Maybe you want a second Citizenship because you are sick and tired of the delays and inconveniences you experience when you travel on your current passport. Or maybe it’s because you need an exit strategy from your current country of residence. Either way, you want the process to be quick and simple.
Grenada’s CBI program is just that. There’s:
- No physical residency requirement
- No need to visit Grenada during the application process
- No requirement to reside in Grenada before or after citizenship is granted
- No education or management experience is required and
- Minimal processing fees
Furthermore, Grenada allows dual citizenship, so you don’t have to renounce any other citizenship or passport.
The minimum investment can be in the form of a donation to a government fund starting at $150,000. It can also be in the form of the purchase of real estate from $220,000.
Last but not least, it only takes about 90 days to process. And it is the only CBI program where your passport is issued as part of the process.
About Grenada
Grenada is an island country consisting of Grenada itself and six smaller islands. This country is at the southern end of the Grenadines in the southeastern Caribbean Sea. Its official language is English.
It is located northwest of Trinidad and Tobago, northeast of Venezuela, and southwest of Saint Lucia.
Grenada’s size is 344 square kilometers (132 sqare miles), and it had an estimated population of 110,000 in 2019. Its capital is St. George’s. The national bird of Grenada is the critically endangered Grenada dove.
The economy of Grenada is based on agriculture, tourism, and light manufacturing. In terms of natural resources, Grenada has a rich supply of water. The country also has an abundance of limestone.
Grenada’s climate is tropical, with a dry season from January to May and a rainy season from June to December. The average yearly temperature is 27 degrees Celsius (81 degrees Fahrenheit).
Grenada Citizenship by Investment Committee (CBIC)
The Citizenship by Investment program was established in 2013 under the Grenada Citizenship by Investment Act. The program is administered by the Citizenship by Investment Committee, which is the main decision-making body for the program.
The CBIC is the Government body responsible for Grenada citizenship through investment applications and decisions. The committee comprises seven people with experience in law, finance, trade, and administration who all answer to the Minister. The chairman leads the group and is responsible for making Grenada citizenship decisions.
The Grenada CBI Program Offers Maximum Global Access
Citizenship of Grenada grants you visa-free travel to over 115 countries. This includes the EU Schengen area, the UK, China, Singapore, and Hong Kong. It is one of just three countries in the world that has a 30-Day Stay Permit (visa waiver) with China.
What’s more, Grenada is the only Caribbean country with a CBI program that allows you to live in and operate a business in the US through the USA E-2 Investor Visa.
Grenada is a member of the United Nations, the OAS (Organization of American States), and the Commonwealth, which offers personal protection in member countries across the globe.
Grenada also has a source-based taxation system with zero taxation on income earned abroad.
No other country’s CBI program offers a package to match that of Grenada.
Grenada offers a number of tax incentives for businesses. It includes full exemption from import duties, corporate tax relief benefits, and export allowances. The country’s currency, the East Caribbean dollar (XCD), is pegged to the United States dollar (USD). This makes it a stable and attractive investment destination. Additionally, Grenada offers duty-free trading within the Caribbean region.
How Do You Ensure That Your Investment In Second Citizenship Is Sound
We understand how painful it is when all that you’ve worked for and even your family is at risk. Most of all, when investing money in second Citizenship, you want to ensure it works hard for you. Investing in a financially sound project is important.
Step By Step Through The Grenada Cbi Application Process
STEP 1 – Applicant appoints Agent
The Applicant appoints an Agent. The Agent assists the Applicant in preparing the application form and supporting documents for submission to the CBI Unit (CIU) in Grenada.
STEP 2 – Complete official forms
The Applicant (and each dependent as the case may be) completes official CBI forms with the assistance of the Agent, attends a medical examination, and obtains required supporting documents.
All forms and required supporting documents must be submitted in English and be appropriately legalized.
Each successful Applicant is required to take a written Oath of Allegiance.
STEP 3 – Submit CBI application
The Agent vets the CBI application package of documents and submits it to the CBI Unit (CIU) for processing. Provided that all documents are in order, the processing time is approximately 90 days from submission.
The Agent then becomes responsible for liaising with the CBI Committee in relation to all correspondence, queries, or questions that may arise with respect to the applicant’s file.
There is currently no mandatory interview requirement for the Grenada CBI Programme.
STEP 4 – Receive application decision
The CIU considers the application in light of thorough due diligence background checks and then issues a recommendation about the application to the Cabinet. The Cabinet makes a final decision on whether the application is approved based on the recommendation of the CIU.
