For wealthy individuals looking to obtain a second passport, applying for the Grenada Golden Visa is the best (and one of the cheapest) option in the world.
Unlike other golden visa programs that only lead to residency, applicants of the Grenada Golden Visa will receive citizenship directly through their investment.
Made up of six beautiful islands in the Caribbean, Grenada is welcoming investors and wealthy individuals who would like to take advantage of the gorgeous scenery, ideal weather, and favorable tax rates.
Introduced in 2013, the Grenada Golden Visa is one of the most affordable citizenship-by-investment options available right now.
With a minimum investment of just $150,000, applicants and their family members can receive a Grenada passport in just three to four months.
The Grenada Golden Visa is the perfect opportunity for those who would like to diversify both their assets and their lifestyle. Having a second passport opens new doors and opportunities. Belonging to a country as a citizen gives you residency and voting rights that those born there also have.
If you aren’t sure whether you want to obtain citizenship in Grenada, you can always apply for the Grenada digital nomad visa and get a feel for the country before applying for the Golden Visa program.
In this article, we’ll discuss the Grenada Golden Visa benefits, investment requirements, and how to apply.
What is a Golden Visa?
A golden visa is a program that offers foreign-national investors or entrepreneurs residency and sometimes even citizenship in exchange for money.
Some of the most popular golden visa investment options include real estate, government bonds, philanthropic donations, and investing in local businesses.
These golden visas are perfect for retirees, wealthy individuals, and entrepreneurs looking to diversify their assets and lifestyles.
Benefits of the Grenada Golden Visa
There are so many more benefits to applying for the Grenada Golden Visa than just obtaining a second passport.
There are only a handful of golden visas that lead directly to citizenship after making an investment. The Grenada Golden Visa is one of them!
After you have successfully made your investment and your golden visa application is approved, you will have a brand new second passport in your hands, giving you rights as a natural-born citizen in Grenada.
Grenada’s passport is also pretty strong. It allows you to travel visa-free to 153 countries!
Grenada Golden Visa applicants can include their family members on their applications. The family reunification benefit allows spouses, dependents, siblings, parents, and grandparents the right to reside in Grenada and obtain citizenship.
There are some restrictions as to which family members can be included:
- Children below 30 years old
- Unmarried siblings over 18 years old
So, with just one investment, applicants help their entire family obtain second citizenship in Grenada.
Low Investment Requirement
Compared to other golden visa programs around the world, the Grenada Golden Visa has a fairly low investment requirement.
Starting from just $150,000, applicants can receive Grenada citizenship. We will dive deeper into the investment options and costs later on in this article.
No Minimum Stay Requirement
Grenada Golden Visa applicants never have to set foot in Grenada to maintain their residency and citizenship. With absolutely no minimum stay requirement, applicants can simply hold a passport and visit Grenada as they please.
Favorable Tax Rates
Grenada is known for having favorable tax rates. With no tax on worldwide income, Grenada is an excellent choice for wealthy individuals with businesses around the world.
There is also no capital gains or inheritance tax in Grenada.
If an applicant owns a property in Grenada, then they are liable to pay property taxes. This rate is up to 0.08% of the property’s value.
Access to US E2 Visa
Holding a Grenada passport allows citizens originally restricted from applying from the E2 business visa in the United States access to it. Some of these countries include India and mainland China.
So, citizens from these countries who have a goal of relocating and doing business in the United States can first apply for the Grenada Golden Visa. Once obtaining Grenada citizenship, they can apply for the E2 visa.
Who is Eligible for the Grenada Golden Visa?
The requirements to be eligible for the Grenada Golden Visa are quite lenient.
To be eligible for the Grenada Golden Visa, you must meet the following:
- 18 years of age
- No criminal record
- Be in good health
- No prior visa refusals
- Prove financial status and funds
Of course, the applicant must also make a qualifying investment to apply for the Grenada Golden Visa.
Grenada Golden Visa Investment Options
There are two qualifying investment options for Grenada Golden Visa applicants.
One of the investment options for Grenada Golden Visa applicants is real estate. The minimum investment in real estate is $220,000. However, the property must be pre-approved by the government as a qualified investment for the program.
