Seven reasons to acquire Grenada citizenship
The Grenada Citizenship by Investment programme is a fast and cost-effective way for wealthy South Africans to obtain a passport from a second country.
According to Grenada’s Ministry of Finance, 1 486 new passports were issued to investors and the members of their families in 2022 alone, with only eight applications denied.
Here are some of the benefits of the Grenada Citizenship by Investment programme:
1. Visa-free travel. Grenada has visa-free travel agreements with 146 countries, including the UK, the Schengen countries, Singapore and China. By comparison, South African citizens can only travel to 105 countries without a visa – the UK and most European states are not among them.
2. E-2 business visa to the United States. Grenada citizens can live and work in the US after a minimum investment of $100 000. Citizens of most other countries can only obtain an EB-5 business visa that requires an investment of at least $800 000.
Learn how our client Samuel from Cape Town obtained Grenada citizenship combined with an E-2 US visa and opened a branch of his company in the US. Samuel owns a network of pharmaceutical companies, and second citizenship helped him travel during the pandemic and find new business partners to supply the required amount of medicine on time.
3. Tax optimisation. Grenada does not levy taxes on personal income, dividends, interest or royalties earned in other countries.
4. Fast processing time. Grenada Citizenship by Investment program allows applicants to obtain a passport in between three and six months, and the procedure is entirely remote.
5. Relatively low cost. Investors can apply for Grenada citizenship after making a minimum contribution of $150 000. In comparison, it would take over $750 000 to obtain citizenship in a European Union country like Malta.
6. Accounts at foreign banks. Grenada citizens can not only open bank accounts in their home country but also in Europe and the United States, with fewer difficulties for them than for South African citizens.
7. Home for the whole family. Investors can include their family and relatives in the citizenship application, so they can all enjoy life in the Caribbean country.
Options to become a Grenada citizen by investment
There are two ways to participate in the Grenada Citizenship by Investment program: a non-refundable contribution to the National Transformation Fund or a purchase of government-approved real estate.
A non-refundable contribution is a cheaper option, with a minimum investment of $150 000. The National Transformation Fund money goes to support healthcare, education and agriculture in the country.
Purchasing real estate demands more investment but has an upside: applicants can recover their investment in five years when they can sell the property without losing the passport. The applicants can acquire shares in government-approved real estate for $220 000 to participate in the program.
Cost of obtaining Grenada passport by investment
The non-refundable contribution grows, depending on the number of family members in the application. A single investor can pay $150 000, while the minimum investment for a family of two to four is $200 000.
Starting with the fifth family member in the application, the investment goes up by $25 000 for each parent over 55 or a child.
Including each parent under 55 costs $50 000, and it’s $75 000 for each sibling. These are added to a minimum of $200 000.
For real estate purchases, a minimum investment of $220 000 is required regardless of the number of people in the application. The $50 000 state fee, however, also grows if there are more than five people applying for citizenship.
All applicants will also need to pay the following:
- Due Diligence — $5 000 for each family member over 16;
- Application fee — $1 500 per applicant;
- Processing fee — $1 500 per applicant over 18 and $500 per applicant under 18.
Obtaining Grenada citizenship: a step-by-step guide
1. Choose a licensed agent. Potential investors can only apply for citizenship via a licensed agent in Grenada. Immigrant Invest will help potential applicants to participate in the Grenada Citizenship by Investment (CBI) program.
2. Preliminary Due Diligence — 1 day. Immigrant investment lawyers check potential clients against international legal and business information databases to evaluate the potential applicants’ chances of qualifying for the programme. The procedure reduces the risk of rejection down to 1%.
3. Preparation of documents — 2 to 4 weeks. A list of required documents is drawn up based on the preliminary Due Diligence results. The list includes personal documents and financial records, such as passports and bank statements.
4. Due Diligence — 3 to 6 months. The Grenada CBI Unit checks all the required documents submitted along with the client’s application. The investor’s presence is not required.
5. Fulfillment of investment condition — up to 1 month. The CBI Unit informs Immigrant Investors when the client’s application is approved. After that, the investment must be made.
6. Receiving the passport — up to 1 month. A passport and a naturalisation certificate are issued and delivered to the licenced agent’s office or personally to the investor by courier at a convenient address.
Key things about Grenada citizenship for South Africans
- The Grenada CBI programme allows investors and their families to obtain citizenship within six months.
- The minimum non-refundable contribution required to participate in the programme is $150 000.
- Investing $220,000 in a state-approved real estate project will help applicants recover the money by selling the property five years after obtaining Grenada citizenship.
- Grenada passport holders can travel to Schengen areas and the UK without visas.