Grenada is a hilly island country in the Lesser Antilles in the Caribbean Sea and is a member of the Commonwealth. Most Grenadans are of African or mixed ancestry and the rest are of South Asian descent. It is a country of volcanic origin and is dominated by thickly forested mountain ridge. It is a country of beautiful beaches, natural harbors and mountain views. It has as its main produce nutmeg, cinnamon and vanilla and is often called The Spice Island.
Grenada is one of several island nations in the Caribbean that has a second citizenship-by-investment program. It was launched in August 2013 and has been amended three times since then. The program is the best choice among the Caribbean countries.
Benefits of Grenada’s second citizenship program
The program has as its most important benefit the possibility of obtaining an E-2 Visa to live and work in the United States for the applicant and family. Applicants to the program must have a good reputation, no criminal record, in excellent health and have a high net worth. Applicant must show that that he or she has sufficient funds to make the required investment and prove their legal origin. There is no need to travel to Grenada at any point during the application period.
A minimum investment of US$220,00,00 in a government-approved real estate project for five years that is potentially profitable with a good return on investment and US$150,00 donation to the Grenada National Transformation Fund. The program allows the holder visa-free travel to one hundred fifty-three countries including the Schengen area, China, Russia, United Kingdom and Singapore. An added benefit is that the holder can avail of the E-2 Investor Visa to the USA after receiving citizenship in only nine months.
E-2 Investor Visa
The E-2 Investor Visa is a non-immigrant visa intended for foreign entrepreneurs from nations with which the United States has signed a Treaty of Trade and Commerce. The E-2 Investor Visa allows international investors to enter, stay, travel and work in the United States in exchange of a substantial investment in a company that the investor would own, manage and create enough profit to provides a living for more than just the applicant and family. An investment must meet several criteria in order to qualify for an E-2 Investor Visa. A real estate purchase does not qualify as an investment under the E-2 Investor Visa.
There is no minimum amount of investment necessary to obtain an E-2 visa. What is considered substantial amount depends on many factors but in most cases, the minimum amount should be at least US$100,000.
At least 50% of the business must be owned by the foreigner from a country which has a treaty with the United States.
Investors and their spouses are eligible to receive a work permit and their children can study at any US school or university with access to in-state tuition.
The E-2 Investor Visa can be renewed indefinitely as long as the visa’s conditions are met. In addition, the E-2 investor visas are available to the applicants dependent family members. The applicant can apply for his or her spouse, children, parents, and grandparents above 55 years old.
The tax benefits of the Grenada citizenship by investment program are:
- Taxes are only collected on income earned in Grenada
- There are no taxes on personal income and assets abroad.
- Inheritance tax, capital gains or international dividends are also non-taxable.
The program does not require physical residency and takes only four to six months to process.
The benefits of the Grenada citizenship-by-investment program are many.
- Grenada boasts of warm weather all year round and beautiful beaches.
- Grenada is a peaceful, democratic and politically stable country with a very low crime rate.
- Grenada has a high quality of life.
- Applicant’s children can avail of a top-notch education at St. George’s University that is known for its medical school that attracts students from all over the world. This university allows its students to do residency and clinical rotations in the United States and United Kingdom.
- Grenada is a Commonwealth country.
- Grenada has the best healthcare system in the Caribbean.
- Grenada recognizes dual citizenship if applicant’s country of origin allows it.
Grenada Real Estate Market
For two years, during the Covid 19 pandemic, real estate prices in Grenada plummeted as did tourism and other businesses. While real estate prices are expected to go up, there is a shortage of government-approved properties for the citizenship-by-investment program and real estate prices are now lower than other Caribbean countries. Now is a good time to buy real estate in Grenada and by the time the five-year holding period is over and property is ready to be sold, if owner so wishes, it will have increased in value. In the meantime, a good rental income is guaranteed.