Many applicants who choose this option purchase resorts, hotels, and spas. So, investing in real estate is an excellent chance to make an income on your investment as well as obtain a second passport.
The real estate investment must be maintained for a specific period of time. If the investment is less than $400,000, then the owner can sell it in seven years. If the investment is more, then they can sell it in five years.
Other fees to be paid for the real estate investment option include government fees of $50,000 for individual applicants, married couples, and families of four. For each additional member, there is a $25,000 fee.
National Transformation Fund
The National Transformation Fund (NTF) was created when the Grenada Golden Visa program was first introduced. The fund’s goal is to benefit the local economy and improve the country’s services.
The minimum investment for a single applicant for the NTF is $150,000.
This investment requirement increases with each family member.
For married couples and families of four, the investment requirement is $200,000.
Families of five or more require a $200,000 investment, plus an additional:
- $25,000 for parents over 55 years of age or child
- $50,000 for parents under 55 years of age
- $75,000 for unmarried siblings over 18 years of age
How to Apply for the Grenada Golden Visa
The application process for the Grenada Golden Visa is fairly easy. It can take three to four months to process the application. The only catch is applicants cannot apply for the Grenada Golden Visa on their own – they must hire a registered agent to submit the application.
Below is a step-by-step process to apply for the Grenada Golden Visa.
Step 1: Consider Your Investment
Before applying for Grenada’s Golden Visa, it’s important for applicants to consider which investment option is right for their financial goals.
While choosing your investment is not necessarily required before speaking with an immigration lawyer, it is a good idea to know which option is best for you.
Step 2: Find a Registered Agent
As mentioned previously, Grenada Golden Visa applicants cannot apply without hiring a registered agent or immigration lawyer.
To make the process of finding a registered agent easier and to save you time, Nomads Embassy has partnered with hand-selected immigration lawyers specialized in the golden visa program to assist our readers.
Step 3: Due Diligence
To begin the due diligence process, applicants must submit the following documents to their immigration lawyer:
- Copy of passport
- National ID
- Birth certificate copies
- Criminal background check
- Medical records
The lawyer may request additional documents depending on the applicant’s situation.
The documents are then submitted to the Citizenship by Investment Committee in Grenada to review and complete due diligence.
There are due diligence fees of $5,000 for the applicant and per family member over the age of 17.
Step 4: Make Your Investment
Once due diligence is complete, applicants can officially make their government-approved investment in either real estate or the NTF.
You will also have to pay an application fee of $1,500 per applicant and family member included. There are also processing fees of $1,500 per applicant and family member.
Once the investment is made, and the Citizenship by Investment Committee receives the documentation, the applicant is issued a certificate of citizenship.
Step 5: Receive Grenada Passport
Just a few weeks after the investment is made and approved, the applicant will receive their Grenada passport.
Frequently Asked Questions
Even with a detailed article like this, you may still have questions about the Grenada Golden Visa program. Below are answers to some of the most frequently asked questions.
Do I have to work with a lawyer to apply for the Grenada Golden Visa?
Yes, you must work with a registered agent to submit your Grenada Golden Visa application. You may not apply on your own.
Is there a citizenship or language test for the Grenada Golden Visa?
No, there are no citizenship or language tests to receive Grenada citizenship through the golden visa program.
Is the National Transformation Fund investment refundable?
No, the National Transformation Fund investment is not refundable.
How strong is Grenada’s passport?
Grenada’s passport allows visa-free access to 153 countries, including Schengen countries, the UK, and China.
How long does the Grenada Golden Visa process take?
It takes an average of three to four months to process Grenada Golden Visa applications.
Does Grenada allow dual citizenship?
Yes, Grenada allows dual citizenship.
Will my family members obtain citizenship if I apply for the Grenada Golden Visa?
Yes, your family members will also receive citizenship in Grenada when included on your visa application.
How long do I have to maintain my Grenada Golden Visa investment?
When choosing the real estate investment option, you must retain it for at least five years if the investment is at least $400,000. If it is below $400,000, you must maintain it for seven years.