Grenada

Prelude

  • What is the Citizenship by Investment Program? What is the status that it bestows?
  • How is this program different from other Caribbean programs? What are the merits of this citizenship status? What are the obligations? Is this program sustainable? Is the investment safe?

 
Grenada Citizenship by Investment

  • Citizenship is granted on the basis of an investment made in the country. 
  • The Grenada Citizenship by Investment Act, came into existence in August 2013. The act number 15, was enacted by parliament to create a revenue stream to the impoverished Caribbean nation whose reliance on tourism does not solve the budget deficits.  
  • Since its enactment, the Grenada citizenship by investment programme had witnessed many changes survived multiple governments.

Grenada Citizenship by Investment – Options

  • Investors can choose to either donate funds to the government’s National Transformation Fund or
  • Invest in pre-approved Real Estate projects

Merits of the Citizenship of Grenada

Naturalized foreigners can live in Grenada, work, study, and establish businesses.
Citizens of Grenada have the right to a Grenada passport.
 
Grenada’s passport allows its holder to travel to a substantial number of countries without the need for a pre- departure visa.

Navigating Application Complexities

  • Due to the turmoil most Caribbean programs had experienced, the application process has evolved into a demanding enterprise.
  • Without proper guidance, investors are bound to make mistakes in their submissions that could cause extreme delays, or in extreme cases, cause the refusal of the application.
  • A professional and comprehensive file is essential to ensuring that no fact or background issue goes unchecked or handled.
  • Refusal by one Caribbean nation renders an applicant ineligible to apply to any other Caribbean nation.

Navigating Application Complexities… Compliance

  • Financial and Personal Background due diligence are now a hallmark in Caribbean Citizenship processes.
  • Best practices warrant that each applicant receives a customized presentation of their case, where every minute detail in their financial background is addressed.
  • ACIC assists by thoroughly diagnosing applicants’ financial circumstances to ensure a very comprehensive submission.
  • A clean financial background that is poorly documented can have the same fate as an illicit background.

Application fees and Investment … Contribution Option

  • A single applicant and up to a family of four (including the principal applicant) pays US$235,000.
  • Additional dependents (eligible dependents only) from USD$25,000-USD$50,000
  • Sibling (eligible siblings only) USD$75,000
  • Application fee for each person is USD$1,500
  • Due Diligence fee USD$5,000 for all applicants aged 17 and above
  • Processing fee for each person is USD$1,500
  • Interview fee is USD$1,000 for each person

Application Fees and Investment …

Real Estate option

  • Investment Price- USD$270,000
  • Government Contribution for a single applicant and up to a family of four (including the principal applicant) -  USD$50,000
  • Additional dependents (eligible dependents only) - USD$25,000/USD$50,000
  • Sibling (eligible siblings only) - USD$75,000
  • Application fee for each person is USD$1,500
  • Due Diligence fee USD$5,000 for all applicants aged 17 and above
  • Processing fee for each person is USD$1,500
  • Interview fee is USD$1,000 for each person

 

Application process through ACIC

  • Goal analysis and objective confirmation with client.
  • Client onboarding process.
  • Information gathering & analysis.
  • Design of the specific list of required documents.
  • Compilation of the net worth accumulation report.
  • Population of the relevant application forms, clarifications, affidavits and statements of reason.
  • Review and audit of the application package.
  • Submission of the complete application.
  • Formulating an application update strategy in an attempt to reduce processing times.
  • Submission of the application and carrying out the post submission reviews.

 

Grenada country facts

  • Capital: St. George’s
  • Official language: English
  • Ethnic Groups: African (82%), Mixed (13.3%), Indian (2.2%), Other (2.2%)
  • Religion: 96.6% (Christianity), Hinduism, No religion, Rastafari & Other (3.4%)
  • Government: Unitary Parliamentary Constitutional Monarchy
  • Monarch: Richard III
  • Legislature: Parliament
  • Area: 348.5 Km2
  • Population: 124, 610 as of 2021
  • GDP (nominal): Total: 1.3 Billion ~ per Capita: 20,195
  • Currency: East Caribbean Dollar
  • Time Zone: UTC-4
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