate developers must have a 20 percent equity stake in projects.
This regulation is expected to greatly reduce the risk of non-completion of projects. It will ensure that only the developers with feasible projects operate under the program.
Another complementary reform is the strict documentation requirements for real estate transactions. It will help to avoid illegal, discounting and the need to keep real estate investor funds in escrow. This is until a developer demonstrates actual progress on projects.
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Investment in Real Estate Can be Returned
Grenada authorities allow investors to choose real estate from an approved list. You can be offered to purchase a stake in luxury hotel residences or complexes. These properties can then be sold profitably five years later.
In such a case, the program’s cost of participation is equal to the registration cost. You don’t even have to fly to Grenada to sell your real estate. Also, the property sale tax is 5 percent.
Before the sale of the real estate, you can rent it out and receive a 3.5 percent annum. Real estate in Grenada is popular among investors in the Caribbean island. It’s also important to note that seasonal changes in rental prices fluctuate less than 1.5 times.
Final Take Away
Grenada is a popular destination for those seeking the benefits of a second passport. The country’s citizenship by investment program attracts investments into the Caribbean.
It offers great opportunities to those seeking the versatility of second citizenship. We hope these benefits will make you settle on Grenada as an investment destination.