Investors have been obtaining Grenada citizenship since 1997. Demand for the program grows every year. 2020 was a record year for the country, with the program department approving 375 investor applications. This is the highest number since the program was launched. It is too early to say what the result will be in 2021, but the Grenada citizenship program has a chance of setting a new record.
Number of applications for the Grenada citizenship program in the first half of 2021
How much Grenada earned from the citizenship program in 2021
Grenada received about $44 million in the first six months of 2021: of which $26 million was invested by investors in real estate and $13 million in the state fund, while $5 million came from government fees.
Grenada’s income over the past four years, in millions of US dollars
What program participants invested in 2021
- From $150,000 – investing in the country’s National Transformation Fund.
- From $220,000 – purchase of real estate approved by the Government of Grenada. The investor may buy a share or the entire property.
63% of investors opted for the property option between January and June 2021. Moreover, demand for real estate was higher in the first quarter. The slight drop in demand in the second quarter is most likely due to the fact that the program department did not have time to process all applications received.
Investor choice between program options
Before 2020, investors were more likely to opt for a non-refundable contribution to a government fund. Demand for real estate began to rise at the end of 2020 when Grenada opened its borders to tourism.
In 2021, Grenada offers investors a share, an apartment, or a villa in a hotel. The list of projects is constantly updated and published on the official website of the program.
The investor may rent out the property as long as he or she owns it. Income from renting out properties is about 4% per annum. About 500,000 people visited Grenada in 2019. The government expects an even greater influx of tourists when all restrictions on movement around the world are lifted. Accordingly, the demand for tourist properties will increase.
Examples of investment property in Grenada
Share in University Campus Apartments, which is located on the Atlantic Ocean in Hartman Bay. The cost is from $220,000. Rental income of up to 4.7% per annum
A hotel complex in St George in the south of the island of Grenada. The rooms have panoramic views of nature and the Atlantic coast Cost — from $220,000. Rental income — up to 3% per annum
Share in a spa resort complex in the south of Grenada. The resort is located next to the famous La Sagesse beach. The complex will feature five-star hotels, individual villas, spa, and fitness centers The cost of shares — from $220,000. Rental income — up to 6% per annum
Why investors choose Grenadian citizenship
Demand for the Grenada citizenship program grows every year, even in spite of the crisis and the pandemic. Experts at Immigrant Invest believe that the success of the program is due to the opportunities provided by the Grenada passport and the stability of the department even in an emergency situation.
The work of the Department of Citizenship Program. The Department has established a process for obtaining citizenship by investment over the 25 years the program has been in operation. At the same time, the Government of Grenada is continually improving the citizenship process.
Since March 2020, investors have been submitting applications through the online portal. The department starts processing applications immediately after receiving scanned copies of the documents. Previously, the department only considered applications after receiving the originals of all the papers.
Grenada passport opportunities. Investors with a Grenada passport travel visa-free to 144 countries, including the Schengen states, the UK, and China. Grenada is the only Caribbean country whose citizens are free to visit China for up to 30 days.
Investors also have the right to obtain an E-2 business visa to live and conduct business in the USA and a tourist visa to the USA for 10 years under a simplified procedure. In comparison, Russians are issued a tourist visa to the USA for a maximum period of 3 years.
Grenada is a member of the British Commonwealth of Nations, therefore citizens have benefits for studying in British universities. Investors with a Grenada passport will be able to stay in the UK for up to 180 days a year.
Immigrant Invest is a licensed agent for the Grenada citizenship program. If you want to buy a property and get a second passport to travel, seek advice from investment program experts.