GRENADA CITIZENSHIP BY INVESTMENT
Overview Dubbed the Isle of Spice, the West Indies sovereign state of Grenada consists of three islands, Grenada and its sister islands Carriacou and Petite Martinique, with Carriacou just a 90-minute boat ride from St. George’s, the nation’s capital city. One of the most southerly of the Varibbean islands, lying just 100 miles northeast of Venezuela, Grenada offers its citizens social and political security, reinforced by its membership of the UN and the Commonwealth of Nations, and delivers an increasingly developed business infrastructure and a growing property market.
Health and Education Grenada has a highly educated population with the average person educated for 16.9 years (education is free and compulsory for children aged 5-16 and based on the British education system) and an extremely high literacy rate (98.6%). Its high standard of primary and secondary education is garnering ever-greater recognition from the international community. The country is home to the best US offshore university, the internationally accredited St George’s University, deemed one of the finest medical, veterinary and arts/sciences schools in the world. St George’s hosts 6,000 students from 140 countries and offers faculties of Medicine and Veterinary Science, with a full medical teaching hospital in development. The government has prioritised education, spending 10.3% of its budget to the sector in 2016, the third highest rate in the world. In health, there are three privately-owned hospitals and four public hospitals and the average lifespan is 73.6 years.
Transport All corners of the island are reachable from the capital in less than two hours with transportation options including public bus, taxis, car as well as water taxis and ferries. The Maurice Bishop International Airport, located five miles from the capital St George, offers flights to London Gatwick, Miami, Toronto, Barbados, New York JFK, Frankfurt and Atlanta and will be offering direct flights to London Heathrow from November 2020.
Lifestyle Grenada features an unspoilt and exotic landscape boasting jagged mountain peaks, hidden coves, spice plantations, golden beaches and lush rainforests, with a dozen or so waterfalls scattered across the island. The Grand Anse Beach, two miles of pristine white sand bordering turquoise waters, is world-renowned. The local community is known for being culturally vibrant and extremely friendly and the island is seen as more laid-back than its Caribbean counterparts with the offer of both adventure and relaxation, from wildlife attractions to national parks. Cricket is the most popular sport and the capital’s Grenada National Cricket Stadium hosts both domestic and international matches.
Climate Grenada has a tropical climate year-round with temperatures ranging from 23C to 28C and plenty of cooling winds. The cool, dry season stretches from January to mid-April, while June to November is generally hot, humid and rainy.
Population 112,200 (2018)
Languages The official language is English with French patois also spoken.
Religion The main religion is Christianity.
Capital city The capital is St George’s, located on the southwest end of the island.
Currency East Caribbean Dollar (ECD)
GDP per capita $10,640.50
Economy Grenada has the smallest economy of the Caribbean islands, ranking 46th out of 190 economies, according to the Doing Business Report by World Bank 2019. In the last two decades, Grenada’s economy has shifted from agriculture to the provision of services and today, tourism is the mainstay of Grenada’s economy with eco tourism a particular focus. Its largest exports include nutmeg, cocoa beans, fish and wheat flours, as well as other spices (such as cinnamon, ginger and cloves), bananas and citrus fruits. Grenada’s currency is stable, secure and tied to the US dollar and business on the island can be conducted in US dollars. Grenada has no foreign income, wealth, gift, inheritance or capital gains tax and no restriction on the repatriation of profits and imported capital.
Did you know…? Grenada’s two Olympic medals were both won by Kirani James in the 400 metres, a gold in 2012 and a silver in 2016. These put Grenada, which had a then population of 107,000, on top of the medals-per-capita tables in both years.
GRENADA CBI PROGRAMME
- Established 7 years
- Minimum outlay $150,000
- Processing time 60 days
- Residency or travel requirements None
- Freedom of movement 143 countries
- Investment Options 2
Overview Unveiled in 2013, Grenada’s citizenship by investment program has upped its reputation stakes in recent years thanks to ironing out its application processes to make them more efficient, and therefore, quicker, and tightening its due diligence processes. According to the CBI Index 2019 by the Financial Times, Grenada has increasingly placed “greater diligence in authenticating source of funds”.
Best for Increased business opportunities, as Grenada’s CPI is the only Caribbean country program to offer visa-free access to China as well as allowing dual citizens the ability to work and live in the US under the E-2 Investor Visa Treaty.
Pros While Grenada’s donation outlay isn’t the cheapest, its processing fees are certainly more value for money than most. In addition to being one of the safest nations in the Caribbean, Grenada is renowned for its excellence in educational standards and offerings. Offers a multiple E-2 visa treaty with the US, allowing applicants to live and work there with the majority of the benefits of a resident, but without the costs or time of obtaining an EB-5 US visa.
Cons The lowest GDP of all the Caribbean countries, making its economy the least vibrant.
USP The only citizenship by investment program to allow applicants’ siblings to be included in their application, so long as they are at least 18 years old and single with no children. The only Caribbean country with visa-free access to China.
Ease of processing Following a slowdown of processing in 2018, Grenada has improved the speed of its processing procedures in recent years with applicants receiving citizenship within 60 business days. Like many of the Caribbean islands, Grenada’s citizenship by investment (CBI) programme requires no interview, business experience or proficiency in English and there is no need for applicants to reside in Grenada before, during or after citizenship is granted. This is mainly due to the sophistication of Grenada’s due diligence procedures, which include in-situ travelling by third party firms to the applicant’s country of residence or birth.
Freedom of movement The citizenship by investment program provides visa-free access to 144 countries including the UK, EU, Singapore and China. Plus, Grenadians can now work/live in the US under the E-2 Investor Visa Treaty.
Investment options 2
GRENADA CBI INVESTMENTS
Option 1 The first of Grenada’s economic citizenship options, like many others, involves a one-time non-refundable donation to the country’s National Transformation Fund (NTF), which supports the nation’s renewable and sustainable development initiatives and stimulates foreign investment to promote tourism, construction, agriculture and manufacturing. For a family of four, this requires a contribution of $200,000 with added fees of $20,000. Additional dependents are required to pay $25,000 each, along with fees of $2-3,000pp, depending on the age of the dependent. Single applicants are required to donate a one-off payment of $150,000, plus fees of $8,000. Applicants may immediately apply for citizenship (also known as instant citizenship) or can first apply for permanent residence and apply for citizenship at a later stage.
Option 2 The second option in gaining a second passport to Grenada is to invest in government-approved real estate. This involves a minimum investment of $350,000 in a property, plus $58,000 in government, application and due diligence fees, and applicants are required to keep the property for at least five years from when citizenship granted. The majority of government-approved investments are real estate developments, including luxury hotels, resorts and villas. A further option offers the chance for applicants to harness investment other than property-focused, allowing applicants to invest in government-approved tourism developments to which the developer has already committed 20% of the total expected costs, for example Kimpton Kawana Bay. A minimum investment of $220,000 is necessary and the investment must be held for five years.
GRENADA CBI RANKINGS
Passport Ranking (Henley Passport Index Q4 2020) 33 / 109
CBI Programme Ranking (CBI Index 2019, Financial Times) 87% / 3rd out of 13 countries
Ease of doing business Ranking (Doing Business 2019, The World Bank) 146 / 190
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