Grenada citizenship: benefits and disadvantages

1. Second home in Grenada. The country has a warm tropical climate with a temperature range between +23…32°C all year round.

Investors holding Grenada citizenship may reside on the island as much as they want and easily enter the country anytime, even with closed borders.

How to get Grenada citizenship by investment

2. Visa-free travel. The Grenadian passport allows you to travel without visas to 140+ countries. The list includes those popular destinations among travellers and business people.

The United Kingdom and the countries of the Schengen Area are among the visa-free destinations for Grenada passport holders. They can stay in the Schengen states for up to 90 days in any six months and in the UK for up to 180 days a year.

Chinais another country that Grenadian citizens can visit without a visa for up to 30 days a year, as the two countries have signed a special agreement. Also, Grenada citizens can travel to Singapore visa-free for up to 30 days and to Hong Kong for up to 90 days.

Federico, 42 years old

Entrepreneur from Italy

Grenada citizenship for business trips to China

Federico supplies medical equipment to Asian countries, but he often had problems entering China: he had to apply for a visa every time. Because of the bureaucracy, negotiations broke down, and the company’s reputation deteriorated.

Immigrant Invest lawyers offered a solution to the problem — a Grenada passport by investment. Federico received citizenship three months after applying.

Learn a case

3. 10-year visitor visa to the USA. Citizens of Grenada, like other Caribbean countries, receive a B‑1/B‑2 visitor visa to the United States for up to ten years. The visa allows you to spend up to six months in the US annually.

4. Business visa to the USA. Eligibility for an E‑2 US visa is another Grenada passport benefit. This business visa is issued only to citizens of countries with which the United States has signed a treaty of commerce and navigation. It is not available to citizens of countries without this agreement with the USA.

On E‑2 visas, holders can live and do business in the United States. The spouse and children of the main applicant can also live, study, and work in the USA. There are no restrictions on entering and leaving the country.

No minimum investment threshold is defined: according to the legislation, the investor must deposit a significant amount of money into their company. Usually, it is enough to invest $100,000.

It takes 2—5 months to get an E‑2 visa. Grenada citizens get it for five years; then, it can be renewed.

If the country of the investor’s citizenship doesn’t have a treaty of commerce and navigation with the US, only an EB‑5 immigrant visa can be obtained.

5. Relatively low costs and the ability to recover the initial investment. The minimum investment amount of the Grenada citizenship program is definitely lower than the one required by the Global Visa Programs in the EU.

The minimum investment contribution for Grenada citizenship is $150,000, whereas the investment amount for a residence permit in the EU is usually €250,000 or €500,000. At the same time, a residence permit does not provide the same freedom of travel as citizenship.

The Grenada citizenship program’s Due Diligence fee is $5,000 for each family member over 17 years of age. The investor also pays administrative and passport fees.

6. Fast process of obtaining a second passport. Grenada citizenship by investment program allows investors to get passports in several months. The usual application processing time is three to six months.

7. Second passports for the whole family. Investors can include their family and relatives in the application for Grenadian citizenship as long as the principal applicant’s children, adult siblings, and parents are financially dependent on them.

Individual cost calculation of the Grenada citizenship

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8. Profitable investment. Investors can buy apartments, villas, or shares in government-approved projects. If purchasing a share, the minimum investment is $220,000. Properties in full ownership must cost at least $350,000.

When the property remains in the investor’s ownership, they can receive income of 2 to 5% per annum by renting out their property.

Buying real estate to participate in the Grenada citizenship program allows the initial investment to be returned after five years.

Properties to buy to get Grenada citizenship

Grenada, St. David

$220,000

Share in a new resort complex managed by the Intercontinental group

472 m² — 632 m²

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Grenada, St. George

€220,000

Share in an oceanfront university complex

1

1

€220,000 — €564,000

Share and full ownership of apartments in a residential complex by the ocean

35 m² — 93 m²

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9. Accounts at foreign banks. A Grenada second passport holder can open accounts in European, American, or Grenadian banks.

There may be few or no difficulties for Grenada citizens while opening a bank account abroad. In contrast, citizens of most countries face numerous challenges in opening a bank account in the EU or the United States: strict checks and often rejections.

An account with a European or American bank allows holders to keep their savings in hard currency and pay lower commissions for foreign transfers. It also speeds up foreign exchange settlements with business partners.

