Grenada launched its Citizenship by Investment Program in 2013, making it one if the youngest programs to operate within the Caribbean – already a premier citizenship by investment destination due to the region’s pioneering role in creating the industry more than three decades ago.
Its youthful spirit has however enabled Grenada’s Citizenship by Investment Program to emerge as one of the most dynamic investment choices. The country has revealed a number of innovative reforms that have been highly welcomed by citizen investors from around the world.
Here are 6 top reasons why 2019 may be the best year yet to invest in Grenada Citizenship by Investment and Grenada Nationality:
Unmarried Siblings are Eligible as Dependents
Unmarried siblings of both the Main Applicant or his/her spouse, whether biological or adopted, can now be included as eligible dependents under a regulation passed earlier this year. The move has been welcomed by investors especially from the Middle East and Asia where large joint families continue to be the norm. The change solves what has been a major hurdle for many applicants over the years. To be eligible for inclusion, siblings of the main applicant must be single, at least 18 years old and have no children of their own. The fee for adding a sibling has been set at USD75,000.
Only Grenada benefits from Visa On Entry to the UAE
Grenada is the only Caribbean CBI nation whose citizens can currently obtain a multiple-entry visit visa to the UAE on arrival, free of charge and valid for 90 days from the date of issue. Grenada citizens additionally also enjoy visa-waivers to travel to China, Russia, United Kingdom and the Schengen states in the EU making it one of the most sought-after citizenship choices among the Caribbean programs.
Affordable Real Estate Investment Option for Those Making a Joint Application
Starting April 1 of 2019, investors have been able to enjoy a more affordable real estate investment option of USD220,000. Applicants can avail of this option if they become a co-owner of a single unit with at least one additional main applicant. Each main applicant must pay a minimum purchase price of USD220,000 plus the usual government contribution of at least USD50,000 each. The new investment option is available only in qualified approved projects within the Tourism Accommodation sector.
High-Quality, Globally-Backed Real Estate Investment Options
Investors keen to ensure that they acquire a high-quality asset that retains its value over the long-term welcomed the addition of several globally-backed hotel projects that have become part of the approved real estate portfolio for Citizenship by Investment. These include the Six Senses La Sagesse Grenada and Silversands Grenada, among others.
Greater Protection for Real Estate Investors
In what has been hailed as a major regulatory step in the right direction and a decision that aims to dramatically reduce investor risk associated with buying off-plan or partially-completed properties, new regulations implemented by the Grenada Citizenship by Investment Program state that CBI-real estate developers must have a 20% equity stake in their projects to obtain approval under the New Price Option.
The move is expected to significantly lower the risk of non-completion of projects and ensure only stable developers with solid business plans and feasible projects are allowed to operate under the program. Other complementary reforms included tighter documentation requirements for real estate transactions to avoid illegal discounting, and the requirement to keep real estate investor funds in escrow until developers can demonstrate actual progress on projects.
E2 Visa Eligibility
The E2-visa program continues to grow in appeal to investors – particularly from oversubscribed Asian nations like China and India for whom the turnaround times for the highly sought-after US EB-5 visa continues to spiral to unattainable levels.
Grenada is the only CBI nation in the Caribbean to currently hold a US E2 Treaty Status which allows citizens of Grenada to apply for the E2 visa. An E2 visa grants investors the right to operate a substantial business in the US, reside there, spouses can obtain separate employment and children can be enrolled in schools.
The visa lasts for 5 years and can be renewed for a subsequent 5 years, giving investors a reasonable window to establish their businesses, maintain a stable family life and plan for the long-term.
The process to apply for the E2 Visa after obtaining Grenada citizenship is fairly swift and straightforward and can be processed by any competent lawyer or consultant operating in the field.
Want to know more about applying for Grenada citizenship by investment? Investment via the Government Donation Route starts at USD150,000 for a single applicant; for a family of 4 the investment starts at USD200,000. Real estate investment via the joint investor route as stated above starts at USD220,000 + USD50,000 in Government Fees.
The program currently welcomes eligible applicants from all nationalities.
© Times of U