As one of just two Citizenship by Investment Programmes worldwide (and the only one in the Caribbean) that allows its citizens to enter, invest and work in the US via the E-2 Investor visa treaty, Grenada’s CIP is proving increasingly popular with HNWIs, especially from India and China, where there is increased private wealth.
And with waiting lists for the EB-5 Immigrant Investor Visa to the United States increasingly long (it can take Indians up to a decade to gain residency of the US via this visa) and the EB-5 Immigrant Visa proving increasingly expensive, wealthy HNWIs are looking instead to the E-2 Investor Visa as an attractive substitute.
The benefits of a CBI Programme with E-2 Investor Visa
And that’s where the Grenadian CBI Programme, which is considered to be one of the world’s best, comes in, offering as it does the E-2 Investor Visa, and thereby facilitating HNWIs access to the US. And this is ultimately where citizenship of Caribbean island Grenada (aka the Spice Island) has a bit of an advantage over its CBI country counterparts, apart from Turkey’s CBI Programme, which also offers the E-2 investor visa.
However, compared to Grenada’s, Turkey’s CBI Programme is not only more expensive (minimum investment of US$250,000 compared to Grenada’s US$150,000), but it takes longer to complete (up to six months compared to two months for Grenada). Turkey also offers less freedom of movement with its passport, with no visa-free access to the Schengen Area and with visa-free access to only 111 countries, while Grenada boasts a count of 143 countries, including the Schengen Area and China. In fact, Grenada is the only CBI country to deliver visa-free access to China.
The valuable E2 visa treaty with the US means that as a Grenadian (or Turkish) citizen, you can apply to reside in the US and obtain permission to do so within 6-8 weeks. Additionally, as a non-immigrant resident, if the main resident stays in the US for no more than 122 days per year, no tax on worldwide income is levied.
If you decide to migrate to the US through the E2 visa, you will be allowed to establish, advance and operate a business within the United States. Also, your spouse will have work authorisation there and your children will be able to attend the school of their choice, with many US states offering in-state tuition at State Universities up until age 21.
Increased interest in Grenada CIP due to access to the US
According to Immigration Lawyers, interest in the Grenada Citizenship by Investment programme has increased from citizens of India, and coinciding with this, explains global chairman of immigration law firm Davies & Associates, Mark Davies, there has been a definite drop in interest towards America’s EB-5 programme, following changes to it back in November 2019.
Now, the minimum investment required under the EB-5 Immigrant Investor Program has been raised to US$900,000 from US$500,000 in a Targeted Employment Area and US$1.8 million if non-TEA. “This, coupled with a longer wait time for Indians because of an annual country cap of 700, has led people to explore other options,” says Mark Davies.
Why Grenada is good for business – global mobility and tax benefits
But this unique visa is not the only draw for Indian and other nationalities to Grenada’s CBI Programme. Grenada offers visa-free or visa-on-arrival access to 143 countries, including Brazil, the UK, Europe’s Schengen Area and Russia, and is the only CBI country to offer access to China, following an extradition treaty formalised with China in October 2018.
Furthermore, Grenada is accessible from major international cities including Miami, New York, Atlanta, Toronto, London, Frankfurt, and the Caribbean.
In addition to opening up markets to help individuals increase their business opportunities, economic citizenship of Grenada can help HNWIs structure their tax situation advantageously while fully complying with international law.
There is no foreign income tax, property tax, gift tax, tax on wealth or inheritance tax in Grenada. To attract businesses, the country offers corporate tax incentives, exempts all import taxes and has no limit on the flow of capital and profits back home.
Grenada boasts strong economic development, growing 5% per year, and has a high level of education, with an extremely high literacy rate (98.6%) and an education system that is garnering ever-greater recognition from the international community. Add to this the fact that the country is home to the internationally accredited US offshore university, St George’s University, deemed one of the finest medical, veterinary and arts/sciences schools in the world.
And the crème de la crème? Grenada boasts an exceptional quality of life with a year-round tropical climate and an unspoilt and exotic landscape – think jagged mountain peaks, hidden coves, spice plantations, golden beaches and lush rainforests, with a dozen or so waterfalls scattered across the island.
Grenada’s Citizenship by Investment Programme
Grenada’s CBI Programme, which has been running for seven years and has been ranked as among the best three CBI Programmes worldwide in the last few years, according to the CBI Index, is also competitive in price, processing time and procedures, with a minimum investment outlay of US$150,000, a processing time of just two months, and no residency or travel requirements.
The programme also comes out top of the CBI pops in terms of due diligence, with the government continuing a strict position on dealing with any illegalities uncovered during the CBI programme process.
CBI investors to Grenada have two investment options. They can make a donation of US$150,000 to the National Transformation Fund (NTF) or an investment of US$220,000 in government-approved real estate. Investors can include dependents in the CBI application including spouse, children, single siblings (without children and above the age of 18) and parents, no matter their age.
Kimpton Kawana Bay is Grenada’s leading CBI project
For those looking to invest, Grenada’s leading government-approved CBI project is Kimpton Kawana Bay, a new 5-star luxury resort in Grenada, located at the southern end of the Caribbean chain of Islands known as the Windward Islands. The resort is ideally positioned on Grand Anse Beach, which was voted by Condé Nast Traveller as one of the world’s best beaches.
Title deeded studios and suites are for sale from only US$220,000 through Grenada’s Citizenship by Investment programme.
Kimpton Kawana Bay offers hassle-free ownership with no annual out-of-pocket fees. There is good potential for rental income through the operator’s transparent hotel rental management programme and personal accommodation usage of up to two weeks each year.
Operated by an internationally recognised hotel brand (Kimpton Hotels & Restaurants, part of IHG), the Kimpton Kawana Bay hotel, when open, is set to feature an infinity edge pool overlooking Grand Anse Beach, state-of-the-art gym and spa facilities, an exquisite fine-dining restaurant, rooftop bar, beach bar, lounge with terrace, and water sports facilities.
In August, Kimpton Kawana Bay announced the launch of its final units for sale, in the Kiawah building which is the last phase of the project to be built.
With over 70% of units sold or reserved, the resort is at an advanced stage of construction. The developer has broken ground on the final phase of the hotel, and is now launching sales of the remaining 12 suites and studios.