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Case Studies 2022

Grenada citizenship: how to pass bank Due Diligence and get the freedom of movement

In April 2022, my wife and I decided to obtain a second citizenship. A colleague advised me to consider the Caribbean passport. So we found the Immigrant Invest website and booked a personal meeting.

After consultation with Immigrant Invest lawyers, we decided to obtain a Caribbean passport in Grenada, which conducts strict bank checks. The lawyers helped us collect all the documents and get second citizenship in seven months.

Grenada Citizenship by Investment
Diji, 67
Owner of veterinary clinics in Nigeria
Clients' names and photos have been changed
Grenada Citizenship by Investment

Diji owns a network of veterinary clinics in Lagos, Nigeria. His wife, Bimpe, is a housewife. At 67, the investor and his wife love outdoor activities and travel frequently. 

Now they would like not only to rest for two or three weeks abroad but also to be able to spend some quality time on vacations and treatment. Therefore, the couple thought about second citizenship for travelling.

Diji and Bimpe applied to Immigrant Invest on April 21st, 2022. Immigrant Invest lawyers drew the couple’s attention to the Grenada citizenship program, one of the most sought-after Caribbean offer: 350—400 investors received Grenada passports every year, and the number of participants had been growing for the sixth year in a row.

The popularity of the Grenada citizenship program among investors was due to the following significant advantages:

  1. Travel without visas to 146 countries, including the Schengen states, the UK, Hong Kong, China, and Singapore.
  2. Obtaining an E-2 US business visa, allowing the investor to move and live in the United States and study and work in the country.
  3. Applying for a 10-year US visitor visa.
  4. Tax optimisation: Grenada has no taxes on inheritance, capital gains and global income.
Grenada Citizenship by Investment

Grenada is a tropical island in the Caribbean. The air temperature on the island is stable and rarely drops below +20°C. Grenada has many white sand beaches and evergreen forests

Grenada CBI program

Grenada is one of the most developed countries in the Caribbean. The country has two airports, about 40 medical clinics and several universities. Also, there are many places for recreation, cafes and colourful shops on the island

Citizenship of Grenada by investment

The investor’s passport is no different from the Grenada passport obtained by birth. The investor is endowed with all the rights and obligations of a Grenada citizen

Preliminary Due Diligence

Immigrant Invest conducts a preliminary Due Diligence check before signing a cooperation agreement with an investor. Such a check helps to identify potential risks, including sanction ones.

Our certified Anti-Money Laundering Officer checked Igor for risks. The investor had to provide only a copy of his passport to pass preliminary Due Diligence. The preliminary check took one day.

Diji's financial history turned out to be clean: he paid taxes yearly and had no criminal record. The check showed that the investor would get Grenada citizenship with a probability of 99%.

Only scammers can guarantee 100% approval of an investor’s application. Immigrant Invest’s preliminary Due Diligence helps identify the likely reasons for refusal, the so-called “red flags”. If an investor does not have them, we conclude an agreement for legal support under the Grenada citizenship program.

Evgeniya Morozova
Head of the Legal Department, lawyer, PhD in Law

Preparing documents and a new bank Due Diligence

Immigrant Invest lawyers prepared documents for Diji's application for participation in the Grenada citizenship program. The main documents that Diji provided to the CBI Unit were the following:

  • the investor’s questionnaire;
  • a passport copy;
  • a copy of the spouse's passport;
  • a marriage certificate;
  • a bank income form;
  • a health insurance certificate;
  • a certificate of no criminal record;
  • photos;
  • a power of attorney for Immigrant Invest lawyers.

Bank clearance is an obligatory stage of an investor's Due Diligence check. If the bank gives a positive opinion on the main applicant’s sources of wealth, the CBI Unit conducts Due Diligence. If the investor does not pass the bank check, they will not get Grenada citizenship.

In the spring of 2022, Grenada introduced a new banking form in which the investor must indicate all sources of income and assets. The form was presented to expedite the bank clearance procedure.

Investors used to provide regular bank statements, but now they must disclose information about all assets. For example, suppose an investor has chosen the option of a non-refundable contribution. In that case, they must prove the legality of the origin of the money and the fact that the money was not credited to the account from a sanctioned bank.

Evgeniya Morozova
Head of the Legal Department, lawyer, PhD in Law

Diji provided Immigrant Invest lawyers with documents confirming his income sources and assets' availability. 

