About Grenada
Grenada, aptly known as the “Island of Spice” due to its vibrant nutmeg and spice production, is more than just a picturesque Caribbean gem. Nestled in the heart of the West Indies, Grenada captivates with its pristine beaches, lush rainforests, and vibrant coral reefs. With an annual influx of approximately 500,000 tourists, drawn by its natural wonders and warm hospitality, Grenada has secured its place as a sought-after destination on the global map.
However, beyond its natural splendor, Grenada has confronted the challenge of economic diversification. Historically reliant on agriculture and tourism, the nation recognized the need to fortify its economic foundation. The island’s economy is characterized by a GDP of around $1.5 billion, with tourism and agriculture serving as the primary contributors. While these sectors have provided stability and livelihoods for Grenadians, their susceptibility to external shocks became evident during global economic downturns.
With its rich culture and historical significance, Grenada embodies the soul of the Caribbean. Yet, the nation’s leaders realized that a dependence on tourism and agriculture left the economy vulnerable. The global financial crisis of 2008 further underscored the importance of diversification. Grenada’s leaders envisioned a future where the nation’s resilience would be anchored in multiple pillars, safeguarding against economic uncertainties.
Thus, the Citizenship by Investment Program emerged as a strategic solution to promote economic resilience and long-term growth. Recognizing the potential of attracting global investors seeking Caribbean citizenship, Grenada unveiled its Citizenship by Investment Program in 2013. This marked a pivotal moment in Grenada’s economic journey, as the program aimed to attract foreign capital and expertise while bolstering the nation’s economic stability.
Grenada’s commitment to strengthening its economic landscape extends beyond the program’s financial benefits. The nation’s financial services sector, known for its stability and adherence to international regulations, complements the Citizenship by Investment Program’s objectives. This sector contributes significantly to the nation’s revenue and has played a role in diversifying the economy.
An Overview Of Grenada's Citizenship By Investment Program
At its core, Grenada’s Citizenship by Investment Program embodies the nation’s vision for economic transformation. This program empowers eligible global investors and their qualifying family members to become citizens of Grenada by making a significant investment in the nation’s economy through an approved investment channel. This program accelerates Grenada’s development while offering investors the privilege of Grenadian citizenship.
The premise of the Citizenship by Investment Program is simple; investors who have a clean criminal record and make a qualifying investment can obtain Grenadian citizenship and a Grenadian passport through the program.
The process is lightning quick, usually taking between 3-6 months to complete, and there are no physical residence or visit requirements prior to, during, or after applying, making the Grenada Citizenship by Investment Program one of the easiest ways to obtain a second citizenship.
However, it is important to note that Grenada has a restriction on certain nationalities, as Iranians, North Koreans, and for the moment, due to the conflict in Ukraine, Russians are banned from applying to the program.
Other than that, however, the program is open to anyone who qualifies. Investors can add their spouse, dependent children, dependent parents, and dependent grandparents to the application, providing benefits all across the board for the entire family.
Investment Options
Grenada’s Citizenship by Investment Program provides two investment pathways: a non-refundable donation to the government’s National Transformation Fund (NTF) and a real estate investment option.
National Transformation Fund (NTF) Contribution:
The NTF Contribution is a non-refundable, one-time payment donation to the government of Grenada. The NTF Contribution offers investors a simplified investment option, as they do not have to manage or hold on to any investment prior to being naturalized under the Citizenship by Investment Program.
The NTF also provides a low cost option, especially for single applicants or smaller families, as it starts out at an affordable $150,000 for a single applicant with small incremental increases in the donation amount as more family members are added to the application.
The table below highlights the fees under the NTF donation for a single applicant, a couple, a family of four, and a family larger than four people.
| NTF DONATION | Individual Applicant | MAIN APPLICANT + SPOUSE | FAMILY OF FOUR FAMILY MEMBERS | FAMILY OVER FOUR FAMILY MEMBERS |
|---|---|---|---|---|
| REQUIRED CONTRIBUTION AMOUNT | US$ 150,000 | US$ 200,000 | US$ 200,000 | US$ 200,000 PLUS US$ 25,000 PER ADDITIONAL DEPENDANT AFTER THE THIRD DEPENDANT |
| APPLICATION FEE | US$ 1,500 | US$ 1,500 PER PERSON | US$ 1,500 PER PERSON | US$ 1,500 PER PERSON |
| DUE DILIGENCE FEES | US$ 5,000 | US$ 5,000 PER PERSON | * DEPENDENT CHILDREN 0 – 16 NIL * DEPENDENT CHILD 17 AND OVER US$ 5,000 | |
| PROCESSING FEES | US$ 1,500 | US$ 1,500 PER PERSON | US$ 1,500 PER PERSON AGED 18 AND OVER, US$ 500 FOR PERSONS UNDER 18 | US$ 1,500 PER PERSON AGED 18 AND OVER, US$ 500 FOR PERSONS UNDER 18 |
Real Estate Investment
The real estate investment is an actual, tangible investment asset that investors can purchase to qualify for the Grenadian Citizenship by Investment Program.
