Grenada Citizenship by Investment

Island overview

Grenada is one of the great places to live and do business in the Caribbean. It occupies several Lesser Antilles. Grenada is the largest among them. Together, they form a state that bears the name of the main island. The country occupies only 344 km2. St. George’s is the capital.

Grenada enjoys warm, sunny weather all year round. Despite this, there are few very hot days in the year. The average annual temperature is +27°C. The country is so well located that the destructive hurricanes that often take place here do not bother it much. However, from July to October, there is usually windy weather, which slightly overshadows the idyll of numerous tourists.

The population speaks mostly English. It is official in Grenada. In rural areas, one of the French dialects can be heard. There are two currencies in the country: American and Eastern Caribbean dollars.

History of Grenada

Famous ubiquitous Christopher Columbus discovered the islands in 1498. 200 years the aborigines lived their own lives. Then the islands were taken over by France. This period is evidenced by the French dialect “Patois”, which has been preserved in some villages.

In 1762, the period of British domination began. Only 200 years later Grenada became relatively independent within the Commonwealth of Nations.

After gaining independence in 1974, the island nation began to actively develop its economy. Tourism plays a major role in it. Its share in the country’s gross domestic product is close to 80%.

There is another sphere of the economy which can develop rapidly if to support it. This is agriculture. Nature has generously endowed the islands with fertile volcanic soils. Citrus fruits, cocoa, clove tree, vanilla grow beautifully on them.

Nutmeg is Grenada’s most popular crop. In terms of its cultivation, the country takes the second place in the world. No wonder Grenada has been called the “land of spices”. The agriculture remains at a low level due to the lack of investment for the introduction of technologies.

2013 was a landmark year in the development of the economy. This year the parliament adopted an important document “Citizenship by Investment”. It was immediately followed by the investment program. Three years later, Osher Advisors was involved in relaunching the program and promoting it in the international arena.

Attractions

The rich history has left many monuments. Thousands of tourists come to see the structures of Creole architecture. In St. George’s, they are greeted by a statue of Christ on the seaside. Of particular interest are the two forts of Frederick and George, dating back to the 18th century.

You can get acquainted with the tragic history of the country through the expositions of the national museum. It will also tell you about the flora and fauna of the islands.

The country pays a lot of attention to nature conservation. Grenada has little land, but even in this small area, the authorities have managed to create several reserves and national parks. Lovers of fishing, diving and snorkeling constantly come to the sea.

Tourists specially come from distant countries to look at the sculptural ensemble under the water. It was created by sculptor and great diving enthusiast Jason Dee Kyers Taylor. Amazing underwater figures of people can be seen by diving into the water or through a special platform built on a boat.

Grenada is a paradise for tourism. This type of recreation is very popular here, but there is a big problem: lack of investments hinders the development of the industry. Tourism is the main source of financial resources.

There will be many more of them if the state is able to implement far-reaching plans for the future development of the tourism industry. So far, the country is limited in funds which can be used to expand the network of multi-star hotels, create water attractions and other conditions to meet the needs of wealthy tourists. Travel and accommodation are not cheap on the island. That’s why wealthy people come here. There could be many more of them if the tourist infrastructure was developed.

Now there are several hotels in big cities that are approaching the category of five-star hotels. Most hotels are three-star, which rarely provide tourists with three meals a day. But even they are not enough. That is why private houses are popular. So far, tourists are better taken care of there. The owners feed them with homemade meals and charge only 50-60 dollars per night.

Golf lovers should know that Grenada has beautiful courses for this game. Those who visit in August will be lucky enough to enjoy the local national carnival.

As for Security – Nothing threatens your health and life in this territory. Grenadians are very friendly to guests. However, precautions will not be superfluous. There is no need to boast about having large amounts. Leave the extra money at the place of residence, and take with you as much as you need for shopping. When shopping, at parties, in ports, be careful not to become victims of pickpockets.

There are almost no industrial plants in the area that could pollute the water or air. So, they are completely safe for humans.

Real Estate

This sphere of economy is in poor condition. The government is trying to attract more investment in the construction of hotels that meet international standards. In recent years, there has been a noticeable revival. During a few years, luxury villas with swimming pools and multi-storey hotels on the sea coast have already been built. And this is only the beginning of the process of building tourist infrastructure in the young country.

It should be noted that with the start of the parliament’s “Citizenship by Investment” program to attract foreign capital, the real estate market of the islands came alive.

Grenada’s real estate market is both diverse and appealing, attracting investors, vacation home buyers, and those seeking a retirement destination. The island features a variety of properties, from luxury villas and beachfront condos to residential homes and land for development. Luxury properties, often located in prime coastal areas, come with amenities such as private pools, gardens, and access to golf courses and marinas. Residential options include modern homes in gated communities and charming cottages, catering to different budgets. The real estate market in Grenada has experienced steady growth, driven by the island’s increasing tourism and foreign investment.

