2 Ways To Get The Passport FAST
1. Real Estate Investment of US $350,000
Government-approved projects include various types of real estate developments, such as hotels, resorts, and properties. You have to make the investment of 350,000 USD or more through an authorized local agent.
And this investment must be held for a minimum of 3 years following your Grenadian citizenship being granted. You apply as the main applicant. You can bring your wife or spouse, along with your dependant children aged 18-30 and your children under 18.
You can also bring your parents and your wife’s or spouse’s parents if they are over the age of 55 and are dependent on you. The various fees depend on how many dependants you would like to bring with you.
In terms of investing in real estate in Grenada, the tourism industry has seen significant growth so real estate developments are generally considered a promising investment opportunity.
2. National Transformation Fund Contribution of US $200,000
Before we deal with the application process in more detail, let’s look at the second route to securing Grenadian citizenship.
This is a government fund responsible for financing government projects which benefit Grenada’s economy. These projects include tourism, agriculture, and alternative energy.
You make your contribution of 200,000 USD as a one-off payment, following which you can then apply for citizenship immediately.
Or, you can apply for permanent residence and then apply for citizenship further down the line.
The real estate investment route
Like the real estate investment route, you must use an authorized local agent to make this contribution. This is something to be approached with caution, so do let me know if you’re considering this and I can refer you to the local agent I work with.
Just like with the real estate option, you apply as the main applicant and you can bring your dependent family members along with you.
And the various fees depend on how many dependant family members you’d like to bring with you.
3. Application Process
Now, let’s look at the application steps you need to take to secure Grenadian citizenship through either of those routes.
First, you need to fulfill the personal application criteria: you must be in good health and you need a clear criminal record from your current country of residence.
You then have to appoint an Authorised International Marketing Agent. This agent will handle the submission of your application to the Citizenship-by-Investment Committee – again let me know if you are considering this and I can make sure you are in safe hands.
They will also speak with an Authorised Local Agent on your behalf. This local agent I work with will carry out the investment side of things for you.
This means you can make your applications from your current country of residence.
Once the agreements and documents have been signed with the agents, you transfer the funds to cover the full investment and associated fees to a designated account.
Funds available to invest
The application is then submitted to the Citizenship-by-Investment committee, including the proof that you have the necessary funds available to invest.
The Committee then begin their due diligence process. This takes about 60 days. Once these checks have been successfully completed, your application is approved and you will be issued with your certificate of citizenship.
Your representative then uses this to apply for a passport on your behalf. Passports are typically granted within a few days of the application.
So, with this route, you can secure citizenship and a passport quite quickly without even ever having to visit Grenada. It’s a wonderful place, with every reason to visit, but it’s not mandatory as part of the process.
4. Advantages of Grenadian Citizenship
Let’s now look at some of the advantages of choosing a jurisdiction like Grenada for a second passport:
There are substantial business advantages of Grenadian citizenship. Grenada is a tax haven, in that it has no foreign income tax, wealth tax, inheritance or capital gains tax.
It also has no restrictions on imported capital or on the repatriation of profits into Grenada.
The currency of Grenada is the East Caribbean Dollar, which is pegged to the US Dollar. So it has a stable and secure currency and business can be done in US Dollars too.
For corporates, there are also corporate tax incentives, full exemption from import duties and export allowances. There is also duty-free trading within the Caribbean.
So, from a tax perspective, it’s quite an attractive place to do business. If you need any advice on this front, get in touch with me as I have tax lawyers who can assist with any tax planning.