Grenada is an island country located in the Caribbean. The government of the country offers foreigners the opportunity to obtain a passport under the Citizenship by Investment (CIP) migration program. The grounds for granting a Grenada passport are a non-refundable contribution to the National Transformation Fund (NTF) of at least 150,000 USD or the purchase of real estate in the country worth over 350,000 USD.
The process of obtaining Grenada citizenship for investment is quite fast and takes only 3-4 months, and in 5 years the investor gets the right to return the full amount of investment in real estate. Grenada passport allows the owner to cross the borders of 143 countries in a visa-free regime. The distinctive feature of Grenada is that it is the only country the citizenship of which gives the opportunity to obtain an E-2 investment visa to the USA and visit China without obtaining a visa.
The pros and cons of Grenada citizenship
The pros of full citizenship in Grenada are:
- no requirements for the period of stay in the country;
- the right to visit many countries without visas;
- the right to inherit citizenship;
- the ability to incorporate a business in Grenada;
- no need to renounce one’s first citizenship
- tax exemption for Grenada passport holders;
- the ability to open accounts in Caribbean banks;
- no education or language requirements;
- remote acquisition of Grenada citizenship;
- possibility of receiving passive income from renting out real estate in Grenada.
Despite all the benefits of obtaining Grenada citizenship, there are a few cons, such as:
- the high cost of participation in the investment immigration program (compared to similar programs in other countries);
- the need to undergo a medical examination and to confirm the absence of mental, oncological and infectious diseases;
- the remoteness of the island country from Europe.
Conditions for obtaining CBI
A Caribbean passport can be issued to a citizen of any country in the world, and the candidate does not have to reside permanently in this state. The government of Grenada imposes a number of requirements on applicants, the main of which is to fulfill the conditions of the migration program, such as investment in the National Transformation Fund (NTF) or the purchase of government-approved real estate. Applicants are also required to pay due diligence fees, state fees and other fees.
The main requirements for the investor
Applicants for Grenada citizenship should meet the requirements of the migration legislation of the country. The exact list of conditions depends on the chosen method of investment, but we can highlight the main ones:
- main applicant should be 18 years old or older;
- no criminal record and no problems with the law;
- roof of the legal source of investment funds;
- no refusal of entry into visa-free countries with Grenada, the U.S. and Canada;
- positive reputation;
- successful completion of a medical examination;
- not on the sanctions lists.
The list of documents to be submitted to the migration authority for all applicants for citizenship of the Caribbean Islands may differ for each chosen method of investment. The basic list includes:
- proof of solvency (availability of funds for investment);
- filled out Grenada citizenship application form;
- 20 3.5 x 4.5 cm color photographs;
- valid international passport and copies of all its pages, translated into English;
- national ID card;
- company registration documents of the principal applicant’s company, which is the source of investment for the citizenship application;
- color copies of educational diplomas;
- proof of successful medical examination and absence of serious diseases;
- CV of the principal applicant and spouse;
- birth or adoption certificate;
- proof of address (utility bill with address, first name and last name of principal applicant);
- marriage and/or divorce certificate (for the principal applicant);
- certificate of no criminal record from the countries where the applicant has lived for more than 1 year within the last 10 years;
- personal bank account statement of the main applicant for the last year;
- letter of recommendation from the bank and the employer of the main applicant;
- proof of military service (if the applicant served in the military).
Some of the documents in the list above must be notarized and apostilled.
Ways to invest in the Caribbean citizenship
There are several investment options for obtaining a Grenada passport under the state migration program. The table below summarizes each of the possible pathways.
|Type of investment||Number of applicants and amount of investment|
|Investment in the National Transformation Fund (NTF)||One investor — 150000 USD||A family of up to 4 people — 200000 USD
Family of 5 and more people — от 25000 USD per each additional dependent
|Purchase of a government-approved property||Investor and their family — 350000 USD||Joint investment — 220000 USD per each investor|
Real Estate Investment in Grenada
Acquisition of real estate in the Caribbean islands is a profitable investment and provides an opportunity to obtain the citizenship of Grenada. The grounds for issuing a passport of the island country are the purchase of a government-approved property and fulfillment of all the requirements of the immigration program.
The main advantage of this migration pathway is the ability to sell real estate in 5 years after purchase and get back the full amount of investment. The disadvantage of the Grenada program is a rather large minimum investment compared to similar CIP-programs of other Caribbean states.
There are two options for investing in government-approved real estate in Grenada under the CBI program:
- Acquisition of an object for an amount exceeding USD 350,000 under the condition of individual investment. The amount of the required contribution does not change depending on the number of family members of the main applicant, who apply for citizenship together with them.
- Joint investment of two or more applicants, where each applicant is required to invest 220,000 USD in real estate. If this option is chosen, the total amount invested in one property should be equal to or greater than USD 440,000.
Investors should remember to pay the state fee for the purchase of real estate – 50000 USD for the main applicant, 25000 USD for the fifth and each additional dependent.
Investment in the economy of Grenada
The second option to participate in the Citizenship by Investment program is to invest in the National Transformation Fund of Grenada. The money received is used for the development of the economy and modernization of the infrastructure of the state.
