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Grenada: Citizenship by Investment and Permanent Residence by Investment Programs

Why and how to get Grenada Citizenship by Investment

Overview of the Grenada Island

Grenada is an island that consists six smaller islands and is located on the South Eastern part of the Caribbean Sea. It has an approximate population of 110,000. Because of the production of mace and nutmeg crops on the island, Grenada was named the Island of Spice. In terms of the area, the island measures 344 square kilometers. The capital city of Grenada is St. George’s.

The Spice Island Pool-Grenada

The island has a rich historical background characterized by the French colonization between 1649 and 1763 than the British colonization which lasted from 1763 to 1974 when Grenada became independent. The economy of Grenada is dependent on agriculture making the island a leading producer of spices such as cinnamon, nutmeg, ginger, cloves, allspice, mace, and citrus fruits. Tourism is the major foreign exchange earner for the island whose currency is the Eastern Caribbean Dollar.

The education structures of Grenada are well laid with St. George’s University being one of the rapidly expanding universities in the world. The university attracts students from all over the world thereby contributing substantial revenue to the island.

Background and Qualifications of the Investment Programs

The government of Grenada in 2013 created two programs that would attract investors into the island. These programs were Citizenship by Investment and Permanent Residence by Investment. Through these programs, the economy of Grenada would benefit from the capital inflows coming from the investors. The end result of it all is that employment opportunities will be created for Grenada citizens and the standards of living for the population will be greatly improved.

The Citizenship by Investment Program is geared towards investment in real estate and other government-approved projects. Investors who choose this program will be able to become citizens of the island in four to six months following their investment.

The Permanent Residence by Investment Program, on the other hand, gives an opportunity for investors to become permanent residents in Grenada by residing there for a minimum of two weeks and then apply for passports and citizenship within one year.

Benefits of Grenada Citizenship

There are lots of benefits in store for investors who go ahead to become citizens of Grenada. Some of these benefits include:

  • They will become citizens in a British Commonwealth country
  • They will enjoy dual citizenship meaning that they do not have to renounce the citizenship of their parent countries for them to become citizens of Grenada.
  • With Grenada passports, the investors will enjoy visa-free travel to many countries across the globe.
  • Children of investors will avoid military service in their home countries where applicable.
  • With offshore bank accounts and investments, companies of these investors will have unique opportunities for doing business and in tax planning.
  • There is no requirement for an interview, education, experience, and language. This makes it easy for investors to move from their countries to Grenada.

Qualification Criteria

For investors to qualify for any of the two programs established by the government of Grenada, they need to fulfill the following requirements:

  • The principal applicant, in this case, the investor, must be at least 18 years of age.
  • For the Citizenship by Investment program, the applicants are required to invest a minimum of USD $200,000 and cater for the fees which amount to USD $50,000. The investment must be in the government-approved real estate or other projects.
  • The Permanent Residence by Investment Program requires that the applicants’ transfer USD $200,000 to the National Transformation Fund set up by the Government of Grenada. Following the transfer, the investor should then visit an embassy of Grenada or a consulate within a period of six months and then reside in Grenada for two weeks before acquiring his citizenship.
  • The applicant has to pass a Due Diligence examination and must have no criminal record.
  • The principal applicant must also complete a medical examination.

Dependent Criteria

Investors seeking to relocate with their families and dependents are supposed to meet the criteria set for the dependents. The conditions outlined in the programs for dependents include:

  • The children must be under the age of 18 and unmarried for them to qualify as dependents.
  • If the dependents are students, they must be aged between 18 and 25 and demonstrate full dependence on their parents for survival.
  • Individuals over the age of 18 and are not students, can only be classified as dependents if they are fully supported by the applicant due to a mental or physical disability.
  • Parents and grandparents of the applicant may qualify as dependents if they are above 65 years and live with the principal applicant. Also, they are meant to prove that they are financially dependent on the applicant.

The Application Process

There is an elaborate process that is to be followed by the principal applicant.