The Applicant is issued a letter (through their Agent) detailing whether the application is approved, delayed for further processing, or rejected.
STEP 5 – Make final payments
If an approval letter is received from the CIU, the Applicant pays the Government fees.
The Agent is responsible for paying the Government fees to the CBI Committee and disbursing the first drawdown to the Developer in accordance with the PSA to facilitate completion. The Agent then submits proof of payment and completion to the CBI Committee.
STEP 6 – Receive COR, PR Card, and Passport
The CBI Committee issues the Certificate of Registration, arranges for the issuance of the passports and the Permanent Resident (PR) Card (if the applicant opted for this).
E-2 Visa:
The Grenada citizenship by investment program is the only one that holds an E-2 Investor Visa Treaty with the USA, allowing citizens to be eligible to apply for a non-immigrant visa and to live and work in the country.
To apply for this visa, applicants must establish or buy a business in the United States. There is no minimum investment amount, but businesses must show that they are viable and have the potential to create jobs in the United States. This is a huge benefit because most foreigners can only apply for an EB-5 visa, which requires a business investment of at least $800,000.
E-2 Visa Benefits for Grenadian Citizens
The E-2 business visa offers many benefits to Grenadian citizens, including the ability to live and work in the United States. This visa can also be obtained for your spouse and children under 21 years of age, allowing them to study in U.S. schools.
The E-2 visa is valid for 5 years for Grenadian citizens and can be renewed an unlimited number of times, as long as the investor’s business continues to grow in the United States. The processing time for this visa is usually 1-2 months, but an expedited service is available for an additional fee, which reduces the processing time to 15 days.
E-2 Visa options
There are different ways for Grenadian citizens to obtain an E-2 visa, depending on their business situation.
If you are buying an existing business:
The first step is to make sure that the company you want to buy is eligible for the E-2 visa. The business must be a U.S. company and you must be able to show that you have the financial resources to purchase it.
You will also need to provide a detailed business plan, outlining your plans for the company and how you will grow it in the United States. Once you have all of these documents, you can apply for the E-2 visa.
If you are starting a new business:
If you are starting a new business, you will need to create a detailed business plan and submit it with your visa application.
You will also need to show that you have the financial resources to start and sustain the business. The U.S. government will want to see evidence of your investment, such as bank statements or proof of investments in the company.
Once you have all of these documents, you can apply for the E-2 visa.
Grenadian citizens can also apply for an E-2 visa if they are working for a company that is based in their home country and has offices or subsidiaries in the United States. In this case, you will need to provide a letter from your employer confirming your job offer and detailing your role within the company.
You will also need to show that you have the necessary qualifications for the position and that you are essential to the company’s operations in the United States. Once you have all of these documents, you can apply for the E-2 visa.
What types of companies are eligible for an E-2 Visa?
Any company that is considered a US company is eligible for an E-2 visa. This includes companies that are registered in the United States, as well as companies that are branches of foreign businesses.
The business must also be considered a “viable” business. This means that it must have the potential to create jobs and generate revenue.
There is no minimum investment amount required for an E-2 visa, but the company must show that it has the financial resources to sustain itself.
What types of businesses are NOT eligible for an E-2 Visa?
There are certain types of businesses that are not eligible for an E-2 visa. These include:
– Businesses that are considered “unviable”
– Businesses that don’t have the financial resources to sustain themselves
Conclusion: Grenada Citizenship
Now that you are aware of all the benefits that come with Grenada’s citizenship, as well as how easy it is to obtain this citizenship without needing to live in the country or visit it, you may be considering this as an excellent option to get your E-2 visa, and invest and move to the United States. If your country of origin is not on the list of Treaty Countries that are allowed to obtain this visa, and you are looking for the existing alternatives to fulfill your American Dream, then Grenada’s citizenship may be the perfect solution for you. With its many benefits and low investment requirements, Grenada provides an excellent opportunity for those looking to get their E-2 visa and move to the United States.
In addition, with a Grenadian passport, you will have visa-free travel to over 130 countries, making it one of the most powerful passports in the world. With this and all the other benefits that come with citizenship, there is no reason not to consider investing in Grenada today.
National Defense Authorization Act
The National Defense Authorization Act (NDAA) is an annual United States federal law specifying the budget and expenditures of the U.S. Department of Defense. It also sets out other policy provisions for activities such as military personnel policies, weapons procurement and development, base closings, nuclear energy activities, counterterrorism efforts, homeland security initiatives, training programs, and military operations abroad.
