The Caribbean is a top destination for both short-term travelers and second passport applicants alike. This is because the region is home to several countries providing citizenship by investment programs which offer a quick and practical way to secure a second passport.
Aside from citizenship in Antigua and Barbuda, Caribbean economic citizenship in Grenada has also become quite popular among entrepreneurs, senior executives, and other professionals with high net worth. The rise was even reported to be “overwhelmingly Chinese” with a high percentage of the economic citizenship applicants originated from China over the past three years.
Speaking to the press, Grenada Citizenship by Investment Programme Committee Chairperson Kaisha Ince said that the increase in applications might caused by the growing familiarity of Asian investors with the program. She also revealed that more people from Bangladesh, India, Sri Lanka, Thailand, and Vietnam also showed interest in the program.
During the second quarter of 2019, Grenada gained a total of 223 new citizens. While this may be slightly lower than the 250 new citizens recorded during the period in 2018, it still proves that there’s no slowing down for Grenada’s citizenship by investment program.
Here are some reasons why obtaining citizenship in Grenada is an excellent choice:
1. Quick and Straightforward Application Process
One of the most significant reasons why second passport applicants choose Grenada is its fast and straightforward application process. Unlike other similar programs, Grenada processes citizenship by investment applications in as fast as 60 days in the case of real estate investments.
If that doesn’t pique your interest, you should also take into account the minimal processing fees required by the program. These amounts are to be paid on top of the amount to be invested either through non-refundable donation or real estate investment.
2. Lifetime Citizenship
Another perk of getting dual citizenship from Grenada is its lifetime guarantee. Since you’re already a legal citizen of the country, you no longer have to worry about your rights being revoked due to future policy changes. This way, you are ensured that you can enjoy the benefits of your citizenship throughout your lifetime.
3. Equal Rights with Grenada Natives
Grenada citizenship upholds the rights of its economic citizens the same way it does for the natural born citizens. These equal rights include living and working in Grenada as you please. Also covered are rights associated with the country’s membership with the Caribbean Community or the CARICOM.
4. Citizenship Extends to Family Members
Family-minded entrepreneurs and businessmen may also find Grenada citizenship more attractive because of the possibility of extending their residency and other rights to their family. Considered as one of the most cost-efficient full family citizenships, Grenada’s citizenship by investment program allows an investor to bring his or her legal spouse, dependent children no older than 30 years old, and dependent parents aged 55 years and above.
Applicants still need to pay for additional processing and government fees. However, only one investment is needed to cover a family application, including the primary applicant.
5. Visa-Free or Visa-on-Arrival Travel Access
Many high-net-worth individuals apply for economic citizenship in the Caribbean for the second passport. In this aspect, Grenada is also among the top choices because of the visa-free or visa-on-arrival advantage it offers to roughly 140 countries. This covers top travel and business destinations like the United Kingdom, Singapore, and Russia.
On top of that, Grenada is among the 11 countries with visa-free travel access to China, making a second citizenship ideal for professionals who conduct business with Chinese hubs.
6. Tax Benefits
Businessmen and entrepreneurs looking to save on taxes may also enjoy a Grenada citizenship to the fullest. This is because the Caribbean country offers a tax regime that is highly favorable for business-oriented professionals.
Famed as a tax haven, Grenada does not require economic citizens to pay for wealth, income, inheritance, gift, and capital gains taxes. The government also offers discounts for income, corporation, and withholding tax for 20 years, not to mention non-restrictive policies on important capital and repatriated products.
Becoming a permanent resident and tax resident required physical residency each year in Grenada and even if this is not an immediate goal, it’s great to have the option any time you want it in the future.
Why Choose Grenada?
Getting a second citizenship is a significant investment for many businessmen, so you have to make yours count. To do so, you must determine the advantages that different countries offer and analyze them according to your needs. Use this article as a guide to make an informed decision on whether Grenada citizenship is right for you.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, North America and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.