Grenada Citizenship by Investment
The government of Grenada has offered for 10 years the opportunity for foreigners to become citizens of its country by channeling cash flows into its economy. This island nation attracts residents from other regions with its booming economy, political stability, and energy security. With the launch of the Citizenship by Investment program, it has become very easy to get a passport of this country. Let’s talk in more detail about the features of the programme and the potential it offers to future citizens of Grenada.
Overview Grenada CBI Program
The essence of this program is that those wishing to do so must make a substantial financial contribution to the state’s economy. Investors have a choice: donate $150,000 irrevocably to one of the government funds or purchase real estate valued at $220,000 or more. As a result, an applicant will receive Grenada’s passport under the fast-track procedure, the right to visa-free travel to more than 150 countries, and other unique opportunities.
Banking compliance and background checks are very strict and are carried out in several steps. Applicants must undergo a compliance procedure at the bank to comply with the legal requirements regarding money laundering, terrorist financing, and tax evasion. Banks carefully study the biography and professional experience of the person. They must not be politically exposed, included in any sanctions lists, or associated with businesses or persons under sanctions. The Montenegro citizenship by investment is working until December 31, 2022.
Benefits of the Grenada Citizenship by Investment Program
The Grenada passport by investment programme has become very popular with residents of many countries since its inception in 2013. This is because the paperwork process is less time-consuming than in many other countries, and the benefits are significant. By taking advantage of the Grenada citizenship by investment programme, you can:
- Travel seamlessly between over 150 world countries, including the UK, Schengen countries, China and Singapore.
- Obtain a US non-immigrant visa (E-2), which allows you to stay in the state in exchange for financial investment. Grenada is the only country that provides this option.
- Transfer Grenadian citizenship to children or spouses in case of remarriage.
- Include close family members in the citizenship application:
– spouse;
– children under 30 y.o.;
– single brothers or sisters over the – age of 18 with no children;
– parents over 55 y.o.;
-grandparents. - Obtain dual citizenship. This is officially allowed in Grenada.
- Reside in another country. Citizenship by investment in Grenada is in no way connected with the need to be physically present on the state’s territory.
- Complete the investment only upon approval of the citizenship application. This guarantees that the purpose of the financial investment will be achieved.
As you can see, Grenadian citizenship allows foreigners to enjoy more than just luxurious beaches, great views, and developed tourist infrastructure. The country’s passport opens new horizons for all who wish to do so.
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Procedures and terms of the Grenada Citizenship by Investment Program
Grenadian citizenship begins with collecting the necessary documents and submitting an application. It usually takes up to a month and a half to prepare the documentation, and the application can be submitted remotely from anywhere in the world. There is no need to travel to the country for this purpose.
After checking the data provided, which usually takes up to 90 days, the Grenada government will decide whether the applicant’s request will be approved.
Once the application has been officially approved, it is possible to complete the investment procedure by making the final payment. In about a month after receipt of money to the account of the relevant organisation a new citizen of Grenada will receive their passport. Moreover, there is no need to come to the country to receive the document in person. It can be safely sent to the client using a verified delivery service.
Please note: the length of time it takes to complete the paperwork may vary if a real estate purchase has been selected as part of the Grenada CBI. In this case, it will depend on the contractor and how quickly he can provide all the necessary documents.
Tax Features of Grenada's CBI Program
The Grenada citizenship investment programme is attractive to investors because there is no income, wealth, or inheritance tax. Other features of the taxation under this programme include the following:
- For the first 36,000 XCD per year, the individual annual income tax rate does not apply. The next 24,000 XCD are taxed at a rate of 10%; income exceeding this amount is taxed at 28%.
- VAT is 15%, with the exception of the hotel industry, for which the rate is 5% lower.
- Property transfer tax is 5%.
- Companies pay a flat tax of 30% on profits.
- In the case of sending money to non-residents, 15% of the payment will have to be paid.
- Citizens of Grenada are subject to an annual property tax of 0.2% on land and 0.3% on buildings thereon.
- If the gross income from a business exceeds 300,000 XCD, the owner will have to pay a tax of 0.7% of the profit.
Please note: income of dual nationals received in other countries is not taxable in Grenada. Only profits earned directly in Grenada are subject to tax.
Grenada Citizenship by Investment Requirements
Although the process of obtaining Grenada citizenship in Grenada is fairly straightforward, the applicant will still need to meet some Grenada citizenship requirements:
- the age of the main applicant is at least 18 years old;
- no criminal record and no outstanding visa refusals;
- submission of proof of identity, proof of means and place of residence, proof of marriage, and proof of birth of children;
- compliance of family members included in the application with the requirements mentioned earlier.
Please note: passing the language test and interview are not required.
Costs of Grenada CBI Program
In order to take part in the program, a foreign national will be required to pay a minimum of $150,000:
- Contribute a donation to the National Transformation Fund of $150,000 for one applicant or $200,000 for a family of four. A donation of $25,000 must be made for each additional relative. These contributions are non-refundable.
- Invest in property – predominantly approved by government tourism properties. In this case, the minimum contribution is $220,000 (the property can be sold after seven years) or $400,000 (the opportunity to sell after five years). There is an additional non-refundable fee of $50,000.
In addition to investment fees, the customer must pay government fees and charges.
Why You Should Choose Fintech Harbor Consulting for Grenada Citizenship by Investment
Fintech Harbor is your trusted partner in obtaining Grenada citizenship. We keep up-to-date with the current requirements for applicants and other programme conditions to bring our clients as close as possible to their desired goal:
- Minimise the risk of a negative decision on your application.
- Prevent problems and penalties from arising.
- Help to execute documents as quickly as possible due to direct cooperation with the government of Grenada.
- Provide quality legal and tax support.
The needs of our customers are a key priority for the Fintech Harbor team.
FAQ
How can I get permanent residency in Grenada?
The Grenada Investment programme allows residents of other countries to become permanent residents of that country and to apply for citizenship.
Does Grenada allow dual citizenship?
Yes, dual citizenship is officially allowed in Grenada. When obtaining a passport from this country, remember to check whether dual citizenship is legal in your country of residence.
What documents are required to apply for Citizenship by Investment in Grenada?
In order to apply for Grenadian citizenship, you must provide proof of identity, proof of means and residence, proof of marriage, and proof of the birth of children.
How long does it take to obtain citizenship by investment in Grenada?
The whole procedure can take up to eight months. It takes about a month and a half to prepare and submit the application, about four months to process it, and about three months before you are issued a passport.
Can Grenada citizens get US citizenship?
Grenada is the only Caribbean state with an E-2 non-immigrant investor visa agreement signed with the United States. Therefore, once you are a Grenadian citizen, you can stay in the United States without hindrance.
How much investment is required to apply for Grenadian citizenship?
There are two options: donate $150,000 or more to a government fund or buy a property for $220,000 or more.
Is there any way to expedite the process of obtaining Grenadian citizenship by investment?
To expedite the process of obtaining Grenada citizenship, it is worthwhile to contact a reputable company that provides quality legal and advisory services. Fintech Harbor is one of them. We work directly with the Government of Grenada to reduce the delays associated with using intermediaries.
Can I include my family members in my application for Grenadian citizenship by investment?
Yes, one application may include:
- spouse of the applicant;
- children under 30 y.o.;
- single brothers or sisters over the age of 18;
- parents over 55 y.o.;
- grandparents.
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