GRENADA
GRENADA
Popularly known as “The Spice Island”, because of the myriad locally grown spices, Grenada offers one of the most picturesque waterfronts in all of the Caribbean. The sublime scenery is but one of the many enticements to visit the three beautiful main islands. Diving, sailing, excellent restaurants, fabulous beaches, and a calendar of unforgettable festivities add to the many reasons why Grenada has become preferred destination to many high net worth investors.
GDP
POPULATION: 110,152
Population Growth: 0.50%
$13,800 (2013 est.)
GDP (per capita)
GDP (purchasing power parity)
$1.458 billion (2013 est.)
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VISA FREE COUNTRIES: 117
LOCATION
Caribbean, island between the Caribbean Sea and the Atlantic Ocean, north of Trinidad and Tobago
CAPITAL
Saint George's
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TIME DIFFERENCE
UTC-4
TOTAL AREA
344 sq. km
AGE DEMOGRAPHICS
0-14: 24.5%, 15-24: 16.5%,
25-54: 40.3%, 55-64: 9.2%,
65+: 9.2%
LANGUAGES SPOKEN
English (official), French patois
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RELIGIONS WORSHIPPED
Roman Catholic 53%, Anglican 13.8%, other Protestant 33.2%
GOVERNMENT TYPE
Parliamentary democracy and Commonwealth realm
CURRENCY
East Caribbean dollars (XCD), tied to USD
EXCHANGE RATE
1 USD = XCD 2.70 (2012)
Grenada
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Grenada’s Citizenship-by-Investment Programme came into effect in 2013, with an objective to allow both individuals and families to obtain citizenship or permanent residence following investment in Grenada. Applicants must apply for citizenship through licensed agents, and may not make submissions to the government on their own behalf.
Why Grenada?
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“The towering array of forested mountains, the golden sunshine, the leisure-filled beaches, the rainbow-crowned ocean skyline, the seven sisters’ waterfalls, and more.”
Popularly known as “The Spice Island” due to a myriad of locally grown spices, Grenada offers one of the most picturesque waterfronts in all of the Caribbean. The sublime scenery is one of the many enticements to visit the three beautiful main islands. Diving, sailing, excellent restaurants and fabulous beaches add to the many reasons why Grenada has become preferred destination for many.​​
Benefits
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Fast processing within 2 months;
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No requirement to reside in Grenada before or after citizenship is granted;
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No requirements to travel to Grenada during the application process;
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No interview, education or management experience required;
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Visa-free travel to over 115 countries;
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Entitled to the same rights as other Grenadian citizens;
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Enjoy social and political security;
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No foreign income, wealth, gift, inheritance, or capital gains tax;
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Dual citizenship.
Eligibility
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At least 18 years old;
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Hold no criminal record;
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Have excellent health;
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Have sufficient funds for required investments.
Minimum Investment Requirements
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Two potential options are available for citizenship, which includes a contribution to the National Transformation Fund or an investment in an approved real estate project in Grenada.
National Transformation Fund (NTF)
The National Transformation Fund (NTF) is a government fund responsible for financing projects that are beneficial to Grenada’s economy, including tourism, agriculture and alternative energy. Applicants choosing this investment route must make a one-time contribution to the NTF through an authorized local agent. The contribution requirements are as follows:
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Single applicant: USD150,000
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Main applicant and spouse: USD200,000
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Family of four: USD200,000
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Family of five or above: USD200,000 + USD25,000 per additional dependent (after the third dependent)
Upon satisfaction of the above, applicants can either apply for citizenship immediately or apply for permanent residence first and further for citizenship at a later stage.
Real Estate Investments
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A vast majority of approved projects are concerned with real estate developments on the island of Grenada, such as luxury hotels, resorts and villas to cater for the rising demand of tourist facilities.
Applicants opting for the real estate investment route must contribute at least USD350,000 to a government-approved project, through an authorized local agent. Investments in real estate must then be maintained for a minimum of 3 years following the grant of citizenship.
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Additionally, government fees are payable under the real estate investment option:
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Single applicant: USD50,000
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Main applicant and spouse: USD50,000
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Family of four: USD50,000
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Family of five or above: USD50,000 + USD25,000 per additional dependent (after the third dependent)​
Other Fees
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In addition to the minimum contribution requirements, the following fees also apply to all applicants under any of the investment options. They include application, due diligence and processing fees:
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Application Fee
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USD1,500 each
Due Diligence Fee
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USD5,000 each
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Dependent children aged 17-25: USD5,000 each
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Dependent children below 17: Nil
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Processing Fee
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Over 18: USD1,500 each
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Below 18: USD500 each
Application for citizenship will be approved within 60 business days of submission. The Grenadian passport granted will then be valid for 5 years, which can be renewed upon expiry.