In the world of Citizenship by Investment (CBI), the two strongest markets are those of Europe and of the Caribbean. Seekers of EU citizenship do so because a European Union passport will allow for extensive freedom of movement plus the capacity to live and work within the EU indefinitely. Normally when one takes out second citizenship to a Caribbean country, it is for the purpose of taking advantage of the outstanding personal and corporate banking on offer, plus some of the most favorable tax rates on earth.
It is therefore unusual to find a country which offers a CBI program that encompasses both the qualities presented by Europe and by the Caribbean, i.e., freedom of movement plus great banking and favorable taxation, and yet that is exactly what the nation of Grenada offers. The Grenada CBI program was launched in 2013, and is already proving to be immensely popular, not to mention mutually beneficial to both country and applicant.
Grenada is an island nation situated in the southeastern Caribbean Sea, northwest of Trinidad and Tobago. Famously known as the “Island of Spice” due to its production and exportation of nutmeg and mace crops, Grenada is 344 square km2, has a population of 110,000, and its capital is St. George. It was formerly a French and then a British colony, and was granted full independence in 1974. A left-wing coup followed, and in 1983 Grenada was invaded by the US. Free elections were restored, and Grenada has thrived as a democracy ever since.
Aside from its spice exportation industry (of which it is a world leader), Grenada is famed for its tourism. Grenada truly is an island paradise, with vast, unspoiled golden beaches, clear turquoise seas, plus a vibrant yet cultural nightlife. The Caribbean lends itself to any and all forms of water activities, while the dense rainforests are enough to satisfy ardent eco-tourists.Â
Accommodation is of a high standard and often luxurious, and typically varies from beach-front villas and apartment to 5-star hotels.
Banking In Grenada
Like Caribbean neighbors the Cayman Islands, St Kitts and Nevis and Antigua and Barbuda to name but three, Grenada is world renowned as a tax haven, in that its inhabitants pay little if any taxes, and the clientele of the island’s banks are afforded complete privacy, and can also reap the financial rewards that cleverly constructed tax-shelters bring.
In 2015 Grenada was given the ultimate compliment that can be granted to tax-havens by being placed on the EU Tax Haven Blacklist. This 30-nation list includes the Cayman Islands, Panama, Guernsey, Monaco, Brunei and Hong Kong, in other words, countries where an individual’s banking rights are still respected and a bank’s clients are afforded a level of discretion and privacy long gone from Western Europe and the US.
What Is Citizenship By Investment?
Citizenship by Investment, or CBI as it is also called, is the increasingly popular practice of legally obtaining a second passport to a country other than one’s own, in return for making a specific financial investment to said country. This investment can range from a donation to a country’s national charity to the purchase of real estate or even to buying an actual business and employing several citizens of that country. A period of residency may also be required, but this is often token, with just weeks or even days spent within said country demanded during the application process.
The end result is always the same; if the applicant passes that nation’s background check and is deemed a fit and proper person and has the assets required to make the required investment, they can become a dual citizen relatively quickly (on average within 12 months or less), and enjoy the benefits that their new passport bestows. Depending on the country, the cost of CBI ranges from less than $100,000 to several million, but regardless of price, obtaining a second passport is invariably a life changing and life affirming experience for the successful applicant.
Grenada Citizenship By Investment
As mentioned earlier in this article, a Grenadian passport is almost unique in that it grants its holder not only access to the exciting and lucrative world of Caribbean banking and taxation, it also grants its owner visa-free access to 121 countries worldwide, including all of Europe’s 26-nation Schengen Zone, the whole of Scandinavia, Latin America, parts of Africa and rather interestingly China. Grenada is one of only five countries in the world whose passport has visa-free access to China.
CARICOM is the abbreviation for the Caribbean Community, an organization established in 1973 for the purpose of economic integration among members. That membership currently stands at 15 full members (of which Grenada is one) and five associate members. CARICOM members include the Bahamas, Jamaica, Barbados, Belize, Saint Lucia, Saint Vincent and the Grenadines and the Cayman Islands.
Becoming a citizen of Grenada automatically entitles you to be able to live and work indefinitely in other CARICOM countries, much as acquiring an EU passport allows its owner access to other European Union nations. If you would prefer to bank in another CARICOM country other than Grenada, you will be granted the exact same rights as would a person born to that country.
Benefits of Grenada CBI
Below are listed just some of the benefits of becoming a citizen of Grenada:
- Fast processing of successful application (passport within 4 months)
- Successful application automatically extends to dependent children under 25 years of age
- Successful application automatically extends to dependent parents above 65 years of age
- There are no physical residency requirements during or after the residency process, nor are there any requirements of the applicant to travel to Grenada during the application process
- No tax on worldwide income
What Is Required Of You
Successful applicants can become citizens of Grenada for a base cost of $350,000. This figure is the minimum required to purchase real estate in Grenada. The purchaser must retain ownership of that investment for a minimum four years. In addition the Grenada government requires:Â
- An applicant must be of good character
- An applicant must have no criminal record
- An applicant must possess sound health
- An applicant must have a high personal net worth
If you fit the bill financially, are of good character and know that a Grenada passport would be a sound, life enhancing move for you and your family, why not contact 2ndPassports.com today to get that CBI ball rolling!
If you would like more information on acquiring citizenship to Grenada, are interested in other Caribbean CBI programs, or are curious as to what else is on offer, why not check out the 2ndPassports.com homepage? There you will find all of the very best CBI programs both in the Caribbean and also in Europe.
For additional information you can contact us by email, WhatsApp or Telegram, or speak to an expert representative using our encrypted phone and Skype lines. All of our contact details are listed at the top of the 2ndPassports.com homepage.
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