Grenada Economic Citizenship: Changes in 2023

Caribbean citizenship by investment has always been popular as it is quick and affordable. What is more, it is a great option for a Plan B as you will have a quiet place to hide in case of major turmoil in the world (and the recent events prove that it is not impossible). However, each project undergoes changes with time, and Caribbean economic citizenship is no exception: you’d better hurry as several countries have recently announced that the requirements are going to be tougher and more investments will be needed to qualify. In this post, we are going to talk about the changes in Grenada citizenship-by-investment program.

If you are interested in acquiring second citizenship for yourself and your family, you can read more about existing options on our portal. We have a whole section devoted to citizenship- and residence-by-investment programs where you will find Caribbean, European, and other opportunities to get a second passport. You can also contact our expert straight away to choose the best option for you (it’s free!). And if you want us to help you with the administrative aspects of second citizenship, our consultants will do so at a reasonable fee. 

Keep in mind that you cannot submit the documents for economic citizenship by yourself as the local authorities only work with licensed agents. That is, you will have to choose a reliable intermediary anyway, and that’s where we can be useful.

Grenadian Program in 2023

According to the report published by the Grenadian authorities, the country has set a financial record in the first half of 2023 as the inflow of prospective citizens was really high. However, there were some less optimistic results as well: it had to remove 5 construction projects from the list of those approved for investment by new economic citizens due to lack of progress. Let’s take a more detailed look.

Five Projects Are No Longer Available

One of the most popular ways of acquiring economic citizenship is the investment in development projects approved by the state, and these are in most cases villas, hotels, or resort complexes. This helps the island develop its infrastructure and attract more tourists as its economy relies heavily on this industry. 

The reason why this kind of investment enjoys popularity is quite simple: it is refundable! Grenada offers only two investment options: a non-refundable contribution to the National Transformation Fund (150,000 US dollars if you are a single applicant) or a refundable investment in real estate (350,000 US dollars for a single applicant). If there are two or more applicants, the amounts may be slightly larger: you can contact our experts for updated info. The investment in the development project will be refunded in five years.

In August 2023, the Grenadian authorities canceled the certificates of 5 development projects as the work was not started on the announced date. Here are their names:

• Grenada Corolla Consultant Limited;
• Port Louis Ltd.
• New Opportunities Investment Limited (NOIL);
• Horseshoe Cove Resort;
• Hope Development Limited/La Pointe Grenada;

However, there are still nineteen projects available, and you can discuss the choice with us. You may want to keep a villa for yourself to live in – or simply invest in any project to get your passport. In this case, the recommendations will differ.

Why Opt For Grenada?

There are other programs available, of course. Let’s look at the main advantages of the Grenadian offer to see if it is suitable for your needs:

• You will get your passport quite quickly (in a matter of two to six months). This is not the fastest option available, but it is still quite attractive.
• You are not required to live in Grenada before or after you obtain citizenship (but you may choose to do so).
• The country is politically and economically stable, and you will have an opportunity to live and work in a quiet tropical paradise far from the current conflicts.
• As of October 2023, you will be able to enter 116 countries without a visa, which is quite a good result. These include such popular destinations as the European Union, most South American countries, and China.
• Individuals of any nationality can apply for Grenada economic citizenship: there are no restrictions.
• A Grenadian passport gives you the right to easily obtain an E2 (investor’s) visa to the United States.
• You will be exempt from inheritance, gift, or capital gains taxes.
• The real estate tax is very low, and it ranges between 0% and 0.5% depending on the way you use the property.
• Your Grenadian passport will be a CARICOM passport at the same time! It means that you can choose any of the Caribbean Community countries to live, work, or study. For your reference: the Caribbean Community includes Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago.
• Finally, you have a unique opportunity to include the main applicant’s siblings over 18 years of age in the application as dependents (on the condition that they are not married and have no children).

Sounds interesting? Please follow the above link to ask us a question if something is not clear.

Is Rejection Possible?

No one can give a 100% guarantee that you will be granted the Grenadian passport (except for scammers). All applicants undergo a stringent due diligence procedure and may be turned down under the following conditions:

• You provide false information in the documents.
• You take part in any activity that could have a negative impact on Grenada’s reputation.
• There are ongoing criminal proceedings instituted against you.
• You are seen as a possible threat to the national security of any other country.
• You were found guilty in a criminal case and sentenced to more than a six-month imprisonment (unless you were pardoned by the state)

However, most people pass this check successfully and obtain their passports. So will you!

If you want to read more on the Grenadian program (or other citizenship-by-investment programs available in the market), do not hesitate to click on the above link. Busy people who have no time for reading can talk to an expert right away – it costs nothing. Don’t miss a chance to get more safety in life for yourself and your loved ones!