Grenada presents high net worth investors with the three prerequisite qualities that are demanded from a Caribbean island these days; an idyllic location that is the perfect backdrop to the very best in private investment banking, virtually no tax to pay, and the opportunity via citizenship by investment to become a Grenada passport holder. But just how good is the Grenada CBI program? Passport Reviewer took a look.
Grenada In A Nutshell
Grenada is a West Indian island nation situated in the Lesser Antilles in the southeastern Caribbean Sea, northwest of Trinidad and Tobago. Universally known as the “Island of Spice” due to its mass production and global exportation of nutmeg and mace crops, Grenada is made up of itself plus six smaller islands. Initially a French colony, Grenada was under British rule from 1763 until 1974, when it was granted independence.
A period of instability including several coups followed, which would ultimately lead to the United States invading the island in 1983. Free democratic elections were restored, and Grenada has since gone from strength to strength as a parliamentary democracy while continuing as a member of the British Commonwealth.
In the subsequent decades, while maintaining its reputation as a major producer of spice, Grenada has become a hugely popular tourist destination, a major player in the offshore banking sector, and as of 2013, operators of their own citizenship by investment (CBI) program.
Since democracy was restored following the US intervention of 1983, Grenada’s economy has in general been on the upswing, hitting a highpoint in the late 1990s with a 6% growth rate. Tourism remains Grenada’s no.1 source of income, and the island lends itself naturally to beach and water-sports, while its rainforests are an attraction for Ecotourists. Grenada tourism has also been given a significant boost following the recent construction of a large cruise ship pier and esplanade in St. George’s harbor, allowing for up to four international cruise ships to visit per day.
In addition to tourism and spice exportation, Grenada excels in the banking and investment industries, and like its Caribbean neighbors the Cayman Islands, St Kitts and Nevis and Antigua and Barbuda, Grenada is world-renowned as a tax haven. Grenada’s citizens pay little if any taxes, and the clientele of the island’s banks are afforded those same levels of taxation plus complete privacy in their banking.
- Official Languages: English
- Capital City: St. George’s
- Largest City: St. George’s (Pop; 33,734)
- Surface Area: 348.5 km2
- Religion: Roman Catholic
- Population: 109,590
- Government: Parliamentary democracy under constitutional monarchy
- Legal system: English common law
- Currency: East Caribbean dollar
- GDP per capita: $13,599
- Climate: Grenada’s climate is tropical: hot and humid in the rainy season and cooled by the trade winds in the dry season
Grenada Citizenship By Investment Program
In 2013 Grenada announced its citizenship by investment program, following in the footsteps of Caribbean neighbors like Antigua and Barbuda, Dominica, St. Lucia and St. Kitts and Nevis, the founders of the citizenship by investment industry who opened the first ever program in 1984.
The Grenada program is designed to offer foreign investors the opportunity to invest in Grenada and gain its citizenship and therefore be able to take full advantage of the island’s outstanding personal and corporate banking, plus some of the most favorable tax rates on the planet.
Grenada CBI Investor Requirements
In order to become a Grenada citizen by virtue of its CBI program, an investor must:
- Purchase a minimum of $350,000 worth of Grenada real estate
- Retain ownership of the purchased real estate for a minimum four years
In addition, the Grenada Government requires that all applicants provide authorized documents to prove the following:
- An applicant must be of good character
- An applicant must have no criminal record
- An applicant must possess sound health
- An applicant must have a high personal net worth
- An applicant must be able to prove where the funds used in investment purchase came from
Benefits Of Grenada CBI Program
The Grenadian CBI program provides the investor multiple benefits which include:
- Fast Processing – The Grenada citizenship and passport is normally delivered within 4 months of the investment process being completed
- Children Included – Children under the age of 25 years can be included in an application
- Elderly Parents Included – Parents over the age of 65 can be included in an application
- No Residency Requirements – The Grenada CBI program does not require an applicant to physically spend time in the country before, during or after the application process
- No Formal Interview – The Grenada CBI program requires no formal interview nor proof of education or management experience
- Grenada Passport Power – The Grenada passport grants its owner visa-free access to 121 countries worldwide, including Europe’s 26-nation Schengen Zone, Scandinavia, Latin America, parts of Africa and China
- Visa-Free Access To China – Grenada is one of only five countries in the world whose passport has visa-free access to China
- Access To CARICOM – Becoming a citizen of Grenada automatically entitles an investor to be able to live and work indefinitely and without restriction in other CARICOM countries, which includes the Bahamas, Jamaica, Barbados, Belize, St. Lucia, St. Vincent and the Grenadines and the Cayman Islands
- Access To The US Market – TheE-2 Investor Visa treaty signed between Grenada and the United States allows Grenada citizens the right to operate a business in the US and also reside there
- No Tax – As a Grenada citizen there is no tax to pay on worldwide income
Pros and Cons of Living in Grenada
Grenada is an island paradise, complete with unspoiled golden beaches, clear, turquoise waters, fabulous hotels and restaurants, luxurious apartments and villas and a vibrant nightlife. Grenada lends itself to any and all forms of water activities, while its rainforests are just waiting to be explored.
Like a lot of the Caribbean islands, the weather in Grenada can sometimes be relentlessly hot and humid, and there is a very real chance of fearsome storms. The pace of life can be rather slow, and living on the island for any length of time could prove isolating and even somewhat claustrophobic.
Passport Reviewer Ranking: B+
As Caribbean-based CBI goes, Grenada’s program offers excellent value. The minimum investment requirement of $350,000 is not overly expensive, and the delivery time of just four months is extremely fast.
The Grenada passport has visa-free access to 121 countries which while not quite in the same league of an EU passport or even that of St. Kitts and Nevis, it nevertheless has visa-free access to China, which is a rarity. All in all, the Grenada CBI program offers foreign high net worth investors the chance to make a recoverable real estate investment and gain second citizenship and a solid passport in the process.