Grenada Profile | Legal Background | Program Details | Program Advantages

 


Grenada Profile:

Grenada_SymbolSovereignty: The monarchy of Grenada is a system of government in which a hereditary monarch is the sovereign of Grenada. The present monarch is Queen Elizabeth II.

Location: Grenada is an island country consisting of the island of Grenada and six smaller islands at the southern end of the Grenadines in the southeastern Caribbean Sea. Grenada is located northwest of Trinidad and Tobago, northeast of Venezuela, and southwest of Saint Vincent and the Grenadines.

Government Type: It is governed under a multi-party parliamentary system whose political and legal traditions closely follow those of the United Kingdom.

Interesting Facts: There are about 45 beautiful Caribbean beaches in Grenada. With its pristine beaches and diverse coral reefs, it is a hot spot for many tourists. Grenada is home to both black sand and white sand beaches with water so clear and blue that coral formations can be spotted from the air as you fly overhead.

Population: A population of 109,590 and a land area of 348.5 km2 .

Demographics: Ethnic groups black 82%, mixed black and European 13%, European and East Indian 5%, and trace of Arawak/Carib Amerindian. Religion Roman Catholic 53%, Anglican 13.8%, other Protestant 33.2%

Economy: Grenada has a stable economy that is heavily dependent on tourism as its main source of foreign exchange as well as agriculture. Cinnamon, nutmeg, cloves and ginger are often key baking ingredients. But on the island of Grenada they are also central ingredients in a burgeoning economic revolution.


Legal Background:

Flag_GrenadaGrenada’s Citizenship by Investment Program (CIP) has been re-established by the Citizenship-by-Investment Act, No. 15 of 2013 passed by the Grenadian parliament. In order to preserve the prestige, honor and value of Grenadian citizenship, a strict legal protocol has been established. Application is by invitation only. Each and every applicant, including family members and business partners, must be approved individually by the Government of Grenada through a strict “Know Your Client” procedure.


Program Details:

  • The new Grenada Citizenship-by-Investment program is the hot news in the Citizenship-by-Investment world these days. Unlike in some other similar residency and citizenship programs, you can participate in the Grenadian citizenship program by invitation only. The main applicant and his/her family members will be approved individually by the Government of Grenada through a strict “Know your client” procedure. This approach aims to preserve the prestige and the value of the Grenadian citizenship and passport.
  • Investment Options with the Grenada Citizenship Program are as follows:

Option One – US$1M Investment Required

The first option includes two citizenships and is ideal where there are at least two main applicants.

This first option includes full freehold ownership of a luxury apartment and two shares in the operating profits at Mount Cinnamon Hotel; two of only 500 issued shares in the company that owns the hotel business; and two Main Citizenships.

Option Two – US$500,000 Investment Required

Option two is where a single applicant wishes to apply on his/her own. It includes a 50% freehold interest in a luxury one-bedroom apartment, one share in the operating profits of the entire hotel business, and one Citizenship.

In either of the above cases, all application fees, government fees, and due diligence fees are included for the main applicants. However, very reasonable additional fees will apply for all supplementary applicants applied for by the main applicant such as spouse, dependent children under 26 years of age, and dependent parents.

Please note that all child and parent applications are for children and parents financially dependent on the main applicant.

  • Grenadian Citizenship holders enjoy the freedom of travel to over 110 countries visa free to the UK and most Schengen area countries.
  • Business Advantages – An investment in Mount Cinnamon comes with many tax advantages including relief from income tax and capital gains tax.
  • Applicants enjoy preferred access and, in some cases, grants to many top schools and universities.
  • The secure banking system in Grenada offers a safe place to deposit funds with attractive interest rates.

Option Three- Non refundable Donation:

A non-refundable donation to the Island Transformation Fund. This option although not ready to receive applications currently is available in a two-steps program for a little over US$200,000. This process involves first obtaining Grenada Permanent Residence and then applying for naturalization as a second step.


Program Advantages:

  • Citizenship of Grenada with its attendant benefits for themselves and their immediate families.
  • The opportunity to own freehold prime real estate in an approved project.
  • The real estate owned by the applicant/investor should produce a modest annual income, may be enjoyed by the investor along with friends and family, and will maintain or enhance its market value.
  • The application process is quicker. The law mandates that routine applications will be approved within 60 days of submission, with the passport issued immediately thereafter. (The application cannot be submitted until after the background checks been performed.)
  • By not charging exorbitant processing and due diligence fees for Spouses and family members, Grenada is an attractive option for international businessmen looking for security and travel options for their families.
  • The Grenada passport allows visa-free travel to more than 100 countries.
  • The island has no income, wealth or inheritance taxes.There is no requirement to visit Grenada in order to qualify for citizenship.