Grenada passports issued under their Citizenship by Investment ("CBI") reach all time high
For the first time, Grenada real estate has generated significant interest among CBI clients.
By: Passport Legacy
According to the latest statistics released by the Grenada Government, the number of passports issued by Grenada under their investment schemes reached an all time high last year 2019. So far a total of 3,387 passports were granted to CBI citizens of Grenada for investments.
It is also the first time, real estate has generated significant interest among clients. Also, the number of applications filed for real estate surpassed the donation option by the end of 2019, especially after the minimum real estate amount required has been reduced in 2019.
Grenada requires a minimum of USD 220,000 investment for its passport scheme and this can be invested in hotels, resorts and any other projects qualified by the Government. A five star Six Senses hotel is currently under construction in Grenada, scheduled for completion in 2022. So far there are 18 approved real estate projects to invest, under the citizenship program according to the Citizenship Unit of Grenada.
Grenada has currently one of the best Caribbean passports in the world, with visa free access to the United Kingdom, the EU Schengen States, China and Russia, according to the Agent Mr Jeffrey Henseler, Managing Partner at Passport Legacy, a reputable agent for CBI based in Dubai, UAE. As of 2020, Grenada had visa free access to 142 countries and territories in the world.
"From China to the US (through E-2). Grenada is the best CBI program in place at the moment and therefore in high demand," according to Jeffrey.
Another important benefit of investing in Grenada is the possibility for its citizens in applying afterwards for the US investor visa E-2, as Grenada is a treaty country accordingly. E-2 visas are non-immigrant visas granted to only nationals of E-2 treaty countries.
The Grenada Citizenship by Investment was launched in August 2013, when the Grenadian Parliament passed Act No. 15 of 2013, otherwise referred to as the 'Grenada Citizenship by Investment Act, 2013. The Act also established the Grenada Citizenship by Investment Committee.
The Grenada Citizenship by Investment Committee (CBIC) is the Government body responsible for overseeing the processing of applications for citizenship by investment or by permanent residence. The CBIC assesses each application in accordance with the Grenada Citizenship by Investment Act. It then makes recommendations to the Minister, who has the final say on whether to approve, deny, or delay the granting of Grenadian citizenship. The CBIC comprises of seven persons, directly reporting to the by the Government appointed Minister.
Currently those who are interested in applying for citizenship in Greanda through investments can apply through the following two routes
* Additional fees will be involved, such as often an Agent fee, Due diligence fee, Government fees, application and passport fees.
The Grenada Citizenship By Investment (AMENDMENT) (NO. 3) Regulations, 2019 reduced the minimum investment in approved real estate projects to USD 220,000 if two or more individuals invest in real-estate shares of total value USD 440,000 or more.
"We have processed 89 applications in 2019 with a 100% approval rate. Our fees are attractive and the real-estate starts with a minimum investment of USD 220,000. The process takes 4-6 months from the day we start working together until the passport is in hands," says Jeffrey.
Importantly, Grenada automatically rejects applications if they were not accepted by other CBI countries.
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Page Updated Last on: Feb 13, 2020