Citizenship by Investment Program
The Citizenship by Investment Act has been amended four times since then, the last time being on April 1, 2019.
Notable new amendments include:
1. The Real Estate Investment was reduced to USD 220,000 per share from $350,000 , jointly or co-investing in a $440,000 unit.
2. Removal of permanent residence as a pre-requisite for citizenship.
3. Dependent children between the ages of 18 and 30 no longer need to be enrolled at an institution of higher learning
4. Parents or grandparents over 55 years no longer need to be fully supported.
5. Secondary purchasers of CBI real estate units in approved real estate projects can acquire citizenship.
Under this program, individuals, and their dependents, making a donation or investing in real estate, may become Grenadian citizens.
The Grenadian passport is the only Caribbean passport that offers visa free entry to China, The UK and EU Schengen Area.
Investment in an approved real estate development projectTwo Options:
1. Investment of $350,000 by one applicant in a single property.
2. Investment of a minimum US$220,000 share as part of or jointly co-investing in a minimum $440,000 unit.
- Main applicant must be 18 years old or older.
- Main applicant must prove that they have enough funds to make the required investment, and prove the legal source of these funds.
- Main applicant and dependents do not suffer contagious disease and/or serious health problems.
- Not to have been convicted in any country of an offense, with a custodial penalty of more than six months’ imprisonment, unless he or she has received a free pardon.
- Not to be subject of a criminal investigation.
- Not to be considered a potential national security risk.
- Not to be involved in any activity likely to cause disrepute to Granada.
- Not to have been denied a visa to a country with which Grenada has visa-free access.
No nationality is officially restricted
Dual citizenship is recognized in Grenada. You are not required to renounce your previous nationality to become a citizen of Grenada.
- Certified copy of ID Card
- Certified copy of passport
- Medical Certificate
- Original or Certified copy of Marriage Certificate (if applicable)
- Original or Certified copy of Birth Certificate (if applicable)
- Original Police Clearance Certificate
- Original Bank Reference Letter (Not older than 6 month)
- Six passport-size photos
- Statement of Source of Funds
- Photograph and Signature Certificate
- Affidavit of support for Dependents
- Real estate sales and purchase agreement
- Proof of payment of nonrefundable processing and due diligence fees
- dual citizenship Yes
- Family members included Yes
- land ownership Yes
- Physical residence required No
- Personal visit required No
- Language skills required No
- Interview required No
- Investment Single $350,000
- Investment Family 4 $350,000
- Minimum annual income -
- Time to citizenship 2
- Time to permanent residency
- Visa-free countries 124
- Financing available No
Grenada boasts a relatively high standard of living for the region, and a tropical Caribbean climate.
The country consists of the main island (Grenada) and a series of small islands, the southern Grenadines. With just 344 sq. km and a population of 109,000 inhabitants, it is the second smallest independent country in the Western Hemisphere (after Saint Kitts and Nevis). Its capital is Saint George. The official language is English and its official currency is the Eastern Caribbean Dollar (XCD), pegged to the US dollar at a 2.71:1 ratio.
Visa Free Travel
Becoming a Grenadian citizen, does not automatically mean becoming a tax resident. To be a tax resident, an individual must spend at least 183 days a year within the country. Tax residents and non-residents are subject to tax on their Grenadian-source income.
The first XCD24,000 of Grenadian-source income is subject to a personal income tax rate of 10%, rising to 30% on income exceeding this amount. Capital Gains are not subject to taxation.
Grenada has not enacted Controlled Foreign Companies Rules. This means that income retained in a foreign entity owned by a tax-resident may not be subject to taxation.
Property tax ranges from 0% to 0.5% depending on the use of the property. Transfers of real property are subject to a tax from 5% up to 15%, depending whether it is sold to a resident or to a non-resident. Value-added tax (VAT) in Grenada is 15%. There are no inheritance and net wealth taxes in Grenada.
Regarding corporations, a resident company is subject to a flat tax rate of 30% on its worldwide income. However, companies incorporated under the International Companies Act are fully tax-exempt. International Companies are entitled to do business outside the territory and benefit from almost non-existent accounting requirements and maximum confidentiality.
Learn more about Grenada corporate taxation and legal framework at incorporations.io/grenada.
This should not be construed as tax advice. Flag Theory | Passports.IO has access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Contact us for further information.
- Property tax Yes
- Transfer tax Yes
- Inheritance tax No
- Net worth tax No
- CFC law No
- Tax residency days 183
- Personal income tax rate 30%
- Capital Gains tax rate 0%
- Investment income tax rate 0%
- Territorial taxation Yes
ProceduresPlease sign in to view
Flag Theory | Passports.IO and our qualified lawyer in Grenada will handle all paperwork, and guide you through each step of the process to ensure that it is as fast, efficient and pain-free as possible.
First, our lawyers will conduct a due diligence check on you to ensure that you are eligible and meet the criteria to apply for the program, and that your application will be approved. We will send you the application forms and provide assistance to complete the questionnaires, and translate and authenticate documents.
You must undergo a medical examination (we may recommend clinics in your jurisdiction) and provide us the medical assessment. After that, you will be ready to go through fingerprint procedures and reserve your real estate property through a sales and purchase agreement. Investment will be made only in case of application approval.
We will handle all paperwork with Grenada’s Government, which will conduct a due diligence check. Once your application is approved, you will receive a certificate of naturalization and you will be able to pick up the passport at the established avenue. The whole process takes within 60 days after application submission.
For further information on Grenada’s citizenship by investment program and detailed procedures, contact us for a free private consultation.