Grenada Citizenship by Investment program has attracted high-net-worth individuals seeking a second passport. One of the key concerns for potential applicants is the cost of obtaining Grenadian citizenship. Lyle Julien, Investment Programs Expert at Immigrant Invest, explains the various costs involved in the program and how you can apply for Caribbean citizenship by investment.
What is Grenada Citizenship by Investment Program
Grenada’s CBI program offers citizenship by investment. This program allows individuals to obtain Grenadian citizenship by making a qualifying financial contribution. The CBI program in Grenada is a popular choice for those seeking global mobility and security.
Grenada citizenship cost includes investment threshold and fees regarding the application process. There are two main investment options:
- Contributing to the National Transformation Fund — $235,000.
- Investing in real estate — $270,000.
This investment program has grown in popularity due to their straightforward application processes and attractive benefits. Global uncertainties and shifting economic trends have made Grenada citizenship even more appealing.
Grenada offers a significant advantage with its E-2 visa treaty with the US, allowing citizens to apply for a non-immigrant visa to live and work in the US. This is especially beneficial for investors seeking to establish or manage businesses in the United States.
Grenada offers a favourable tax regime with no foreign income, wealth, or inheritance taxes. This can be particularly advantageous for high-net-worth individuals looking to optimise their tax liabilities.
Grenada Citizenship Investment Options
Option 1. Donation to the National Transformation Fund (NTF). This option requires a non-refundable contribution to Grenada’s government fund. The minimum donation for a single applicant is $235,000.
The NTF option is ideal for applicants who wish to make a straightforward contribution and avoid the complexities of managing a real estate investment. It is also the faster route since there are no property management or sales procedures involved after citizenship is granted.
Option 2. Real estate investment. Applicants may also choose to invest in government-approved real estate projects. The minimum investment is $270,000. This investment must be maintained for at least five years.
Real estate investments often include luxury resorts and high-end properties, giving investors the opportunity to secure returns while obtaining citizenship.
Real estate investors benefit from property returns. While this option involves a higher upfront cost, applicants may benefit from rental income or property appreciation over time. Investors also have the option to sell the property after five years, potentially recouping their initial investment while retaining their Grenadian citizenship.
Grenada CBI Application Fee
Additional Grenada citizenship fees are required during the application process. Beyond the investment cost of Grenada second passport, applicants must pay several fees, including Due Diligence and application processing costs. Here’s a breakdown:
- processing fees — $1,500 per applicant;
- Due Diligence fees — $5,000 per main applicant, and additional for dependents over 17 years;
- passport issuance fee — $250 per person.
Government fees for real estate investors. Real estate investors face additional administrative fees, which amount to $50,000 for the main applicant and vary for dependents.
Adding family members to the application also incurs additional charges. For instance, for families over four people, the government fee for including additional dependents such as children, siblings and elderly parents will have separate fees of $25,000—75,000.
How to Apply for Grenada Passport
The process for applying for Grenada citizenship is straightforward. Applicants must work with a licensed agent who will manage the submission of documents and ensure the correct fees are paid. The steps include:
- Choose your investment option. Select either the NTF donation or a real estate investment.
- Prepare and submit documents. This includes identity verification, proof of funds, and background checks.
- Pay fees and investment. Once documents are approved, applicants will need to pay the required investment and fees.
- Receive citizenship and passport. After approval, applicants will receive their citizenship certificate and passport.
Hiring a licensed agent is required. Grenada’s government mandates that all applicants go through a licensed agent to ensure the legitimacy of the process. This agent handles all communication with the Citizenship by Investment Unit and ensures that all paperwork is correctly submitted.
Compared to other countries, Grenada offers one of the fastest CBI programs, with processing time of 6 months. This includes the time taken for Due Diligence checks, approval, and final issuance of the passport.
Conclusion
Grenada’s Citizenship by Investment program is a cost-effective way to secure a second passport with substantial benefits. Whether choosing the National Transformation Fund donation or real estate investment, applicants must account for additional fees.