  • The immigration consultant submits the complete Grenada Citizenship application (including medical reports, supporting documents, and signed forms) to Confederation.
  • Confederation reviews the application for accuracy and completeness to ensure fast Government processing.
  • The applicant transfers the complete Investment amount and fees to the designated account.

Note 1: (Citizenship by Investment): All real estate or investment funds must be received in escrow at the time of application submission.

Note 2: (Permanent Residence by Investment): The National Transformation Fund fee is paid to the Government in 2 installments: $75,000 upon file submission, and $125,000 upon citizenship application.

  • After reviewing the application, Confederation submits it to the Government of Grenada.
  • The Government reviews each application and conducts a Due Diligence check. Within 60 days of file submission, the Government notifies Confederation of its decision on the application.
  • Citizenship by Investment: Each approved applicant has issued a Registration as a Citizen of Grenada (within 2-4 months), which completes his/her citizenship process.
  • 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.
  • Following citizenship issuance, the client must swear an Oath of Allegiance. It may be sworn in Grenada, or if the client visits an Embassy, High Commission, or Consular Office of Grenada abroad.
  • After swearing the Oath of Allegiance, a passport application is submitted to the Immigration Department. If the client has sworn the Oath in Grenada, he may remain there to collect the passports (an additional fee of $150 is applied if the applicant requests that passports be prepared in 1-2 business days). Alternatively, the passports may be couriered to the applicant.

Important: Please note that fraudulent or forged documents, false information, or false declarations will result in the application being refused, or citizenship being revoked.

Checklist of Required Documents General Documentation Requirements:

  • All documents must be less than 6 months old unless otherwise stated. This includes translation and notarial stamp dates, dates Government forms are signed, dates on reference letters, etc.
  • All Government Citizenship forms must be printed in color.
  • Each family member must submit his/her own forms.
  • Forms may be typed, or completed in block letters by hand, in blue or black ink.
  • Forms must be signed by the main applicant, spouse, and any applicant over the age of 18, respectively.
  • Both of the parents or the legal guardian must sign forms for children under 18 years of age.
  • All photocopied documents must be certified as a true copy by a notary public.
  • Certification must be authenticated by an apostille, or the relevant government department must validate the notary’s credentials.
  • All documents and forms must be submitted in English. Documents issued in another language must be accompanied by an authenticated English translation.
  • All forms and necessary supporting documents should be submitted at the same time. The only exceptions are police certificates, which may be submitted separately

Required Documents:

Grenada Forms

Schedule II: Application Checklist

  • Complete only one Checklist for the family’s citizenship application.

Annex 1: Registration of Electronic Signatures

  • The principal applicant must sign an original form.

Annex 2: Application Form – Family Members

  • The principal applicant must sign an original form.
  • Parents must sign the form for children under age 18.

Annex 3: Application Form

  • Each family member must submit an original form.
  • Parents must sign the form for children under age 10.

Annex 4: Privacy and Information Release Form

  • Each family member must submit an original form.
  • Parents must sign the form for children under age 18.

Annex 5 Criminal Records Verification

  • Each family member over age 16 must submit an original form.

Annex 6: Birth or Adoption Records

  • Each family member must submit an original form.
  • Parents must sign the form for children under age 10.

Annex 7: Verification of Support of Dependents Over Age 18

  • Only the principal applicant must submit an original form.

Annex 7 Supplement: Affidavit of Support of Dependents Over Age 18

  • Use the sample as a template (fill in the missing information).
  • Only the principal applicant must submit an original form.
  • Must be signed before a notary public.

Annex 8: Medical Health Certification

  • All applicants (even infants) must undergo a medical examination.
  • Each family member must submit an original form.
  • A qualified doctor in the applicant’s country of residence will complete this Medical Questionnaire for each applicant (i.e. applicants do not complete it themselves).

Annex 9: Statement of Source of Funds

  • Only the principal applicant must submit an original form.
  • Complete the form with as much detail as possible (e.g. include list investments, details of a position held within a company and company’s business activities, etc.)

