Grenadian citizenship: an insurance policy for global mobility
Recent changes to Grenada’s CBI programme have made it a world leader in this space
One consequence of global unrest is an increase in migration. There are now more than 258m people living in a country other than their country of birth, according to the United Nations Department of Economic and Social Affairs. This is an increase of 49% since 2000.
In particular, there has been increased demand from high net-worth individuals (HNWIs) in these jurisdictions seeking second citizenship as a way to protect themselves and their families from the risks caused by external political and economic factors beyond their control.
Obtaining second citizenship gives a person options and security, much like buying insurance. It can provide a bolthole for hard-earned wealth and even a new home for those wrongly persecuted by unfair governments.
A second citizenship also provides those in need with another passport to travel visa free, as many unsettled countries’ passports afford only restricted international mobility.
Grenada’s citizenship programme
Generally, if you're in the market for a second citizenship, you want it quickly with minimum hassle and maximum global access.
Grenada’s citizenship-by-investment (CBI) programme is a fast, financially sound citizenship investment opportunity that gives global access rights that other CBI programmes around the world simply cannot rival.
It is one of a select few countries in the world that has a 30-day stay permit (visa waiver) with China. Citizens who are tax residents in Grenada are not subject to pay Grenadian tax on their foreign income, nor do they pay any wealth, gift, inheritance or capital gains tax.
Grenadian citizenship gives global access to more than 128 countries including the EU Schengen area, the UK, China, Singapore and Russia, and only takes about 120 days.
Grenada’s E-2 visa treaty with the US
Historically, entry to the US for many foreign nationals has been achieved by obtaining permanent residence through a green card by way of the EB-5 investment programme. However, these visas are strictly controlled and have long waiting lists in many countries.
As an alternative, an E-2 investor visa provides HNWIs with a relatively quick and easy way to acquire, or set up, an operating business in the US and move there to operate it. But only citizens of countries that have a bilateral treaty with the US are eligible to apply for an E-2 investor visa.
Grenada is the only country in the Caribbean with a CBI programme that has an E-2 investor visa treaty with the US. This means that once your Grenadian citizenship is approved you can apply for a US E-2 visa.
HNWIs and their family members can spend as much or as little time in the US as they wish and, provided they do not exceed their limit of days, they will not incur US tax liability.
Spouses of E-2 investor visa holders may also enter and work in the US. Their children (under the age of 21) may attend public or private schools and, in many states, are eligible for in-state university tuition pricing.
Recent changes: Grenada CBI programme investment requirement lowered
The minimum price for real-estate investment to qualify for Grenada’s CBI programme was reduced in March this year from $350,000 (about R5.1m) to $220,000 (about R3.2m).
In this round of changes, Grenada has also expanded its definition of dependants to include grandparents and adult siblings, and removed the permanent residence requirement. The investor only needs to “hold” the property investment for five years before selling and the subsequent buyer is then also eligible for Grenadian citizenship.
About Kimpton Kawana Bay in Grenada
Watch the video:
- Located on Grand Anse Beach, which was named USA Today's best Caribbean beach in 2018, Kimpton Kawana Bay is a government-approved CBI project.
- People who invest in this five-star beachfront resort are eligible to apply for Grenadian citizenship through the country’s CBI programme.
- Kimpton Kawana Bay offers deeded, freehold real estate at the minimum CBI investment amount for real estate of $220,000.
- It has a highly regarded international brand, a transparent revenue-sharing model and hassle-free ownership with no additional cash outlay requirements.
- Its one-bedroom suites and studios are for sale as freehold condominiums.
- Properties are re-sellable after five years to buyers who are also eligible for Grenadian citizenship.
- Kimpton Hotels & Restaurants is part of the InterContinental Hotels Group.
Visit Pam Golding International for more information.
This article was paid for by Pam Golding International.