10. Registration of a company abroad. By registering international companies in Grenada, investors avoid currency control restrictions in transactions with foreign partners. It also protects the investor’s privacy, as the personal data of the owner does not enter the commercial register.

11. Tax optimisation. Grenada has no taxes on interest, royalties, capital gains, and inheritance. This allows investors and their companies to reduce the amount of taxes.

The income tax is up to 28% and is paid only if the money has been earned in Grenada. Tax on real estate ranges from 0 to 0,5%.

People who live in Grenada for most of the year become the country’s tax residents. They mustn’t pay withholding tax on dividends, royalties, and interest earned in the country or abroad. The tax on dividends for non-residents is levied at 15%.

Tax rates for Grenada tax residents:

• income tax earned in Grenada — 10% for the first EC$24,000 and 28% for the excess of it;

• global income tax — 0%;

• withholding tax on interest, dividends, royalties — 0%.

The corporate tax in Grenada is levied at 28%. Companies registered there pay the tax on the whole global income, and non-resident companies’ income is taxed if earned in Grenada.

12. Education of children abroad. Grenada citizens can receive a first-class education in the UK and the US on preferential terms because Grenada has close historical and economic ties with these countries.

Leading Grenadian universities interact with universities in the US and UK, for example, the St George’s University of Medicine in Grenada. Students also complete a 16-week internship in US and UK hospitals. The university’s diploma is recognised in 47 countries, including the US, the UK, and Germany.

How the Grenada passport can make your travels simpler and eliminate the need for visas

Individuals searching for an international lifestyle. Grenada passport holders can travel without visas to 148 countries throughout the world. Visa-free destinations include the Schengen Area and the UK. Grenada citizens can also travel to the United States on a B‑1/B‑2 visa.

Wealthy people who want to move to the United States. An E‑2 visa can be obtained with a Grenada passport. This business visa allows investors and their families to live in the United States.

Entrepreneurs. With a Grenada passport, entrepreneurs can also expand their business in the Asian markets, as Grenada citizens can travel visa-free to China, Hong Kong and Singapore.

Investor’s children who want to study abroad. Grenada citizens receive benefits and scholarships to study at universities in the UK and US, with the possibility of internships at leading companies there.

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The Grenada passport gives cosmopolitans the freedom to travel around the world. But this status also has disadvantages: a Caribbean passport is unsuitable for some purposes.

Limited stay in the Schengen Area. Cosmopolitans with a Grenada passport can spend 90 out of 180 days in Schengen, as with a visa. The only advantage is that citizenship is given for life, and the visa is re-approved every time it is renewed.

Citizenship of Grenada is not suitable for investors who want to move to Europe or acquire a “back pocket residence” there in case of danger. They should pay attention to the Maltese passport for exceptional services. A residence permit in Portugal, Greece, Spain, or Malta is also suitable. With a residence permit, you can only move to the country that issued it.

Limited stay in the UK. The disadvantages of the Grenada passport include a limited time spent in the UK. Citizens of Grenada come there as tourists and spend up to 6 consecutive months. One needs a visa to study, work, and even marry in the country.

1. The Grenada passport provides travel opportunities. Grenada citizens get to stay in the country as little or as much as they want. With this nationality, an investor can visit 148 countries without visas, including the UK and the Schengen states. It is also possible to get a 10-year visitor visa or E‑2 business visa to the USA.

2. It is beneficial for business. Grenada citizenship allows its owner to open accounts in foreign banks, optimise tax payments, and privately register a company abroad. An investment itself brings a yield of 2—5% per annum.

3. It is family-friendly. The Grenada state investment program allows adding to the application a spouse of the investor, children, parents, and adult siblings. The investors’ children inherit the passport. With Grenada citizenship, they may get a prestigious education abroad. The whole family may get to the country freely at any time.

4. It is relatively easy to obtain. Compared to other CBI programs, the investment requirement is quite low, starting at $150,000. Obtainment takes up to 6 months, and there is no need to visit the country to get the passport.

5. It has disadvantages. Grenada nationality provides only a limited stay without visas in the UK and the Schengen Area. To live and work there, an investor must get a permit.

6. To obtain Grenada citizenship, an investor and their family pass a preliminary check, collect and submit documents, and pass Due Diligence. After the application is approved, an applicant makes an investment. Later on, the passport is delivered by a courier. The whole process takes 3 to 6 months.