The demand for the program is steadily growing. In 2020, Grenada issued for the first time more than 1,000 passports to investors and their families. This is the highest number ever issued under the program.
375 investor applications were approved by program departments for 2020. The rejection rate on applications was only 8.9 percent.
Number of applications for the Grenada citizenship program
How much does Grenada earn from the citizenship program
253 million Eastern Caribbean dollars, or $93.6 million, Grenada earned from the citizenship program in 2020. That's a 52 percent increase over 2019. It's also the program's highest annual revenue.
Grenada offers investors two investment options to choose from:
Most investors have chosen the option of buying real estate in 2020.
Choice of investors between program options
Properties 一 government-approved projects, mostly five-star hotels. On real estate options, investors pay an additional special government fee of $50,000 or more.
Why demand for Grenada real estate has increased
In the first half of 2020, investors were more likely to choose a non-refundable fee. The fact is that during the closed borders the flow of tourists dropped almost to zero. Hotels were idle, and investors were not getting rental income. We talked about the program statistics for the first half of 2020.
Demand for real estate began to grow in the second half of 2020 when Grenada opened its borders to tourism. That made Grenada earn 151 million Eastern Caribbean dollars, or $55.8 million, in real estate investments. That's twice as much as in 2019, and it's the program's third record year.
Income under the option with the purchase of the real estate
Return on investment - the main advantage of buying real estate. After 5 years, the investor has the right to sell the object. Real estate prices in the Caribbean region are growing by 1.5-3% per year, so the investor is not just returning the money, but also receive income.
An investor has the right to rent out the property as long as he owns it. In Grenada, income from renting out properties is about 4% annually. More than 500,000 people visited Grenada in 2019. The government expects an even larger influx of tourists when all restrictions on travel around the world are lifted. That means demand for tourist properties and rental values will rise.
In 2021, Grenada offers investors to buy a share, an apartment or a villa in a hotel.
Examples of real estate under the Grenada citizenship program
Hotel complex in St. George in the south of the island. The rooms have panoramic views of nature and the Atlantic coast.
The value of the share - from $220,000
A turnkey villa with its own berth in St. George.
Value - $2,500,000
Resort spa hotel on the shores of the Caribbean Sea in La Sagesse, St. George.
Share price - from $220,000
A hotel complex on the south shore of St. George. Investors purchase a two-bedroom apartment or a three-bedroom villa.
Costs range from $974,500
Why investors choose Grenadian citizenship
Demand for the Grenada citizenship program increased despite the crisis and the pandemic. Immigrant Invest experts attribute the program's success to the stability of the department even in an emergency and the opportunities the Grenada passport offers.
Stable operation of the program department and simplified procedures. The department has clearly established a process for obtaining citizenship by an investment over the 25 years the program has been in operation. At the same time, the government is continuously improving the citizenship process.
Since March 2020, the program department only accepts investor applications through the online portal. The processing of applications begins as soon as the department receives scanned copies of documents. Previously, the department considered applications only after receiving the originals of all papers.
Grenada passport options. Investors with a Grenada passport travel visa-free to 144 countries, including Schengen, Great Britain and China. Investors are also eligible to obtain an E2 visa in the U.S. to live and do business in the country. Family members of the investor will be able to study and work in the United States.
Grenada is a member of the Commonwealth of Nations, so citizens have benefits for studying at British universities. Investors with a Grenada passport stay in the UK for 180 days a year.
Investors have the right to become tax resident in Grenada. Investors can optimize their taxation because there are no taxes on capital gains, wealth, inheritance and income earned abroad.
Immigrant Invest is a licensed agent for Grenada's citizenship program. If you want to buy real estate and get a second passport to travel, seek advice from investment program experts.