3-Year Domicile for Select E-2 Applicants
Signed into law by President Biden in late December 2022, The National Defense Authorization Act includes a provision that requires foreign nationals applying for an E-2 visa to establish and maintain a domicile in the United States for a period of 3 years prior to filing the application. This stipulation applies specifically to those applicants who acquired their nationality through financial investment, such as by purchasing real estate or establishing a business. The intent of this provision is to ensure that applicants are truly invested in their new country and can make a positive contribution to its economy. Furthermore, the 3-year domicile period allows individuals enough time to become fully acclimated to the United States and better prepared for long-term success before filing an E-2 visa application.
[The word “domicile” was changed from “residency,” which ups the requirements. This means that an E-2 applicant must provide evidence they have consistently lived within this qualifying foreign country for at least 36 months, without interruption.]
The National Defense Authorization Act (NDAA) recently provided an amendment to the current version, allowing Portugal to become an E-2/E-1 treaty country. This is a monumental achievement that will benefit Portuguese citizens who wish to establish and develop businesses in the United States.
Three Citizenship by Investment Programs (E-2 Visa Friendly)
Montenegro
The Montenegro program was killed in December. This came as a surprise to many people who had hoped the program would provide much-needed assistance to Montenegro’s struggling economy. The government had promised that it would fund infrastructure projects, help with job creation, and spur economic growth in the country. Unfortunately, due to political wrangling and budget shortfalls, it became clear that the program was not going to be successful. The news was a major blow to the people of Montenegro, who had been hoping for a chance at economic prosperity.
Grenada & Turkey
Grenada and Turkey are two countries that offer Citizenship by Investment (CBI) programs, allowing foreign nationals to become citizens of their respective nations.
In Grenada, the CBI program requires a donation of at least $150,000 USD to the National Transformation Fund. This is in addition to other eligibility requirements such as having a clean criminal record and being at least 18 years of age.
In Turkey, the CBI program does not offer a donation option but instead requires applicants to make a minimum capital transfer or bank deposit of $500,000 USD. Eligibility requirements are similar to those in Grenada with the addition of needing a valid passport from applicant’s country of origin.
Both Grenada and Turkey have attractive CBI programs that are worth considering for those looking to acquire a second citizenship. The details of each program should be studied carefully in order to determine which is best suited for an individual’s needs.
Margaret from Wilkinson, Wilkinson & Wilkinson talk
Benefits of the Grenada program include:
- Retention of original citizenship
- Part of the commonwealth of nations
- Have the E-2 visa
- Don’t require any physical residence
- Issue passports in 3-5 days
- Have no language test/interview
- Not concerned much about one’s history and culture
- Have 3 main investment options:
– National Transformation Fund
o $150k for single applicant
o $200k for a family of 4
– Approve Project
o $220k a share in a unit
o $350k for an investment in an approved project
– Significant Investor
o $5m into some major project (manufacturing or otherwise)
o Citizenship is granted to the major investor and their families
The person will rarely get any return on what they paid to the government in Grenada
Taxes in Grenada are among the highest in the region, with individuals and businesses paying hefty taxes to the government. However, despite these high levels of taxation, it is rare that taxpayers receive any return on what they have paid out. This means that citizens rarely benefit from the money they contribute to their country and often see very little improvement in their quality of life as a result. This is especially true for those in lower income brackets, where the effects of taxation can be felt most heavily. As such, it is important to advocate for more responsible and transparent taxation practices in Grenada.
So the question of what is being asked is: “Can that be considered an investment?”
Ultimately the answer is yes. The investor will get a return on their investment if they make a move to Grenada, either by establishing a business or working in the country. This would fulfill the domicile requirement for an E-2 visa application.
The Amigos Act was amended to better reflect investments made through these programs and ensure that any foreign national applying for an E-2 visa has met the 3-year domicile requirement. The new law should be implemented soon, and at Visa Franchise we are actively monitoring the regulations/law.
While the person may not get a financial return on what they paid to the government in Grenada, there are still benefits to participating in the Citizenship by Investment program. These include access to an E-2 visa and potential business opportunities within Grenada. Additionally, advocating for better taxation practices can help create a more equitable system where citizens benefit from the money they contribute to their government.
Therefore, it is important to consider all aspects before deciding if a CBI program in Grenada or Turkey is right for you. The details of each program should be studied carefully in order to determine which is best suited for an individual’s needs. Regardless, any investment should be carefully considered to ensure the best return.