Immigrant Invest lawyers filled out the bank form, translated documents, certified copies, drafted affidavits and filled out government forms. After that, the package of documents was sent to the Grenada CBI Unit.

Grenada citizenship by investment in a state fund: demand draft procedure in Grenada banks

The form is required only for the main applicant. If the sponsor pays for participation in the program, then the form is filled out for the sponsor

Grenada citizenship by investment in a state fund: demand draft procedure in Grenada banks

The form is required only for the main applicant. If the sponsor pays for participation in the program, then the form is filled out for the sponsor

Grenada citizenship by investment in a state fund: demand draft procedure in Grenada banks

The form is required only for the main applicant. If the sponsor pays for participation in the program, then the form is filled out for the sponsor

Grenada citizenship by investment in a state fund: demand draft procedure in Grenada banks

The form is required only for the main applicant. If the sponsor pays for participation in the program, then the form is filled out for the sponsor

Grenada citizenship by investment in a state fund: demand draft procedure in Grenada banks

The form is required only for the main applicant. If the sponsor pays for participation in the program, then the form is filled out for the sponsor

Grenada citizenship by investment in a state fund: demand draft procedure in Grenada banks

The form is required only for the main applicant. If the sponsor pays for participation in the program, then the form is filled out for the sponsor

Due Diligence in the Grenada CBI Unit

Due Diligence usually takes six months. The timing of bank clearance is not established: it takes from a couple of weeks to several months. The CBI Unit transfers the investor's documents to the bank, receives an opinion and then conducts its own Due Diligence.

Diji chose the option of a non-refundable contribution to a state fund to get Grenada citizenship. Immigrant Invest received a notice of approval for Diji's application five months later. No additional questions arose during the check.

Fulfilment of the investment condition and obtaining passports

After the Due Diligence check, the investor was given 30 days to transfer the investment to the state fund of Grenada. Diji made the payment within two days. 

The total investment for the spouses was $200,000.

Documents are prepared within four weeks of the transfer of investments. On October 19th, 2022, Diji and Bimpe received their naturalisation certificates and Grenada passports. Participation in the citizenship program took seven months.

7 months and $217,650 were spent by the spouses to obtain Grenada citizenship

1
March 21st, 2022
Diji contacted Immigrant Invest
2
+ 1 day
Preliminary Due Diligence
3
March 23rd, 2022
Signing an agreement with Immigrant Invest
4
+ 4 weeks
Preparation of documents
5
April 21st, 2022
Applying for Grenada citizenship, paying fees
$6,000
6
+ 5 months
Due Diligence by the Grenada CBI Unit
$10,000
7
September 19th, 2022
Immigrant Invest received a notice of approval for Diji's application
8
September 21st, 2022
Diji contributed to the Grenada state fund
$200,000
9
+ 4 weeks
Preparation of documents for the investor and his family
$1,650
10
October 20th, 2022
Spouses received their naturalisation certificates and Grenada passports

Spouses’ life with Grenada citizenship

As soon as Diji and Bimpe received Grenada passports, they went to Italy. They also plan to visit Austria and Germany for ski resorts and health checkups. While holding Caribbean passports, they can stay in the Schengen countries for 90 days within 180 without visas.

Another desirable destination for the couple is the USA. As Nigerian citizens, they could get only 2-year visitor visas. But Grenada passports have allowed them to qualify for 10-year B-1/B-2 visas. 

Suppose Diji and Bimpe decide to apply for US visas as Caribbean citizens. In that case, they will most likely do it in Barbados —  and visit Grenada afterwards to spend some time on a beach vacation or go on a cruise trip.

New opportunities for Igor's family with Grenada passports

BeforeAfter
❌ Need for a visa to travel to the Schengen countries✅ The right to visit the Schengen countries visa-free and stay there for 90 days within six months
❌ Only 2-year B-1/B-2 visitor visas to the USA✅ 10-year B-1/B-2 visitor visas to the USA
❌ Need for a visa to travel to the UK✅ The right to enter the UK without a visa and stay there for 180 consecutive days a year
❌ Lived only in Nigeria✅ The right to live in Nigeria or Grenada

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.

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Schedule a meeting at one of the offices or online. A lawyer will analyze the situation, calculate the cost and help you find a solution based on your goals.

Zlata Erlach
Caribbean Investment Program Expert
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