Grenada is a member of the Caribbean Community (CARICOM) and the Organization of Eastern Caribbean States, and the country is becoming a top choice of destination for high-net-worth investors seeking a second passport.
The Grenada Citizenship by Investment Program was reinstituted in 2013, once again opening its doors to those seeking second citizenship opportunity in the gorgeous Caribbean.
Those who wish to enjoy the sights by getting a Grenada passport must go through a stringent review and application process, which extends to family members. Routine applications are processed within 60 days, and Grenadian passports are issued shortly thereafter. Grenadian citizenship affords visa-free travel to more than 110 countries, including the United Kingdom, making it ideal for those who consider business immigration.
Furthermore, holders of a Grenadian passport are entitled to enroll in the United States’ E-2 visa program, allowing investors to reside and launch businesses in the US. Those with a Grenadian passport remain US residents as long as they renew their visas and continue to meet the program qualifications.
Those looking for fresh business endeavors or a career upon arriving in Grenada will find a lot of room for growth in agriculture, tourism, construction, medical education and financial services. Tourism is the main driving force behind the flourishing economy of Grenada, home to some of the most gorgeous hillside beaches.
In addition, not much preparation is needed to get used to the Grenada financial system, as the national currency, the Eastern Caribbean Dollar, is pegged to the U.S. dollar.
The population of Grenada is generally considered highly educated, ranking high in both literacy and pupil-to-teacher ratio (less students per teacher). Compulsory age for schooling starts at 5 and ends at 14 years old, but many stick around far past that point.
Higher education includes the T A Marryshow Community College, where students can start out their university years in 2 and 3-year programs for nursing, pharmacy and General Certificate of Education (GCE).
Moreover, the incredibly beautiful ocean-side St. George’s University offers full bachelors programs in arts, veterinary science, general sciences and medicine.
Housing and Real Estate
Grenada’s housing market has been growing steadily since 2015 following over 7 years of stagnation as result of the economic collapse. Foreigners are also gaining Grenada citizenship to come to the country for investment opportunities in home buying.
In Grenada, rent and increases can be freely negotiated between landlords and tenants, but rent pricing is largely influenced by season. Serious real estate investors may consider forgoing a Grenada passport because rental yields are quite low at 4.3%; however, buying a home can be quite reasonable at an average of $250,000.
Grenada proudly maintains one of the best health care systems in the Caribbean, providing high-quality primary care to those with Grenada citizenship nearly free-of-charge.
However, as is the case in many small island countries, complicated procedures may need to be taken overseas to larger university hospitals.
BENEFITS OF GRENADA PASSPORT
– Dependent children under 30 years of age and dependent parents or grandparents above 55 years as well as siblings at least 18 and single
– Travel to Grenada during the application process is not required
– No physical residency requirements
– No income, wealth, or inheritance taxes
REQUIREMENTS FOR GRENADA PASSPORT
– Applicants must undergo a medical check
– Applicants must undergo a security screening
– Proof of the source of invested funds
USD 200,000 for a family of 4. USD 25,000 for each additional dependent
Real estate investment of USD 220,000 (approved projects)
Government fee for up to 3 dependents USD 50,000, for each additional dependent USD 25,000
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Mount Cinnamon, a chic boutique hotel, currently consists of 22 beautiful villas (1/2/3 bed) and apartments, undoubtedly graced with the best views in Grenada and the best location — at the end of Grand Anse Beach. $350,000 USD per share.
Kimpton Kawana Bay will be Grenada’s newest international luxury beachfront resort. It will overlook Grand Anse Beach, widely regarded as one of the world’s best beaches. Accommodation will comprise luxury studio rooms and pool suites. All rooms and apartments will have spectacular ocean views. The resort will also have an infinity pool, a chef-run restaurant, a fitness centre, a spa, water sports facilities, a lounge bar and a beach bar. $350,000 USD per share.
Vice-president, International operations and business development
«A second citizenship enables you to gain more personal and economic freedom and is an integral part of international asset diversification. A second citizenship will last for generations; you will be able to pass it on to your children and grandchildren.»