Unbelievable surge in demand for Grenada passport at the end of 2021
9 minutes read
The number of applications for Grenada citizenship by investment increased significantly in 2021. In this year alone, the number of applicants for a passport of the Caribbean country was significantly higher than in 2020.
Impressive investor activity
The Grenada Ministry of Finance released data, according to which over the last 3 months of 2021, 165 applications for a citizenship were submitted by foreigners. The previous record was set by the end of 2019, when 121 investors applied for the citizenship by investment.
A total of 391 Caribbean passport applications were processed by the Grenadian authorities during the first 3 quarters of 2021. The same number of applications were received for the entire year of 2020, so we can certainly state a new record. If we take the overall statistics of the applications approved in 2021, we can see a significant lag from 2020. The Grenada government approved 268 applications in the first three quarters of 2021. Considering the leading trends and projecting the available figure to the last quarter of 2021, we can expect a total of 335 approved applications, 40 fewer than for the entire year of 2020.
However, this projection is not precise, as a large share of the applications, which came to the migration control authority in the third quarter of 2021, will not be processed until the fourth quarter. Due to the fact, that in the third quarter the number of registered applications turned out to be a record, a peak of approved applications is expected at the end of the same year.
Income from the investment program
Granada's current economic immigration program in the first three quarters of 2021 brought in 68,823,887 USD to the country's budget. At the same time, 22,941,296 USD were invested in the National Transformation Fund (NTF), which receives donations from applicants for citizenship on a non-refundable basis. In addition, 38,482,174 USD were invested by foreign investors in Grenada real estate for a period of five years. The remaining 7,770,439 USD went toward the payment of government fees on the purchase of real estate.
It is worth noting, that over the first three quarters of 2021, and over the entire year of 2020, the majority of Grenada's economic citizenship program budget revenue came from real estate investment. However, the majority of Grenada's citizenship applicants chose to invest in a national fund.
|Year||Real Estate investment||NTF investment|
|2014||46 %||54 %|
|2015||16 %||84 %|
|2016||42 %||58 %|
|2017||69 %||31 %|
|2018||72 %||28 %|
|2019||63 %||37 %|
|2020||42 %||58 %|
|2021||57 %||43 %|
The largest number of applications for a Grenada passport involved non-repayable investments in NTFs. At the same time, the funds, gained by the state budget from such investments, were far from always exceeding the profits from the purchase of real estate by foreigners. In late 2020 and early 2021, buying real estate was noticeably more in demand, than investing in the national fund. But then the situation changed and deductions to the NTF began to slightly exceed real estate investments.
Benefits of citizenship by investment in Grenada
A year and a half after the start of the pandemic, it became clear that the situation in the world can change very quickly and unpredictably. A second passport allows you to protect yourself and your loved ones from potential danger, as it provides an opportunity to travel abroad quickly. Procedure of obtaining Grenada citizenship by investment, as well as other similar programs, allows you to become the owner of a Caribbean passport easily, quickly and from the comfort of your home.
The statistics is self-evident: the popularity of Grenada citizenship by investment program continues to grow and takes a leading position in the Caribbean market of immigration. At the same time, more and more foreigners are choosing to become citizens of Grenada on the basis of the purchase of real estate. Thus, investors provide themselves with a comfortable place to live in case of political or economic turmoil in their countries.
Transparent procedure and affordable prices
In 2013, the Grenada citizenship by investment program was re-launched. However, the conditions remained the same, guaranteeing investors stability and no pitfalls. Regardless of the basis chosen by a foreigner for obtaining Caribbean citizenship, after completing all the requirements and passing the tests the applicant becomes a passport holder of Grenada within 3-4 months. The main feature of the program is that the entire process of obtaining citizenship status can be done remotely. In addition, a foreigner is not required to reside in Grenada, pass a national language test or be interviewed.
The investment amounts required to participate in the program are quite moderate. For example, the main applicant is required to contribute 150,000 USD to the national fund, and for a family of 4 it is 200,000 USD. Obtaining a passport through the purchase of real estate assumes collective investments (from 2 and more investors) in the total amount from 440 000 USD. As objects of investment in this case are approved by the authorities of the resorts and touristic housing. Investors should keep the acquired apartments in their property for at least 5 years.
It is also possible to invest individually in real estate worth from 220 000 USD. The objects of investment are the same - tourist apartments and resorts. After the purchase, they are required to retain ownership of at least 5 years. In this case, the investment amount does not include the fees used to test applicants for credibility. This amount does not include the fee of the immigration agent, whose services are a mandatory requirement established by the authorities of Grenada.
By obtaining Grenada citizenship, entrepreneurs from Russia, Kazakhstan, Belarus, Ukraine and other CIS countries can freely engage in international business. The Caribbean passport gives the right to visit six out of eight G8 countries without visas.
At the same time, the government of Grenada is continuing the diplomatic process with partners from other states, which will expand the scope of visa-free destinations. For example, in 2015, the Grenadian authorities concluded an agreement with officials in Brussels on free visits to Schengen countries and Great Britain. At the same time, an agreement on visa-free travel with China was reached.
Today, the passport of Grenada allows you to travel without a visa to at least 20 European countries, 5 countries in Latin America, as well as 4 Asian and 3 African countries. Also, Caribbean citizenship provides free entry to Vanuatu and Fiji, the Caribbean archipelago states and the Overseas Territories.
US visa E2 processing
Grenada citizenship program is popular with investors due to the right to apply for U.S. business visa E2. This permit is available only to those foreigners, who live in the countries, which have concluded Trade and Investment Framework Agreements (TIFAs) with the USA. Russia and Belarus, for example, are not among such countries, so for the citizens of these countries Grenada passport provides access to the U.S. market.
To obtain visa E-2, one needs to have the funds for investment of 50,000 USD and more. The obvious advantages of this visa include:
- living and doing business in the United States;
- no need to pay taxes to the U.S. treasury;
- the right to include your spouse and children in the application;
- fast-track processing;
- long-term visa (up to 5 months);
- unlimited renewal of the application.
Among Caribbean jurisdictions offering investment immigration, only Grenada offers its citizens the option of obtaining a U.S. E-2 visa. The same option is offered by Turkey, Jordan, and Montenegro to immigrant investors on the global market. However, neither Jordan nor Turkey has visa-free travel with Schengen countries, the United Kingdom and China.
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