GRENADA : Citizenship by InvestmentIn August 2013, when the Grenadian Parliament passed Act No. 15 of 2013, The Citizenship by Investment Programme was started which allowed people to acquire permanent residence and citizenship of Grenada by registration following investment in Grenada.”
INVESTMENT OPTIONS WITH THE GRENADA CITIZENSHIP PROGRAM
There are two options of qualifying contribution for the Grenada Citizenship-by-Investment Program:
- National Transformation Fund; and
- An investment in an approved project (real estate) in Grenada.
1. The National Transformation Fund (NTF)
The National Transformation Fund (NTF) is a Government fund responsible for financing projects that will benefit Grenada’s economy and help its diversification.
Applicants who choose this route must make a one-time contribution to the NTF. Under the NTF route, applicants may either immediately apply for citizenship, or first apply for permanent residence and apply for citizenship at a later stage.
The NTF finances various projects in Grenada for the benefit of its many industries, including tourism, agriculture, and alternative energy..
Applicants opting for the NTF route must contribute at least USD 150,000 to the Fund.
2. Approved Project (Real Estate) in Grenada
The process of approving a project for the purposes of citizenship by investment begins with the Citizenship by Investment Committee, which reviews viable projects and recommends them to the Minister. The Minister then decides whether to approve the project, and publishes his or her approval in the Gazette.
Currently, the vast majority of approved project consists of real estate developments on the island of Grenada. These include luxury hotels, resorts, and villas. Investments in real estate must be maintained for at least three years from the date on which citizenship is granted.
One of the options available to applicants seeking to obtain citizenship by investment in Grenada is to invest in a Government-approved project. Currently, these projects encompass real estate developments such as hotels, villas, and resorts. Because of the growth of the tourism industry, there is rising demand for tourist housing facilities. Real estate developments are thus fantastic opportunities for investors looking for high returns.
Applicants opting for the approved project (real estate) route must invest at least USD 220,000. They must keep the real estate for at least three years following the grant of citizenship.