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Grenada passport program strength despite changes
Grenada passport program has maintained the strength of its program despite the recent amendments to itself and to rest of Caribbean countries.
The Grenada Citizenship Program was created in 2013 in order to prosper and strengthen its economy, as people who make a financial contribution to the country or purchase property in Grenada are eligible to obtain a Grenada passport with its benefits within 6 months.
Despite recent changes to the program, most notably the requirement to attend an interview, Grenada citizenship still maintains its appeal by allowing individuals to move and do business in almost every country in the world with ease.
Grenada Passport Program by Investment
➤ Recently, many investors applied for the Grenada passport program, and the Russians were the majority, as the head of the Grenada Programs Committee indicated that the Russians were the largest percentage that obtained Grenada citizenship, at 90 percent in the first six months of 2023.
➤ Although in August the Grenada Passport Program Unit canceled applications from Russians and Belarusians for Grenada citizenship, restrictions on these nationalities may be lifted at any moment. It is worth noting that during the past 15 months, 4,000 applications for citizenship were approved.
➤ In the second half of 2023, Grenada made some amendments to its program after consulting and meeting at one table with the American Committee and the rest of the Caribbean countries, and one of the most prominent changes was the issuance of a mandatory interview decision for every adult in order to obtain citizenship.
➤ The Grenada Citizenship Program was established in 2013 in accordance with Act No. 15 existing and guaranteed in the Grenada Constitution. The article stipulates that individuals can obtain citizenship in Grenada after investing financially in the country.
The nice thing about Grenada citizenship is that the investment price in it was fairly high compared to the rest of the Caribbean programs, but after the amendments to the rest of the Caribbean programs now they are all with the same investment amounts, with options compatible with the financial situation of any investor. It is true that the cost of living in Grenada is slightly higher than other Caribbean countries, but it is lower compared to North America and Europe.
➤ What makes Grenada one of the most attractive countries to obtain its citizenship is its strong relationship with America and China, which qualifies investors to reside and open projects in these two countries comfortably.
Features you benefit with Grenada Passport Program
~ GCC
◈ The advantages of the Grenada passport program are mainly based on the freedom to move across international borders smoothly, with the ability to enter more than 140 countries without a visa for the purpose of work, leisure or study, led by Britain, China and all Schengen countries.
◈ When you register a company in Grenada, it helps reduce taxes and avoid currency controls. It is noteworthy that Grenada exempts taxes on foreign income, capital gains, wealth and inheritance, in addition to having a stable currency.
◈ Thanks to its location between the Americas, and Grenada’s serious investment in the tourism, renewable energy, and agricultural sectors, this contributes to establishing businesses and companies in a distinct region like Grenada, in addition to the possibility of opening bank accounts in major international banks.
◈ Study at the best European universities with the right to attend the Grenada-based George Medical University at low wages. For your information, St. George’s College is considered one of the most prestigious medical colleges in the region.
◈ In addition to its commercial, school and health system, Grenada is considered one of the most beautiful bays in the world due to the beauty of its forests, coasts and charming mountains. This is especially beneficial for retired individuals.
◈ Health care is a priority in Grenada, and upon obtaining citizenship, the investor will receive excellent health care for all family members.
◈ The most interesting thing about the Grenada passport program is that Grenada is one of only 15 countries that can enter China without a visa, and at the same time Grenada is the only Caribbean country that has strong ties with America, and this gives the right to its citizens to obtain an American work permit. For 10 years every time.
Conditions and requirements for Grenada passport program
◈ The applicant and his family members must not suffer from a serious illness.
◈ Proving the legitimacy of the amounts used in investment.
◈ Undergo a due diligence process.
◈ The applicant must not have any judicial prosecutions.
◈ The applicants must have never been refused a visa or deported before.
Investment requirements for Grenada passport program
1. Contribution to the National Transformation Fund (NTF)
Individuals can contribute non-refundable amounts to the National Transformation Fund in the amount of $235,000 to obtain Grenada citizenship, and the required amounts increase according to the number of individuals added to the application with the applicant.
2. Investing in real estate
An investment in Grenada government approved real estate worth US$270,000 or US$320,000 is sufficient to obtain Grenada citizenship.
The beauty of this option is the possibility of reselling the property 5 years after purchasing it, thus recovering the amounts used to purchase citizenship while retaining Grenada citizenship, but there are some non-refundable government financial additions.
It represents US$270,000 as a person’s share in the property, provided that he invests at least US$270,000 himself.
Family members eligible for Grenada Passport Program
◈ The spouse of the main applicant before and after obtaining citizenship.
◈ Child of the main applicant and/or spouse of the main applicant who is under 30 years of age.
◈ Child of the main applicant and/or spouse of the main applicant who is at least 18 years old and has a physical or mental disability.
◈ Unmarried siblings who are at least 18 years old of the main applicant and/or spouse without children and dependents.
◈ Parents and/or grandparents of the main applicant and/or spouse of the main applicant who are over 55 years of age. It is worth noting that parents and grandparents are not required to prove their financial dependence on the main investor, unlike other programs.
◈ Newborns up to 12 months old after obtaining citizenship.
Amendments to the Grenada Passport Program
✓ Change of Grenada Passport Program CEO
On 15 March 2023, the Chairman of the Grenada Passport Program Committee, Richard W. Duncan, appointed Thomas Anthony as Chief Executive Officer of the Grenada Citizenship Programme, who commenced his duties on 3 April of the same year.
✓ Mandatory personal interview
The Grenada Citizenship Program Unit has asked applicants and their family members aged 18 or over to undergo an interview, which may be in person or online via video programmes, although the latter option is more likely.
Since knowledge of the country’s basic English language is not required while applying for a Grenada passport, this means that a special translator will be prepared by the Grenada Citizenship Unit to assist you with the interview.
This interview helps both parties, as it provides a direct line of communication between investors, agents and the program unit by asking questions from the investor in person, and more quickly if answers are provided via email.
✓ Using an external agency to protect investors
As Grenada tries to protect itself by requesting a personal interview, while at the same time trying to protect the investor from risky investments.
For this reason, Grenada has used an external international body to regulate and investigate the creation of real estate projects used for investment in order to obtain citizenship.
On August 4, 2023, the committee responsible for the program dropped 5 real estate development projects from the projects approved to obtain Grenada citizenship.
✓ Converting the process from paper to electronic
All mechanisms and processes for applying for Grenada citizenship have been converted from paper to digital in order to facilitate and speed up the process for both parties.
This does not include passports and their photographs, although Grenada is trying to find a way to convert that to electronic as well without compromising the security value.
✓ Relying on specific offices
The Authority unit of the Grenada Passport by Investment Program, has withdrawn its accreditation from several offices licensed to obtain Grenada citizenship through them, because these offices do not apply many fair laws to their clients, and only 59 agents remain to apply through them.
Among these offices, Global Citizen Consultants clearly stood out through its experience in dealing with second citizenship programs and thanks to the satisfaction of its clients and the Grenada Passport Program unit at the same time.
If you encounter any questions while reading this article, you can write to Global Citizen Consultants, so that your questions will be answered by one of our legal experts as soon as possible.7
About Author
Taher Shehab
As co-founder and CEO, Taher Shehab has guided Global Citizen Consultants to be a leader in providing citizenship by investment in over 20 territories, including the Caribbean.
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