The Government of Grenada offers an Economic Citizenship Program, which allows individuals to obtain a Grenadian passport by making an investment in the country. The program was established in 2013 and has become an increasingly popular option for individuals looking to gain citizenship in a second country.
To obtain a Grenadian passport through the Economic Citizenship Program, an individual must make an investment in the country. The investment options include:
- A non-refundable donation to the Grenada National Transformation Fund (NTF): This option requires a donation of at least $150,000 for a single applicant, or $200,000 for a family of four.
- An investment in real estate: This option requires a minimum investment of $350,000 in a government-approved real estate development. The investment must be held for at least three years.
- A business investment: This option requires a minimum investment of $350,000 in an approved business, and the applicant must hold at least 51% of the company.
These are the minimum investment amounts required, and additional fees will also apply. The fees include a processing fee, due diligence fee, and government fee.
Once the investment is made, the individual must go through a due diligence process to ensure they meet the program’s requirements. This includes a background check and a review of the individual’s financial history. After the due diligence process is complete, and all the fees have been paid, the individual can apply for a Grenadian passport. The process typically takes around three to four months to complete.
Grenada’s Economic Citizenship Program offers several benefits, including visa-free travel to over 130 countries, including China, Russia, and the European Union, and the ability to live, work, and study in Grenada. Additionally, Grenadian citizens are not required to pay taxes on foreign income, and the country has no wealth, inheritance, or gift taxes.
It is worth noting that obtaining a second passport through an investment program, also known as citizenship by investment program, is not without criticism. Some have raised concerns about the potential for money laundering, and the potential for the program to be exploited by individuals with criminal backgrounds. Additionally, some countries may not recognize a second passport obtained through an investment program, and it’s important to check with the authorities of the country you plan to visit or reside in.
Now as we know, the Government of Grenada offers an Economic Citizenship Program which allows individuals to obtain a Grenadian passport by making an investment in the country. The investment options include a non-refundable donation to the National Transformation Fund, an investment in real estate, and a business investment. The program offers several benefits, including visa-free travel to over 130 countries, and the ability to live, work and study in Grenada, however, it also has its own set of criticisms and it is important to consider them before making a decision.