Process and Details of Obtaining Grenada Second Passport through Investment Programme

Grenada's Citizenship by Investment (CBI) program allows foreign investors to acquire citizenship through economic contributions. The program, which has been operational since 2013, has undergone significant updates as of July 2024. These changes include increased investment thresholds and revised requirements.

Lyle Julien, an immigration program expert at Immigrant Invest, provides a relevant guide.

Benefits of getting Grenada's second passport by investment

Visa-free, or visa-on-arrival to over 140 countries and territories, including the European Union, the Schengen Area, the United Kingdom, China, Hong Kong, Singapore, and different Commonwealth nations.

Eligibility for the E-2 Investor Visa to the US. This visa allows individuals to reside and operate a business in the United States. It can eventually lead to a Green Card, and then to citizenship.

Favourable tax environment. There are no taxes on worldwide income, capital gains, wealth, gift, or inheritance. Grenada also has no estate or death duties, enhancing wealth preservation for families and businesses.

Access to CARICOM. Those with Caribbean second citizenship gain access to the Caribbean Community (CARICOM), which offers numerous trade and business prospects across the Caribbean and beyond.

Stability. Grenada maintains stable democratic governance with regular free elections and strong global ties. The economy has been growing steadily, with GDP rising by 4—5% pre-pandemic, recovering to 6% in 2022.

Tourism arrivals reached 160,000 in 2023, and CBI program revenue hit $75 million. Construction contributed 12% to GDP, and unemployment dropped to 18%. FDI stabilised at $140 million, reflecting investor confidence

Quality education. Grenada has one of the best international education hubs for medical professionals: St George's University. It attracts students from over 140 countries. They secure residencies across a wide range of specialties, primarily in the United States, Canada, and the United Kingdom.

Grenadian citizens can also receive scholarships and educational programs through the Commonwealth, such as the Commonwealth Scholarship, which offers funding for study in the UK and other Commonwealth countries.

Eligibility for the Grenada CBI programme

To qualify for the Grenadian CBI Programme applicants must be over 18 years old, have no criminal record, and provide proof of legitimacy of their investment funds.

Family members can also be added to the application. This includes:

• spouse;
• dependent children under 30;
• dependent parents and grandparents;
• dependent siblings.

Investment options under the Grenada CBI Programme

1. National Transformation Fund (NTF) donation. This is a non-refundable contribution.

The minimum investment is $235,000 for the investor and up to four family members. With any additional dependents, the minimum sum raises:

• +$25,000 per parent/grandparent over 55, or per child;
• +$50,000 per parent/grandparent under 55;
• +$75,000 per sibling.

2. Real estate. This option requires an investment in government-approved projects, such as luxury hotels or resorts. The investment can be returned after five years

There are two thresholds:

• $270,000+ as a shared investment in a tourism-related project approved by the government;
• $350,000+ in other types of government-approved property.

Under the $350,000+ option, a family of four can apply. If there are more applicants, the minimum increases:

• +$25,000 per parent/grandparent over 55, or per child;
• +$50,000 per parent/grandparent under 55;
• +$75,000 per sibling.

Regardless of the family composition, the investor also pays a 5% stamp duty. The annual property tax is up to 0.8% based on its value.

Additional expenses, regardless of the investment option, are:

• Due diligence fees: $5,000 for each applicant over 17;
• application processing fee: $1,500 per applicant over 18 and $500 per applicant under 18;
• passport issuance fee: $350 per applicant over 18, and $250 per applicant under 18.

How to apply for Grenada CBI Programme

To obtain Grenada citizenship, follow the steps below.
1. Pre-application. Choose a licensed agent, as direct applications are not allowed. Prepare necessary documents, such as identification, proof of address, financial records, and medical certificates.

2. Application. Submit the application through the licensed agent. Pay the processing fees.

3. Due Diligence. The Citizenship by Investment Unit (CIU) conducts extensive background checks with the help of external agencies.

4. Approval in Principle. Upon satisfactory background checks, the CIU grants approval in principle. The investment must be completed within 90 days of approval.

5. Finalisation. After confirming the investment, the applicant receives a citizenship certificate, followed by the issuance of a Grenadian passport.

The process typically takes between 6 to 12 months, depending on the complexity of the application and the efficiency of document submission.

While citizenship is granted for life, Grenadian passports must be renewed every five years. It requires:

• submission of a renewal application;
• payment of $250 as a renewal fee;

Passport renewal can be done in Grenada or through a Grenadian consulate abroad.

In Conclusion

Grenada's CBI program in 2024 presents a structured and transparent process for obtaining second citizenship. With updated investment thresholds and requirements, the program remains a viable option for investors seeking enhanced global mobility, tax advantages, and access to the US E-2 visa. The program continues to contribute positively to Grenada's economic growth, particularly in infrastructure and tourism development.