Citizenship
April 8, 2024
Reading Time: 4 min

Grenada citizenship by investing in real estate

Investors can get a second passport if they spend at least $220,000 on Grenada government-approved real estate.

The property can be used as a vacation residency or place of living. An investor can also rent the property out. The holiday season in Grenada lasts all year round: 500,000 tourists visit the country every year. They stay in hotels or rent villas.

Find out more about Grenada real estate citizenship: what benefits there are for investors, except liquid assets and Caribbean citizenship.

Elena Ruda
Elena Ruda

Told how Grenada real estate is beneficial for investors

Grenada citizenship by investment in real estate

Grenada citizenship by investing in real estate

Grenada citizenship by investment program: options for participation

Real estate purchase is one of the options provided by the Grenada citizenship by investment program.

In total, the program offers two investment options. In addition to a real estate purchase, investors can contribute to the state fund.

The contribution is less than investment in real estate — $150,000 versus $220,000. However, the contribution is irrevocable, and real estate can be sold in five years and return the investment.

70% of investors prefer to buy Grenada real estate to return on their investment. Demand trend confirms the statistics from the Grenada Ministry of Finance, National Security, Home Affairs, Public Administration, Information and Disaster Management.

Grenada’s program has been running since 2013, and the number of applicants is growing steadily. Over the past five years, from 2017 to 2021, their number has doubled from 296 to 566 applications per year.

Who can get Grenada real estate citizenship

Foreigners over 18 years of age who can fulfil the investment conditions, confirm the legality of their income and absence of criminal records and serious illnesses can become participants in the program.

Investors can include in the application:

  • spouses;

  • children under 30 years of age and parents, if the investor or their spouse fully provides for them financially;

  • siblings who have reached the age of 18 and are not yet married.

The total cost of obtaining Grenada citizenship by investment depends on the number of family members and their age. In addition to the cost of housing, the investor pays Due Diligence, administrative, passport, and bank fees and pays for legal support.

Grenada real estate citizenship expenses

Expenses

Investor

Spouses

Spouses and two children aged 7 and 18

Investments

$220,000

$220,000

$220,000

State fee

$50,000

$50,000

$50,000

Due Diligence

$5,000

$10,000

$15,000

Other fees

$3,270

$6,540

$11,080+

Total

$278,270

$286,540

$296,080+

Grenada real estate for sale

A share in a hotel. Investors can buy Grenada real estate in share ownership for $220,000 and get citizenship. The property must be included in the list of real estate approved by the Grenada government.

In return, the investor receives a Grenada passport, passive income from rent and can rest in a hotel for one to two weeks a year.

Apartments and villas in Grenada are bought by investors who want to buy housing in full ownership. In this case, the costs will be from $350,000, which is an approximate apartment price.

Investors often rent out the property to students and tourists who come to Grenada all year-round. The highest demand is for apartments with one or two bedrooms. A management company usually services Grenada real estate, the service contract is concluded remotely. Renting real estate brings the owner 3—5% per annum.

Grenada real estate expenses are not only the cost of the object itself but also additional fees. These include fees for contract registration and legal support, and licences for the right to own land.

Investors who buy real estate under the citizenship investment program are exempt from the licence fee.

Grenada real estate purchase expenses

Expenses

Comments

For investment program applicants

For foreigners

Real estate cost

Apartment in a residential complex

$350,000+

$350,000+

Contract fee

2% from the transaction value

$7,000+

$7,000+

Lawyer fee

1—2% from the transaction value

$3,500+

$3,500+

Licence fee

10% from the transaction value. Not applicable for participants of investment programs

$0

$35,000+

Total

$360,500+

$395,500+

Return on investment in real estate. Grenada real estate citizenship program investors can sell real estate on the island 5 years after obtaining citizenship. During this time, housing will rise in price — the annual increase in real estate prices ranges from 2 to 4%.

When selling real estate, the investor will need to pay a tax on the transfer of ownership: the rate for Grenada citizens is 5%. There is no capital gains tax in Grenada.

Individual cost calculation of the Grenada citizenship

Individual cost calculation of the Grenada citizenship

Grenada citizenship benefits

Visa-free travel. Investors with Grenada passports visit 146 countries, including the Schengen states, the UK, Singapore, China, and Hong Kong. Grenada citizenship allows visa-free entry to China — you can stay there up to 30 days a year.

Long-term visas to the USA. With Grenada citizenship, individuals can obtain an E‑2 business visa to the United States, allowing them to live and work there. Investors will also be able to obtain a B‑1/B‑2 visa — a long-term tourist visa, which is issued for up to 10 years.

Tax optimisation. The Grenada government is interested in attracting foreign investors. Grenada tax residents do not pay taxes on worldwide income, dividends received in other countries, interest and royalties. There are no taxes on inheritance, capital gains and wages, as well as stamp duty. Property tax rate is 0,5%.

