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New Option Under Grenada’s CBI

NEW OPTION UNDER GRENADA’S CITIZENSHIP BY INVESTMENT PROGRAM

Imagine being a citizen of a tropical Caribbean island, known as the “Island of Spice” because of its production of nutmeg and mace crops.  This island is Grenada, and it offers foreigners an opportunity to obtain Grenadian citizenship through making certain investments in Grenada.  The Grenadian government recently amended its citizenship by investment program to create a new option for foreigners seeking to achieve Grenadian citizenship through investment.

On March 18, the Grenada Citizenship by Investment Unit announced this new option as follows:

“The Government of Grenada has enacted an amendment to regulations under the Grenada Citizenship  by Investment Act No. 15 of 2013 to provide for a new price option for investment in qualified Approved Projects.  The regulation amendment permits developers with an Approved Project in the Tourism Accommodation sector to sell each unit to two or more applicants with each applicant paying a purchase price of no less than USD 220,000.

Under this new price option, Section 11 Approved Projects in the Tourism Accommodation sector may offer investors a new qualifying investment option as follows:

  1. A main applicant becomes a co-owner of a single unit with at least one additional main applicant. Each of the main applicants must pay a minimum purchase price of USD 220,000 plus the usual government contribution of at least USD 50,000.
  2. Investments in Section 11 Approved Projects that are not in the Tourism Accommodation sector, or for those investors who prefer to achieve full ownership of a unit, the minimum purchase price of USD 350,000 plus the usual government contribution of at least USD 50,000 remains.”

Thus, under this “new price option”, if an investor is willing to purchase only a fractional interest in a “Section 11 Approved Project in the Tourism Accommodation sector”, the investor can obtain Grenadian citizenship by investing only $220,000, instead of $350,000 (in each case, plus the “usual government contribution of at least” $50,000).

Applications under this “new price option” began to be accepted beginning April 1 by the Grenada Citizenship by Investment Unit.

Grenada is an attractive destination for foreigners seeking citizenship through investment.  Grenada offers such advantages as universal health care, a university that ranks fourth in supplying U.S. doctors, unspoiled natural scenery, no personal income tax for non-residents or tax on worldwide income, visa-free visitor travel to over 90 countries, and a treaty with the United States that can enable a Grenadian citizen to obtain a non-immigrant E-2 visa in the United States.  The popularity of the Grenada citizenship by immigration program is evidenced by the 2,080 individuals who have attained Grenadian citizenship under the program since 2014 (with 2018 being a record year).

If you would like more information on the Grenada citizenship by immigration program (whether under the above-described “new price option” or other investment options), please contact CitizenMatch, at info@citizenmatch.com, or (773) 349-6693, for assistance.

Posted on April 16th, 2019 | Grenada, News
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