Application for a Passport

  • Each family member must submit a form.
  • Each applicant signs by the X in the middle of page 1 (“Signature of Passport Holder in the middle of the space provided”). For children who are too young to sign, leave this area blank.
  • Each family member completes only sections 1, 2, 3, 6, 8, and 10.
  • For children under age 16, parents complete and sign section 9 on the child’s form.
  • Each applicant over age 16 must sign section 11. For children under age 16, the parent or guardian signs section 11.

Identification and Other Documents (notarized/translated within the last 6 months)

-Passport for each applicant (certified color copy)

  • Must show name, photo, citizenship/nationality, passport number, date and place of issue, expiry date, issuing country, and signature.
  • Must include first 3 pages and last 3 pages of passport

-Social security / National ID card for each applicant (certified color copy)

-Birth Certificate or Household Register for each applicant (certified color copy)

-Certified copy of marriage certificates (if applicable)

– Certified copy of divorce certificates (if applicable)

-12 original, passport-size, color photographs for each applicant (includes photographs required for the passport application)

  • Photos must be less than 6 months old.
  • Photos must be 35x45mm, taken the full face, on good quality photo paper.
  • Photos must be certified to be a true likeness of the applicant (the certification should be written on the back: “Certified a true likeness of [applicant]”) and signed.
  • Women may wear headscarves, but their hairline, ears, and all facial features must be visible.

-Original police clearance certificate for each family member over age 16

  • Must be less than 6 months old.
  • Required from the applicant’s country of citizenship, and any country in which he/she has resided (for more than 1 year) within the past 10 years.

-Original results of HIV test for each applicant (including children)

  • Test results must be less than 3 months old.

-Military records, if applicable

– Education Documents

-Certified copy of school transcripts and registration documents for children age 18-25, showing continuous, full-time studies.

-Proof of university attended (principal and spouse), if applicable.

-Proof of name change, if applicable (e.g. deed poll, adoption papers, etc.)

  • Required for every name change (other than marriage).

– Affidavit of consent and knowledge from the other parent (when a single parent is applying with a child under age 18), and a notarized, signed a copy of the other parent’s photo ID.

– Legal documentation proving sole custody or guardianship of a child (when one parent has sole custody of a child or another person has legal guardianship of a child).

Investment and Business Documents (required for the principal applicant only)

Original bank reference letter on official bank letterhead

  • Must be less than 6 months old.
  • Issued by a senior bank official of an internationally recognized bank.
  • Must include a length of the relationship to applicant (minimum 2 years).

Original professional reference letter on official letterhead

  • Must be less than 6 months old.
  • Issued by an attorney, notary public, chartered accountant, or other professional.
  • Must show the referee’s signature, contact details, and position within the company.
  • Must include applicant’s name, birth date, passport information, type and length of the relationship to the referee (minimum 2 years), the conduct of applicant, etc.

Original evidence of residential address

  • Must be less than 3 months old.
  • For example, recent utility bill or bank statement showing full name and address; or written confirmation from a bank, attorney, chartered accountant, or notary public.

Real estate or other investment (Citizenship by Investment Program)

  • Executed real estate contract (Purchase and Sale Agreement), share purchase contract, or investment contract.
  • Executed escrow agreement and/or Memorandum of Transfer.
  • Proof of full payment (purchase price) in an escrow account.

Source of funds documents (vary depending on source)

  • If the source is investment income, provide certified copies of investment statements.
  • If the source is business income, provide certified copies of business’ financial statements, license, etc.
  • If the source is an inheritance, provide certified copies of relevant legal documents.

 

NOTICE:The contents of this article are not to be considered as a legal opinion or tax advice and should not be relied upon as such. Far Horizon Capital Inc does not hold itself out as a legal or tax advisor. If you wish to receive a legal opinion or tax advice on the matter(s) in this article please contact our offices and we will refer you to an appropriate legal practitioner. Use of our website FlagTheory.com is subject to our terms and conditions.

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