For investors and high-net-worth individuals looking for second citizenship to unlock unparalleled opportunities and traverse the world with ease, Grenada is considered an ideal option. With its stunning nature, pristine beaches, and rich cultural heritage, Grenada’s passport with its immense privileges is considerably sought after.
In this article, we will shed light on the main changes that took place in 2024, and delve into the benefits of obtaining Grenada citizenship.
Why to obtain Grenada’s citizenship in 2024?
Grenada citizenship by investment program has a lot of advantages, as it can allow applicants to hold dual citizenship, and extend their citizenship to family members such as spouses, dependent children, and parents.
Here are 6 benefits for gaining Grenada’s citizenship:
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Investment opportunities
For investors looking for fruitful business opportunities, Grenada is considered one of the region’s most attractive destinations for investing. Massive opportunities can be found in sectors like tourism, agriculture, education, health and wellness, information communication technology, and energy.
The Spice Isle, with a range of trade and investment opportunities, coupled with governmental[1] support for doing business, and attractive fiscal incentives, have a lot to offer to investors. Agriculture is an important pillar in its economy, presenting many development opportunities. Grenada’s rich, fertile lands and tropical climate provide the ideal base for organic and good agricultural process farming ventures. While any venture within the manufacturing industry can apply for investment incentives, investment projects linked to a priority sector, such as agribusiness or energy are strongly encouraged.
To facilitate trade and investment, a variety of trade agreements have been signed between Grenada and several regional and international countries, allowing business investors access to many lucrative markets. The agreements include the Economic Partnership agreement (CARIFORUM EC_EPA) which removes all tariffs and quotas on Caribbean exports to the EU.
The country has also a main airport that has excellent connections with North America and Europe via direct flights and other Caribbean islands. Direct flights are also available from Canada, Germany, and the UK for those interested in fully experiencing the advantages of citizenship in this stunning country. Grenada also has a port that handles all of Grenada’s container traffic, as well as a comprehensive road network that allows any part of the island to be reached within one to two hours from St. George’s. Public transportation is also available including taxi services, vehicle rental agencies, and tour buses.
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Lifestyle benefits
Grenada provides its citizens with social and political stability, bolstered by its membership in the United Nations and the Commonwealth of Nations. The local community in Grenada is culturally rich, lively, and exceptionally welcoming. With a long history, the people of Grenada take pride in their national heritage, which they celebrate year-round. The nation offers the perfect blend of adventure and relaxation: from wildlife attractions and marine life to national parks, it’s an exciting place to explore. Its super-yacht marina and charming pastel towns create an ideal atmosphere for strolls and unwinding. Grenada citizens can enter the country anytime, even with closed borders.
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Global Mobility, Visas to US
Grenada’s passport holders can travel without visa restrictions to 148 countries, including the Schengen area nations, the UK, China, and Australia, among others. They can spend 90 out of 180 days in the Schengen area, and 180 days a year in the UK. Grenada’s citizens can also spend up to 30 days without a visa in China and Singapore. To visit Australia, they can apply for Electronic Travel Authorization (ETA) which is faster and cheaper than a regular visa.
Grenada’s passport holders are eligible for an E-2 visa to the USA, which permits them to live, work, and establish a business in the country. Additionally, they can obtain a 10-year B-1/B-2 visitor visa for tourism purposes, allowing them to stay in the US for up to 6 months per year.
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Tax benefits and banking opportunities
Grenada does not impose taxes on foreign income, wealth, gifts, inheritance, or capital gains[2]. There are no restrictions on repatriating profits and imported capital. The country offers generous incentive packages, including corporate tax incentives, full exemption from import duties, tax relief benefits, and export allowances. Investors can register international companies in Grenada to reduce tax payments and avoid currency control restrictions in transactions with foreign partners.
Grenada’s currency, the East Caribbean dollar (XCD), is pegged to the United States dollar (USD). Additionally, duty-free trading is allowed in the Caribbean. Moreover, Grenadian citizenship allows investors to open bank accounts in European and American banks, which helps them keep their money in hard currency and pay lower commissions for international transfers. This is a distinguished benefit for global investors looking to optimize their financial strategies and protect their assets.
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No residency requirement
Unlike other citizenship programs, such as the programs provided in some European countries, Grenada does not require a prolonged physical presence or permanent residency in the country. This flexibility is particularly beneficial for investors who value mobility.
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Opportunity to study abroad
Grenadian citizens can enjoy preferential educational opportunities in the UK and the US, thanks to the close historical ties between Grenada and these countries. Even if an investor’s children opt for higher education in Grenada, they can still benefit from collaborations with universities in the UK and the US.
Eligibility criteria
Applicants above 18 years of age, with a clean criminal record and a satisfactory health condition, and capable of proving the legality of their income are qualified to apply for Grenada citizenship by investment program. Applicants must meet specific investment amounts. A single investor can donate at least $150,000 to the National Transformation Fund, and a family of up to 4 people should contribute at least $200,000. Investors can also buy real estate from a government-approved project with a minimum investment of $220,000 to obtain citizenship.
Ineligible nationalities
The country has launched recently the Investment Migration Agency (IMA), which released on March 25, a circular with a new list of countries and nationalities that are ineligible to apply for Grenada citizenship. These countries include Iran, North Korea, Russia, Belarus, Sudan, Yemen, and Afghanistan. Grenada has opted to limit applications by increasing the number of restricted countries in an attempt to address US and EU concerns. However, the restrictions do not apply to all applicants from Afghanistan, Iran, Sudan, and Yemen, as those who were born in one of these countries but left before the age of 18, may still be eligible. Additionally, applicants from these countries must have been permanent residents of Canada, the UK, the Schengen zone, the US, Australia, New Zealand, Saudi Arabia, or the UAE for at least 10 years, or have been approved for a visa there. However, those applicants are not allowed to have any economic ties with any of the 7 restricted countries. Grenada has also stipulated enhanced due diligence, which may come at a higher cost to the applicant.
The Grenada citizenship by investment program offers potential applicants the opportunity to become citizens and gain the right to live, work, study, and traverse the world with ease for a minimum contribution of $150,000. All the rights are associated with membership of the Caribbean Community (CARICOM).
[1] https://investingrenada.gd/wp-content/uploads/sites/2/2021/07/Investment-Incentives-Guide-Print-Version-1.pdf
