Grenada Citizenship By Investment: A brief explanation

In 2013, the government launched Grenada’s Citizenship by Investment Program, as per the Citizenship by Investment Act No 15 of 2013. Under this program, foreigners can get the citizenship of Grenada through direct investment.
Grenada is the land of spice. The exotic topography, beautiful sea sores, and amazing climate is giving you a heavenly feeling. Grenada, Carriacou, and Petite Martinique are the three islands of Grenada state forming the southern finish of the Windward Islands.
Grenada is home to natural life attractions, marine life, and national parks. It provides relaxation in tax on foreign income, wealth, inheritance, gifts, and capital gain. Grenadian residents appreciate social and political security, built up by holding the United Nations and the Commonwealth of Nations membership.
Are you the one who truly loves Caribbean life? Grenada is an ideal place to experience the adventure of the Caribbean. Grenada is also known for its real estate market that is famous because of tourism.

Why Grenada’s Citizenship by Investment Program?

Grenada Citizenship by Investment Program is identified as the most popular citizenship scheme based on pricing and visa benefits.
Grenada Citizenship by investment offers you various rights, including the right to work, the right to live, the right to vote in elections,, and the most important right to membership of the Grenada Citizenship (CARICOM).
Among all CBI programs, the Grenada citizenship program is the king and was positioned No.1 in the investment program.

Grenada Citizenship by Investment Program: Explanation

There are two investment plans under the Grenadian citizenship by Investment Program. These investment programs are as following:
• The NTF donation
• Investment in government-approved real estate

A) The NTF donation

In NTF donation, applicants have to make a non-reimbursable donation. The donation is directly made to the Grenadian government. The amount of donation is decided based on the applicant. Given below is the list of the minimum donation amount.
• Donation for a single applicant: USD 150,000
• Applicant with 4 family members: USD 200,000
• Additional dependants: USD 25,000

* The processing fee or the application fee is USD 3000 per person. The Due diligence fee per person is USD 5000.

B) Investment in government-approved real estate

Under this citizenship by investment plan applicant has to invest in the government-approved real estate project. You can only sell the investment stake to another party after the completion of 5 years. Any applicant applying for Grenada citizenship must invest a minimum of USD 220,000 (jointly).

With the investment, USD 50,000 government fee is submitted (up to a family of 4), wherein an additional fee of USD 5000 per person is also submitted for application processing. The Due diligence fee is USD 5000 per person.

Grenada Citizenship by Investment Program: Requirements for applying

To apply for the Grenadian citizenship program, the applicant should have to submit the following information:

• Applicants must be older than or equal to 18 years.
• Applicants must have enough money to invest in various investment plans for citizenship.
• Applicants and dependents do not have any serious health issues or any contagious disease.
• Applicants must not have been convicted due to offense.
• Applicant is not subjected to any criminal investigation.
• Applicant is not considered a national security risk.
• Applicants must not engage in any criminal activity that causes disrepute in Granada.
• Applicant must have character certificate
• Applicant must have enough net worth

Family dependents

• Children of applicant comes under the category of dependents if they are below 30 years old,
• Dependent parents must be above 55 years old
• Dependent siblings are18 years or above

Passport validity

The validity of Grenada’s Citizenship by Investment is five (5) years. Any applicant who applies for citizenship can get a visa of only 5 years. After that, you have to renew it.

Travel Privileges

Grenada Citizenship by Investment is allowing the applicant to travel over 130+ countries. These countries include The United Kingdom, Russia, China, Schengen member states, and UAE.

Cost-Effective For Children Citizenship
Dependents of the second generation are subject to a charge of just USD 2,000 (applicable for two children).

Processing time for applying for Grenada Citizenship
The average processing time required in the process of Grenada Citizenship is around 2-3 months from the time you apply. A few applications take taking more time; it is all due to some error in the application or a deferral from the candidate’s end in giving further documents that have been mentioned.

Tax collection
As characterized in the Grenada Income Tax Act Cap. 149, if any individual is earning XCD 24,000 per year, then the individual yearly income tax rate is 15%, and if the earning is more than XCD 24,000, then the individual yearly income tax rate is 30%. For companies, the tax rate is 30%. There is a retention tax of 15%, which should be retained on any payment done to a non-resident for gaining interest (besides from bank deposit), lease, rent expenses, salaries, licenses, sovereignties, commissions, management taxes, and fees.
Grenada tax rates:
• VAT in Grenada – 15%
• Tax on Property transfer (payable by the seller) – 5%

Yearly expenses in Grenada incorporate local charge, which is 0.2% of the market, an incentive for private property, and stamp charge on business receipts, which is 0.75% if net receipts are more than XCD 300,000 and 0.5% on any amounts lower than this limit.

Grenada Citizenship by Investment Program: Documents Required

While applying, the applicant should make sure that they have all the documents listed below.

1. Certified ID proof
2. Passport
3. Marriage Certificate (if you are married)
4. Birth Certificate (including date, place, and timings of birth with mother’s name and father’s name)
5. Character certificate
6. Medical Certificate
7. Police Clearance Certificate
8. Passport-size photos
9. Statement of Source of Funds

These are a few basic documents that you may require. You will get notified of other documents that you may need in the application process.

Grenada Citizenship by Investment Program: BENEFITS

Given below are a few benefits of gaining Grenada Citizenship by Investment Program.

1. Lowest application processing fees
2. Fast processing time
3. No necessity to live in Grenada previously or after citizenship is allowed
4. Guaranteed security and confidentiality of application process.
5. No disclosure of applicant’s personal information with governments or other private bodies
6. Dual citizen status
7. Free visa travel for traveling to other countries
8. Permanent resident citizenship

Can the applicant invest in 5-star hotels or in resorts?
Yes, an applicant can invest in any 5-star hotel or resort. There is no limit to invest in commercial or residential properties. But it is advised to invest in government-approved properties for at least 3 years.

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