Remote process of obtaining citizenship. The investor will not need to come to Grenada before or after obtaining citizenship. Passport certificate of naturalisation sent by mail.

Returnable and reliable investments. To participate in the program, you must purchase a property approved by the state. The government of Grenada checks properties to protect investors from unscrupulous developers. The investor can return the invested funds 5 years after obtaining citizenship.

Grenada real estate citizenship procedure

Under the terms of the Grenada citizenship program, an investor cannot independently apply for participation, he must contact a licensed agent. The lawyers accompany the applicant at every stage of obtaining citizenship: from collecting documents to choosing a property and receiving passports.

The term for obtaining a Grenada passport is from 4 to 6 months.

How to get Grenada citizenship by investment in real estate

1

Preliminary Due Diligence

The investor’s documents are checked by a certified Anti Money Laundering Officer who knows all the nuances of Due Diligence. The expert is looking for facts in applicant’s personal or business background that may prevent him from obtaining Grenada citizenship.

Preliminary Due Diligence reduces the risk of being denied citizenship after verification to 1%.

2

Choosing a property in Grenada

The Immigrant Invest real estate database contains projects from trusted developers approved by the government for participation in the program. Our Grenada real estate lawyer will tell you about the features of each project.

3

Preparation of the purchase and sale agreement and documents for the program

When an investor chooses a property, lawyers check the legality of the transaction and prepare a property reservation agreement. After that, they collect the necessary documents for applying for participation in the program, fill out forms, and make translations and apostilles.

4

Reservation of the facility and application for citizenship

The investor pays for the reservation agreement —10% of the object value, pays the state duty and Due diligence fees.

5

Due Diligence and approval of the application

Once the Grenada CBI Unit receives the documents, the Due diligence begins. It lasts from 3 to 6 months.

6

Approval and fulfilment of the investment condition

The CBU Unit informs Immigrant Invest of the approval of the application. When the notice is received, the investor pays for the property.

7

Obtaining a Grenada passport

Documents are produced within four weeks from the date of transfer of the investment. Immigrant Invest sends a passport and a naturalisation certificate to an address convenient for the investor.

Immigrant Invest is a licensed agent for citizenship and residence by investment programs in the EU, the Caribbean, Asia, and the Middle East. Take advantage of our global 15-year expertise — schedule a meeting with our investment programs experts.

Will you obtain citizenship of Grenada?

Practical Guide

Will you obtain citizenship of Grenada?

Frequently asked questions

  • Which countries offer citizenship by investment in real estate?

    Grenada, Antigua and Barbuda, St Lucia, Dominica, St Kitts and Nevis have state programs with real estate investment options.

  • How much does it cost to get Grenada citizenship?

    To participate in the Grenada citizenship program, an investor can buy a share in a hotel, apartment or villa from a list of real estate approved by the government of Grenada. The minimum investment is $220,000.

  • Is it profitable to invest in Grenada real estate?

    Yes, investors who buy property in Grenada can receive passive income from 3 to 5% per annum. The owners agree with the management company, which leases the object.

    An investor can sell real estate 5 years after obtaining citizenship. During this time, the property will increase in price by 15—20%. There is no capital gains tax in Grenada, which increases the return on investment in real estate.

  • How much does property cost in Grenada?

    The average cost per square meter of housing in Grenada is $1,900 if the object is located in the centre of small towns away from the ocean. Real estate in resorts, near beaches or national parks can cost several times more.

  • Does buying property get you citizenship?

    Yes, if it’s Grenada government-approved real estate.

    Besides, under the Grenada citizenship program, an investor cannot independently apply for participation, he must contact a licensed agent. This is a legal company that accompanies the applicant at every stage of obtaining citizenship — from collecting documents to choosing a property and receiving passports.

  • Can I get a Grenada passport without buying a property?

    Yes, the citizenship program of Grenada provides one more option — a contribution to the National Transformation Fund. The minimum investment is $150,000.

    The contribution to the state fund is non-refundable. This means that the investor will not be able to return the money or receive passive income.

    The investor’s costs will increase if he includes family members in the application: the contribution for one investor is $150,000, and for an investor with a spouse — $200,000.

    If there are more than four people in the application, for each additional person investor will have to pay:

    • $25,000 for a child or parent over 55 years old;

    • $50,000 for a parent under 55 years old;

    • $75,000 for the brother or sister of the investor or their wife.

  • Which Caribbean countries practice citizenship by investment?

    Grenada, Antigua and Barbuda, St Lucia, Dominica, St Kitts and Nevis have state programs with several investment options. Among them are real estate purchases, non-refundable contributions to state or university funds, bonds purchases and business investments.