Investors can choose any real estate listed on the government’s approved real estate project list, and they must invest at least US$ 220,000 to qualify.
The real estate investment can be done by buying actual property within approved projects, or, more commonly, by purchasing a share of a new luxury hotel or resort.
Investors are free to rent out their property or obtain annual dividends through their shares, which they must hold on to for no less than five years.
This holding period and the nature of the investment means that, if investors choose the right project, they can profit from their investment as they wait out the holding period until they can resell their asset.
Another good thing about the real estate option is the minimum investment amount itself, as it remains constant no matter how many family members are added to the application. This makes the real estate option an excellent choice for families with a larger than average composition, as although government fees will increase, the investment amount itself remains constant and can be resold after five years.
The table below highlights the investment amount and accompanying government fees applicants should expect to pay when applying to the Grenadian Citizenship by Investment program.
| REAL ESTATE OPTION | SINGLE APPLICANT | MAIN APPLICANT + SPOUSE | FAMILY OF FOUR FAMILY MEMBERS | FAMILY OVER FOUR FAMILY MEMBERS |
|---|---|---|---|---|
| REQUIRED CONTRIBUTION AMOUNT | US$ 350,000 / US$ 220,000 | US$ 350,000 / US$ 220,000 | US$ 350,000 / US$ 220,000 | US$ 350,000 / US$ 220,000 |
| GOVERNMENT FEES | US$ 50,000 | US$ 50,000 | US$ 50,000 | US$ 50,000 AND US$ 25,000 PER ADDITIONAL DEPENDANT AFTER THE THIRD DEPENDANT |
| APPLICATION FEE | US$ 1,500 | US$ 1,500 PER PERSON | US$ 1,500 PER PERSON | US$ 1,500 PER PERSON |
| DUE DILIGENCE FEE | US$ 5,000 | US$ 5,000 PER PERSON | * DEPENDENT CHILDREN 0 – 16 NIL * DEPENDENT CHILD 17 – 25 US$ 5,000 | |
| PROCESSING FEES | US$ 1,500 | US$ 1,500 PER PERSON | US$ 1,500 PER PERSON AGED 17 AND OVER, US$ 500 FOR PERSONS UNDER 17 | US$ 1,500 PER PERSON AGED 17 AND OVER, US$ 500 FOR PERSONS UNDER 17 |
Each investment option aligns with distinct goals, enabling investors to select the pathway that resonates most with their aspirations. Whether supporting Grenada’s transformational initiatives, contributing to real estate development, or bolstering its tourism sector, the program offers a diversified range of opportunities.
The Process
The process of obtaining citizenship through Grenada’s Citizenship by Investment Program is extremely simple and consists of just eight straightforward steps:
Step 1: Sign A Contract With NTL Trust. To ensure a seamless process, enlist the services of NTL Trust as a licensed agent approved by the Grenada Citizenship by Investment Committee. We will provide invaluable guidance throughout the application journey.
Step 2: Preparing Documentation. Begin compiling essential documents such as passports, birth certificates, marriage certificates, health certificates, and police clearance reports. These documents lay the foundation for your application.
Step 3: Selecting an Investment Option. NTL Trust will help you carefully evaluate the two investment options and determine the one that aligns with your investment capacity and aspirations.
Step 4: Application Submission. NTL Trust will assist you in completing the necessary application forms and gathering all required supporting documents. Submit the application along with the appropriate fees.
Step 5: Due Diligence. The due diligence process is a critical phase that evaluates your background, financial history, and reputation. It is designed to ensure that all citizens of Grenada uphold the nation’s values and integrity. It is the longest part of the process, but all the work is done on the government’s side, so all that remains is following up through NTL Trust.
Step 6: Investment. Upon approval, proceed with the chosen investment option. Make the required financial contribution to the National Transformation Fund or the approved real estate project.
