Living in Grenada
Grenada is an island country situated in the southeastern Caribbean Sea and gained its independence from the UK in 1974. It consists of the island of Grenada and other smaller islands such as Carriacou and Petit Martinique. Grenada has a surface area of 344 square kilometres (133 square miles) and has an estimated population of 110,000 inhabitants. The capital of Grenada is St. George’s and English is Grenada’s official language. The governmental system is a parliamentary democracy under a constitutional monarchy. Grenada is famous for its breathtaking nature which includes waterfalls, beautiful beaches and tropical rain forests.
Citizenship by investment programme Grenada
The Grenada Citizenship by Investment Act was signed in September 2013. The act specifies two options to obtain a Grenadian passport:
- Island Transformation Fund Donation (not operational yet), and
- Acquisition of authorised real estate at Mount Cinnamon.
Requirements Island Transformation Fund (not operational yet)
The applicant needs to make a non-refundable charitable donation of USD 200,000 and needs to pay processing and due diligence fees for each family member. The applicant becomes a resident first and obtains his/her passport after 1 year of residence. The residence requirement is 14 days.
Requirements real estate investment
The applicant must purchase real estate in Mount Cinnamon resort with a minimum value of USD 500,000 and must hold the property for a period of minimum 4 years.
The first option is to buy a one-bedroom luxury apartment at a price of USD 1,000,000. This option grants the two main applicants to obtain a Grenadian passport. The two main applicants also receive one share in the operating profits of the entire hotel business.
The second option is to buy a 50% interest in a luxury one bedroom apartment. The applicant receives one share in the operating profits of the entire hotel business and can obtain a Grenadian passport.
Benefits of the citizenship by investment programme
- A passport of Grenada allows the holder to travel visa free to more than 115 countries,
- The citizenship by investment programme offers a tax-free life: no income tax, no wealth tax, no inheritance tax,
- Grenada does not impose minimum residence requirements so you can come and go whenever you like,
- A Grenadian passport grants the holder the right to work and vote in Grenada,
- Fast procedure: length of the application procedure: 2-3 months maximum.
If you would like us to examine your personal situation to see if the citizenship by investment programme of Grenada is perfect for you, do not hesitate to contact us.
Especially the tax aspects of obtaining a second passport in Grenada should be taken into account. Depending on your personal situation, a customised solution can be created to ensure that you can reap the benefits of your Grenadian passport. Cross-border investments and activities can trigger tax liabilities in foreign countries so a customised solution is an absolute necessity if you want to save taxes.