Unlike investing in Caribbean island real estate, this investment option does not provide a cash return. However, the cost of participation in the program may be lower due to the fact that the total amount of investment depends on the number of applicants in one application for citizenship:
- The investor is required to pay USD 150,000 to the National Transformation Fund account.
- In case of Grenada passports for a family of up to 4 persons, the applicant shall pay 200000 USD.
- To obtain citizenship for a family of 5 or more, one must invest 200,000 USD + 25,000 USD for each additional dependent.
Any of the above investment options include the following additional costs:
- application fee – $1,500 USD for each applicant;
- due diligence fee – $5,000 USD for the principal applicant, his/her spouse and financially dependent children 17-30 years old, persons under 16 years old are free of charge;
- application processing fee – $1,500 USD for each applicant over 18 years old, $500 USD for applicants under 18 years old.
An applicant for the citizenship of Grenada may be denied, if they:
- has a criminal record or problems with migration laws;
- cannot prove the legality of the origin of the investment funds;
- has a poor personal or business reputation;
- is a threat to national security;
- has not passed a due diligence;
- has serious health problems.
Grenadian citizenship can only be obtained through a licensed immigration agent, who personally submits the application and necessary documents of the client. The candidate and their family members do not need to visit the country, as the process of participation in the CIP-program of Grenada is completely remote.
The most popular option is to obtain a Grenadian passport through the purchase of local real estate. In 2020, 1,111 people were granted citizenship, with 58% of investors investing in government-approved properties and 42% of applicants making a non-refundable contribution to a government fund.
Thus, applicants for Grenada citizenship can choose the most appropriate way to invest. The option of purchasing real estate is suitable for applicants who wish to return the funds in the future, while the non-refundable investment of the National Transformation Fund is most beneficial to individual contributors.
Step-by-step procedure for obtaining a gold passport
- Choosing an immigration agent. A Grenada applicant chooses a Grenada government-licensed agent and enters into a client agreement with them.
- Choosing an investment option. The candidate chooses the most appropriate way to invest: in real estate or in the National Transformation Fund of Grenada.
- Collecting the documents. An important step is to prepare the dossier of the applicant and their family members for submission to the authorized body. Documents must be translated, notarized and apostilled.
- Applying for the CIP program. The migration agent submits the application package and citizenship application to the government of Grenada. The applicant pays the necessary fees, duties and the due diligence process.
- Due Diligence. Grenada’s authorized agency processes the application and conducts a thorough due diligence on the applicant’s documents.
- CIP Program Compliance. After successful approval of the application, the applicant must make the investment they have chosen: either to purchase real estate or to invest in a government fund.
- Obtaining a Grenada passport. Fulfillment of CIP investment requirements is the basis for issuance of Grenada passport and citizenship card to the applicant and their family members.
Comparison of Caribbean investment programs
There are several CIP programs under which wealthy foreigners and their families can obtain second citizenship of the island country. Each of them offers different investment options and has its own advantages and disadvantages.
Comparison of minimum mandatory investment amounts of popular programs in the Caribbean and Vanuatu
|Country||Minimum investment in the economy, USD||Minimum investment in real estate, USD|
The main advantages of participating in the immigration programs of the Caribbean Islands and Vanuatu
|Country||Visa-free countries||The U.S.A.|
|Grenada||142 + China||Business-visa E-2|
|Antigua&Barbuda||151||Tourist visa for 10 years|
|Dominica||140||Tourist visa for 10 years|
|St. Lucia||146||Tourist visa for 10 years|
Based on the data shown in the table, the cost of processing a Grenada passport for investment is higher than that of some similar CIP programs. However, only Grenada citizenship status entitles you to a visa-free visit to China as well as to obtain an E-2 business visa to the United States.
Family members eligible to apply for Grenadian citizenship
Along with the principal applicant, immediate financially dependent relatives such as spouse, children, grandparents and siblings may apply for a Grenada passport. The investor should pay for all applicants to participate in the migration program, thereby making them eligible for the passport. Co-applicants must also pass a security clearance and meet all government requirements. Grenada is the only Caribbean state with a hereditary citizenship.
|Purchase of real estate||Investing in a government fund|
|One applicant — 150000 USD
Each applicant in a joint investment — 200000 USD
|One applicant — 350000 USD
Family of 4 persons — 220000 USD
Family of 5 and more persons:
+ 25000 USD for each additional dependent
+ 50000 USD for each parent younger than 55 years old
+ 75000 USD for each sibling
A passport of Grenada gives its holder many advantages, such as the ability to visit 143 countries, including China, without visas and to obtain an E-2 business visa in the United States. Investing in real estate or the economy of Grenada provides an opportunity to obtain a second citizenship without having to reside in the Caribbean state and give up the first passport.
The process of obtaining Grenadian citizenship for investment involves many nuances and must necessarily be supervised by a licensed immigration agent. To understand the intricacies of participation in the migration program and obtain a passport of Grenada quickly and without problems, it is worth to ask for help from a qualified lawyer.