Step 7: Citizenship Approval. Upon successful completion of due diligence and investment, your application will be approved, leading to the issuance of a Certificate of Registration of Citizenship.
Step 8: Oath of Allegiance. Take the Oath of Allegiance, symbolizing your commitment to Grenada and its future.
Required Documents for the Grenada Citizenship by Investment Program
Grenada’s Citizenship by Investment Program is a well-oiled machine, and since the government wants to process your file as quickly as possible, it is essential to ensure that you have all the necessary documents ready to facilitate a smooth application process.
Each investor may be required to produce slightly different documentation than others depending on their family composition, nationality, nature of work, etc. However, there is a core of required documents that always need to be collected.
The following documents are crucial for verifying your eligibility, background, and financial standing:
- Passport and Identification: Clear and legible copies of your valid passport are essential. Additionally, copies of passports for all family members included in the application should be provided. These documents establish your identity and travel history.
- Birth Certificates: Include certified copies of birth certificates for yourself and all dependent family members, such as your spouse and children. These certificates validate your familial relationships.
- Marriage Certificate (if applicable): If you are married and include your spouse in the application, a certified marriage certificate is required. This document verifies your marital status and relationship.
- Health Certificate: A health certificate issued by a recognized medical professional is necessary to ensure that you and your family are in good health. This certificate may include information about general health, contagious diseases, and overall well-being.
- Police Clearance Reports: Applicants aged 18 and above, including dependent family members, must provide police clearance reports from all countries of residence. These reports demonstrate your good character and absence of criminal records.
- Educational and Professional Certificates: Relevant educational and professional certificates help establish your qualifications and background. These documents provide insights into your academic and career achievements.
- Bank and Financial Statements: Documents that demonstrate your financial standing are integral to the application process. Bank statements prove to the government that you have the required monetary means to make a qualifying investment.
- Proof of Dependency: Investors adding their dependent children, parents, or grandparents will have to prove that they are actually financially dependent on the investor. This can be shown through education enrollment, bank transfers, addresses, or otherwise.
- Recommendation Letters: Some application processes may require letters of recommendation from reputable sources. These letters can vouch for your character, background, and suitability for the program.
Each of these documents contributes to the due diligence assessment conducted as part of the application process. Thorough and accurate documentation enhances the credibility of your application and expedites the evaluation process. It’s advisable to work closely with NTL Trust to ensure that all documents are correctly prepared and submitted, as NTL Trust will tell you what documents are needed exactly and will review the entire file to ensure no gaps are present..
Benefits
Grenada’s Citizenship by Investment Program offers an array of compelling benefits that go beyond the acquisition of citizenship. These advantages are as diverse as the nation itself:
- Visa-Free Travel: As Grenadian citizens, investors gain visa-free or visa-on-arrival access to an extensive list of countries, unlocking the world for business, leisure, and exploration. The Grenadian passport offers its holder visa-free travel to over 145 destinations worldwide, including the UK, EU, China, and many more.
- Strategic Location: Positioned at the crossroads of the Caribbean, North, and South America, Grenada offers a strategic location for businesses aiming to tap into diverse markets.
- Political and Economic Stability: Grenada boasts a stable political climate and a growing economy, providing a secure environment for investors and their families.
- Tax Advantages: Grenada offers a tax-friendly environment with no taxation on worldwide income, capital gains, gift, wealth, or inheritance. It offers investors the optimal solution to restructure their tax framework to alleviate their financial tax burdens.
- Generational Benefits: Grenadian citizenship can be passed down to future generations, creating a lasting legacy for your family.
- A Robust Contingency Plan: Having a second citizenship is the best way to hedge against political and economic turbulence in one’s home country.
- Addition of Family Members: The Grenadian Citizenship by Investment Program allows for the addition of a wide array of family members to one application, including the spouse, dependent children, dependent parents, and dependent grandparents.
- Real Estate Opportunities: The real estate investment option provides an opportunity to become a part of Grenada’s developmental landscape.
A Fast and Simple Process: The Grenadian Citizenship by Investment Program has a streamlined process that takes between 3-6 months and requires no physical presence, making it one of the simplest ways to obtain a second citizenship.
How Do I Start?
The simplest way to begin your journey to obtaining Grenadian citizenship through investment is by contacting NTL Trust today to book a comprehensive consultation with one of our citizenship by investment experts.
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