A significant attraction for investors is Grenada’s Citizenship by Investment (CBI) program, which allows individuals to obtain citizenship by purchasing approved real estate with a minimum investment of $350,000. This program offers benefits such as visa-free travel to over 140 countries and potential tax advantages. Properties in popular tourist areas can generate rental income, providing a return on investment. Grenada’s transparent legal system and favorable tax regime, including no capital gains tax, further enhance its appeal as a real estate investment destination. Popular areas for investment include Grand Anse, known for its beautiful beach and amenities, and Lance Aux Epines, a preferred location for luxury homes. Overall, Grenada’s combination of natural beauty, growing tourism sector, and attractive investment incentives make it a desirable location for real estate investment.

Citizenship by Investment

Grenada’s Citizenship by Investment (CBI) program, established in 2013, is one of the most sought-after programs in the Caribbean due to its unique benefits and flexible investment options.

Grenada’s Citizenship by Investment program stands out for its combination of benefits, including extensive visa-free travel, access to the U.S. through the E-2 visa, and a favorable living and investment environment.

Benefits of the Citizenship by Investment Program

Government support: assists during the application process.

Visa-free travel: the citizenship allows its holders to travel around 148 and more countries without a visa or with a simplified visa regime. The list includes the most developed countries of Europe, the Republic of China and UQ.

U.S. E-2 Visa: This is a business visa under which the investor can live in America with his family, do business. Children can study in the best educational institutions.

Tax Incentives: Grenada has double taxation treaties with several countries, but is mostly tax-free on worldwide income, capital gains, inheritance, and gifts.

Second citizenship for everyone: The investor’s entire family or each member individually can obtain another citizenship. There is one restriction: If the children are not included in the list of applicants for citizenship when investing, the legislation does not allow to do this later.

No one is forced to stay in the country or learn the local language: New citizens can visit the islands and them when they want. They don’t need to take a language proficiency test.

Citizenship by Inheritance: Citizenship by Investment in Grenada has no time limit. This status is assigned to the member of the family and passed on to descendants.

Asset protection and confidentiality: Grenada is an offshore jurisdiction and does not require disclosure of beneficial owners when applying for citizenship.

Fast Citizenship Process – Typically, applications are processed within 6 months, which is significantly faster than most other citizenship by investment programs.

Freedom of Movement: Grenada citizenship also provides freedom of movement in the Caribbean region through the Caribbean Free Trade Agreement (CARICOM).

The Grenada authorities do not insist that applicants to come to the country in person. All issues are resolved through a local representative.

Conditions for acquiring citizenship for investment

The program involves attracting funds to the country’s economy in two ways:

1. Receiving a minimum of $235,000 to the National Transformation Fund from wealthy foreign investors.
   The investment will be made under the main applicant and up to 3 dependents* (so a single applicant to a family of 4);
   
2. Acquisition of assets by investors for at least $350,000 (approved real estate projects).
   *excluding siblings and parents under 55
   * other governmental fees may apply
3. Approved Project Investment in a share in a unit within a Tourism Accommodation priority sector will require a minimum investment of $270,000; 
   

Family members can be included in the application for citizenship. The main investor can include:

• Spouse
• Children up to age 30 years
• Dependent parents over 65 years

All applicants will need to be of good character and undergo the Governments due diligence formalities: Investors must provide

• Police Reports – evidence of a clean criminal record
• Have no outstanding visa refusals
• Various documentation, including financial documents, employment/ business documents, ID, proof of address

Features of acquiring citizenship for investment

Age: The applicant must be at least 18 years old.
No criminal record: The investor must not have a criminal record for serious crimes, as well as crimes related to terrorism, money laundering, and other serious offenses.
Financial solvency: The applicant must have sufficient funds to make investments and cover other expenses related to obtaining citizenship.
Investment: A citizenship applicant must have invested in Grenada’s economy.

The government agency that administers the programme reviews the applications submitted by citizenship applicants. The CIU checks whether a person is trustworthy, reject the application if the candidate indicates false information in it.
At the end of the procedure, the investor receives a certificate of naturalization, which confirms the acquisition of citizenship.

The process of obtaining citizenship by investment in Grenada is not difficult. It can be done without the presence of the investor in the country. We will help you every step of the way. The documentation package contains full instructions on how to fill it out. After the procedure of filling out the documents, they are checked so that there are no mistake.

After submitting the application, the investor will have to wait for a response for 90 days. If there are no claims against the applicant for citizenship, he will receive a passport in ten working days.

It is also not necessary to come to collect a passport. This is also done by Osher Advisors. We will send it to the new Grenada citizen.

Some properties can take a long time to complete. In order not to delay this process, Osher Advisors tries to choose a project for which the developer is ready to immediately provide documents.

In 2024, the processing time for applications to Grenada’s’ Citizenship by Investment program is approximately 3-4 months from the submission date to the Citizenship by Investment Unit (CIU). Applicants typically spend about 2-6 weeks beforehand to gather all necessary documentation. Osher Advisors dedicated experts team will advise applicants throughout the entire process, applications can be submitted remotely without the need for travel.