Relocating to Grenada
Grenada offers an opportunity to relocate and stay on the island for those foreigners, who are willing to and can meet the obligatory requirements of becoming state’s citizens.
There were 34 new citizens registered in Grenada in the 1st quarter of 2016. Grenada is the only Eastern Caribbean Currency Union (ECCU) member state which publishes a CBI (Confidential Business Information) statistics on the double citizenship program, running in the country. It is done in order to strengthen the transparency of the existing program.
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Advantages of having a residence permit or a second citizenship
Second citizenship allows visa free travel to most of the European and Schengen countries. This means that a person can obtain the right to live in one EU member state and stay in any other. Foreigners are not obliged to stay in the country permanently. They can also travel to other countries without having any registration problems while entering the country. This is especially convenient for those people who have to travel often or who are not planning to establish their main place of residence in one particular state.
There are several advantages of becoming Grenada’s citizen. For example, it is possible to work and do business in the country like the other citizens without any legal limitation, to purchase property and receive equal salaries as well as to enjoy all the social services and benefits provided by Grenada’s authorities. The country has no wealth, offshore income or inheritance taxes. Therefore, it is a rather attractive option for international entrepreneurs in search of business security and comfortable travel options.
Residence permit program in Grenada
No particular residence permit program in Grenada is currently available, the country is running a double citizenship program instead. This means that all the foreigners, wishing to reside in Grenada, can apply directly for gaining country’s citizenship instead of going through the procedure which includes receiving temporary residence permit and permanent residence permit after a certain period of time as it is organised in other countries worldwide.
However, Grenada is a member state of Commonwealth Caribbean (CARICOM) which established a program called the Free Movement of People to ensure all its nationals with a free movement regime between 12 CARICOM member states. It means that the natives, citizens or residents of one of the CARICOM countries are able to work and live in any other of the 12 member states without owning a work or a residence permit. There is also the another option available – which is to have a company established under the laws of Member States as a ’CARICOM Company’, enabling immigrants from other countries to stay, live and be employed in Grenada.
Double citizenship program in Grenada
All the individuals who wish to become the citizens of Grenada are able to apply for a citizenship without first becoming country’s permanent residents as its government recognizes dual citizenship and does not require foreigner to renounce his current residence status.
It is also not necessary to visit Grenada in order to qualify for a citizenship. There was established a Citizenship by Investment Program (CIP) in Grenada (2013) for granting citizenship to permanent country’s residents. The second passport, granted by the country’s authorities, is valid for 5 years. If an immigrant wishes to become Grenada’s citizen, he must become an investor and make a financial contribution. There are several options for this.
Direct non-refundable payment to the Government
A donation to National Transformation Fund (extra fee included):
- 200, 000 US dollars for the single applicant
- 200, 000 US dollars for the applicant and applicant’s spouse
- 200, 000 US dollars for family up to 4 individuals, including the main applicant
- 25, 000 US dollars for any other person in the family under 18 (if older, the individual can register as a single applicant)
Real estate investment
At least 350, 000 US dollars worth for the main applicant (extra fees included).
For all of the options mentioned above there will also be additional due diligence, state and processing fees applied. Read more about each of the options to know more or contact us now to apply.