The number of countries offering citizenship by investment programs has surged in recent years and intense competition prevails in the investment industry. The competition stems from the fact that citizenship by investment programs generate considerable revenue for countries and help them reap the greatest benefits. Some countries have decreased the required investment amount and application fees while others have broadened the scope of eligibility for the programs to ensure an attractive and favorable investment climate for foreign investors.
Grenada’s citizenship by investment program which provides foreign investors with the opportunity to invest as little as US$150,000 and obtain Grenadian citizenship has kept pace with the developments. The amendments recently announced by the Citizenship by Investment Committee has expanded the list of dependents. Under the new changes, siblings of the main applicant and his/her spouse who are unmarried and do not have any children may be included in the citizenship application. Dependent parents also no longer need to be financially dependent on the main applicant. Moreover, dependent children over the age of 18 are exempt from enrolling in college or university.
Those purchasing real estate from a previous applicant are also eligible to acquire Grenadian citizenship provided that all regulatory requirements are met. This option which was not available before brings Grenada into line with countries such as Dominica and Saint Kitts and Nevis.
Additionally, Mr. Anthony Thomas has been appointed to be the CEO of the Citizenship by Investment Unit. Mr. Thomas’ appointment has been greeted with enthusiasm and it is hoped that his extensive expertise in the citizenship by investment program would further enhance the program.