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Tuesday, October 27, 2020

Grenada Property and Citizenship Guide

Location of Grenada

“Grenada is an afternoon at sea.” – Petronella Pierpz (Lonely Planet)

Fondly called Spice Island for its diverse selection of locally grown spices, Grenada offers one of the most picturesque waterfronts in all of the Caribbean. The divine scenery is just one of the many reasons to visit the three beautiful main islands of the country. Fabulous beaches, excellent restaurants, and a calendar of exciting social events have entrenched Grenada’s status as the preferred destination for many high net worth investors.

What makes it special?

Grenada, with its unspoiled beaches, has the perfect balance, appealing to the interest of adventure enthusiasts, beach goers, or couples looking for a romantic destination to spend quality time together. On this beautiful picturesque and petite island, you can go from having a swim in the crystal clear waters of Grand Anse Beach to trekking through the rainforest of Seven Sisters Waterfalls, all within a day. This English speaking nation has some of the friendliest people in the Caribbean, so, even if you happen to get lost, you will surely encounter other aspects of our vibrant culture and hospitality.

Key Facts:

Climate – tropical; tempered by northeast trade winds

Population (2018) – 111,454

GDP (Per Capita) (2019) $11,518

Official language – English

Major religions – Christianity (86.4%), Rastafarianism (1.2%)

Ethnic Groups – African (80%), Mixed (Creole Mulatto, Dougla) (15%), Indian (3%)

Government – parliamentary democracy under a constitutional monarchy; a Commonwealth realm

Currency – East Caribbean Dollar (XCD)

Tax – Resident individuals are taxed on their income derived from Grenada. Non-resident individuals are taxed on income derived or sourced in Grenada. Taxable income includes employment and business income, less allowable deductions and allowances. The rate is 10% on the first XCD 24,000 and 28% on income exceeding this amount. There is no capital gains tax.

Residency by investment:

To gain permanent residence by Investment, each approved applicant has issued a Permanent Residence Certificate, visits a consulate or embassy of Grenada within 6 months, and resides in Grenada for 14 days. Within 1 year, the applicant applies for citizenship.

Citizenship by Investment:

Option 1 – Real Estate Investment:

With its economy shifting from agricultural-dominant to service-dominant, one of the most viable options for foreign nationals is investment in a pre-approved real estate project. Applicants must invest a minimum of US$350,000, which must be maintained for a minimum of four years. This reduced investment amount means our valued investors take on less risk. The minimum amount includes the main applicant, main applicant’s spouse and two qualifying dependents. An extra US$25,000 is required for each additional dependent. Note that where an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of USD 50,000 will be required to be made with the post approval contribution. Where an application includes an eligible sibling, an additional contribution of USD 75,000 will be required to be made with the post approval contribution.

Option 2 – National Transformation Fund Donation:

Applicants may donate a minimum of US$150,000 to Grenada’s National Transformation Fund. The minimum amount covers the main applicant only. For a family of up-to four people, the requirement is set at US$200,000. An extra donation of US$25,000 is required for each additional dependent.

Note that where an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution of USD 50,000 will be required to be made with the post approval contribution. Where an application includes an eligible sibling, an additional contribution of USD 75,000 will be required to be made with the post approval contribution.

Why it makes sense?

  • Fast processing within four months.
  • Inclusion of dependent children under 30, or children with physically or mentally challenged living with and fully supported by the main applicant.
  • Inclusion of dependent parents.
  • Inclusion of a sibling of the main applicant who is at least eighteen years of age, and single with no children.
  • There are no physical residency requirements.
  • There is no requirement to travel to Grenada during the application process.
  • No interview, education or management experience required.
  • Visa-free travel to over 125 countries, including Europe’s Schengen zone.
  • E-2 Visa Program signed between Grenada and the United States allows citizens of Grenada to operate a substantial business in the U.S. and reside therein.
  • No tax on worldwide income.

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