Acquisition of Grenada citizenship by purchase of real estate
|Real estate project invesment||350 000 USD|
|Application state fees||50 000 USD|
|Due diligence state fee||5 000 USD|
|Application and processing state fee||3 000 USD|
|Length of the process||3 - 5 months|
|Visa-free travel||124 countries|
Established in 2013, Grenada’s Citizenship by Investment program has contributed greatly to the recovery of real estate market after the Global financial crisis. While the numbers of transactions each year are relatively steady, the average value of each purchase has skyrocketed due to the minimum amount of investment required by the CBI. The double citizenship program has also helped to acquire the necessary capital for several luxury real estate projects through the fractional ownership of company and real estate shares.
If you have any questions regarding Caribbean citizenship or you want to apply – contact our agents now!
In order to become a Grenada citizen, as one of the possible options, an investor can make a 350 000 USD investment in a real estate project, which has been approved beforehand by the Government. This amount can be recovered when sold not earlier than three years from the moment of becoming a Grenada citizen.
Other requirements and fees
In addition to the core investment, there are several fees to be paid additionally:
- Government fee – 50 000 USD for main applicant and three family members;
- Application fee – 1 500 USD per person;
- Due diligence fee – 5 000 USD per adult, 2 000 USD per dependant aged between 12-17;
- Processing fee – 1 500 USD per adult, 500 USD per applicant under 18.
In addition to the monetary contributions, investors need to conform to several other requirements set by the Government of Grenada:
- Passing background check;
- Passing health check;
- Proving the legal source of the funds used to acquire the double citizenship;
- No age, business experience, education, minimum net worth or language requirements.
Citizenship application procedure
Double citizenship by investment program in Grenada is considered to have a relatively straightforward and fast application procedure. In case of any questions or misunderstanding, your agent will be there to answer all of your inquiries and advise the best solution and most appropriate program for each individual investor.
In order to submit an application the following documents must be provided:
- Application form;
- Coloured copy of the passport (first 3 and last 3 pages);
- 6 passport-sized photos;
- Coloured copy of all national ID cards;
- Verification of support documents for Permanent Residency or Citizenship;
- Birth and adoption (if applicable) records and certificates;
- Certificate from country of birth and residence stating no criminal record;
- Copy of marriage and divorce (if applicable) certificates;
- University or college transcripts for children over 18;
- Reference letter from a bank.
The process of acquiring the second passport and Granada citizenship is completed within 3-5 months, depending on each applicant.
In order to acquire second passport, the following general steps are to be taken:
- First step after the decision to become a Grenada citizen is to choose an Authorised International Marketing Agent who will help the investor to go through the double citizenship application process. The Agent is there to help the investor to prepare all necessary application forms and other required documents. Also, all communication with the officials will happen via the Agent;
- When all the forms and documents have been prepared, the Agent submits the application to the CBI office and the Government starts a thorough due diligence on the applicant and his or her dependants;
- After receiving an approval from the due diligence agency (this could take around 3-6 weeks), the investor needs to finish the purchase of real estate and demonstrate the completion of the purchase agreement to the CBI office;
- As soon as the payment is approved, the Certificates of Registration is issued and signed by the Prime Minister. The Agent can now apply for the Grenadian passport using this certificate.
Advantages of holding a Grenada second passport
Grenada offers an excellent double citizenship by investment program to investors with families. While in other countries, you would have to pay an extra contribution for every child or other dependant, in Grenada, there is a fixed 350 000 USD investment to be made for the main applicant and all of his dependants, which includes: spouse, children under 25 years and parents over 65 years.
Only service fees need to be paid for each person separately. Other significant advantages include:
- Relatively quick processing;
- No physical residency or interview requirements;
- Double citizenship is allowed;
- Visa-free travel to more than 135 countries;
- Zero tax - no income, inheritance or wealth tax.
If you still have questions regarding this program – check our F.A.Q. section or contact us directly.