Launched in 2013, Grenada for citizenship by investment program is among the newer ones in the Caribbean. It offers some great benefits, including visa-free travel and international business opportunities. It also allows its citizens to live, work and study in the United States, thanks to an E-2 visa. But, like all things, it comes with some disadvantages too.
Taxes
Grenada does not tax income that is generated outside of the country. Residents are taxed at 10% on salaries, and non-residents pay 15% of the value of a wage earned in the country. In addition, there is a social contribution rate of 5% and a withholding tax on interest and royalties. There are several ways to obtain Grenada citizenship by investment act, and each option has a minimum investment amount. The donation route requires a non-refundable donation to the National Transformation Fund, typically $150,000 for a single applicant or $214,000 for a family of four. There is also a real estate investment option that involves purchasing pre-approved properties. It is a relatively new option, and the list of approved projects is constantly expanding.
Another benefit of Grenada citizenship is its visa-free travel to many countries worldwide, including Europe and the United States. It also makes opening multiple bank accounts easier and saving money in various currencies. Additionally, those with a second passport might avoid prejudice and be considered when conducting business abroad. In today’s volatile environment, a second passport is essential for wealthy individuals who want to protect their wealth and families.
Education
Grenada offers several educational benefits for families, including preferred access and, in some cases, grants to top schools and universities. To qualify for the investment program, you must be 18 and meet all government requirements, including health and a criminal background check. Applicants may choose between two clear-cut and government-regulated investment options: a contribution to the National Transformation Fund starting at $150,000 or purchasing real estate worth $350,000 or more. Donation is a good choice for couples who can include their children and parents in their application. The real estate route is more expensive and requires a more significant initial investment but has fewer strings attached.
Once approved, citizenship is for life and can be passed on to family members. You do not need to renounce your previous passport and can travel without a visa to 146 countries worldwide, including the UK, the Schengen area, Singapore, and China. The program operates on a 100% remote basis and is backed by an authorized agent, who will help you with all the nuances of the process and the required documents.
Security
A Grenada passport gives protection through visa-free travel, an incredibly advantageous tax structure, and financial advantages. For example, citizens are exempt from paying taxes on income earned outside the country and wealth, inheritance, and capital gains. Grenada is desirable for high-net-worth individuals and families looking to optimize their tax burden.
Grenada is a hidden gem of the Caribbean and offers a unique mix of unspoiled, authentic culture with a friendly modern lifestyle. The country lies outside of the hurricane belt and boasts one of the most beautiful natural beauty landscapes.
The country has a stable government and a booming tourism industry. It also has a favorable trade climate and an excellent reputation for education and healthcare. Moreover, a Grenadian passport opens up new windows of opportunity for investors in the United States. Obtaining a Grenada passport by investment is very straightforward and fast. You can acquire a passport within three months of investing in approved real estate and bring your family members on the application (children, parents, and siblings). Furthermore, Grenada has one of the fastest processing times for CBI applications, reducing the time it takes for your citizenship to be granted.
Lifestyle
Grenada is a safe and welcoming island with a warm, tropical climate that’s driest between December and May and wet from June to November. It makes it the perfect place for families to enjoy all year round. The islands are also famous for their aromatic spices and organic chocolate. Residents of the country are exempt from paying several taxes, including capital gains tax and wealth tax. It makes Grenada a desirable jurisdiction for business-minded individuals.
Additionally, the country is a Commonwealth nation, meaning its citizens are entitled to benefits such as visa-free travel to many countries and preferential access to educational institutions like St George’s University. Furthermore, it is the only Caribbean nation with a particular E-2 visa treaty with the United States, making it easy for Grenadian citizens to set up their businesses in America. Grenada offers a high standard of living with an excellent education system and top-notch medical care. Moreover, its citizens have an unrestricted right to travel throughout the European Union and most other major destinations.
As with most CBI programs, a contribution is made towards the country’s National Transformation Fund. It is a one-time fee, and the investment amount will vary depending on the option chosen. Once this step has been completed, the process of acquiring Grenada for citizenship begins.
