Cost of Grenada’s passport to be reduced by 25% in 2018
If you are weighing the pros and cons of various Caribbean citizenship by investment programs, we have news that might help you make up your mind. The Grenadian CBI Committee has officially announced changes in the program: by the end of 2017, the cost of Grenada’s citizenship by investment program would be dropped by 25 percent.
Applying for a second passport through investment is the latest trend among the world’s most powerful business players. High net worth individuals from China, Russia, South Africa, Middle East countries have become interested in Grenada right after its government introduced citizenship by investment program in 2013.
Within the last year, the number of applicants for Grenada’s investment citizenship has skyrocketed by 300%, while the rejection rate was at an all-time low of just 8%. In the first half of 2017, 449 persons have becоme nationals of Grenada.
How to obtain Grenada citizenship for a ¾ price?
More specifically, the cost changes revolve around the amount of minimum investment.
Grenada offers two main options to investors who would like to participate in the CBI program. Option number one is investment into real estate. The real estate object must be chosen from a government-approved list, for a minimum cost of $350,000. To meet the program’s rules, the investor must then own and not re-sell the property for at least 4 years after receiving the passport.
Option number two is investment of at least $1,5 million in a local business, though this isn’t very popular among investors.
Finally, there is the option number three — a non-refundable donation to the National Transformation Fund. This very option is expected to meet the following changes in 2018:
- price reduction from $200,000 to $150,000;
- extension of the age bracket for dependent children (from 26 to 30 years old);
- no additional contribution for dependent parents above the age of 55 (previously the age for dependent parents was set over 65).
Though the price tag still would be higher than of major Grenada’s competitors (Antigua and Barbuda, St. Lucia and Dominica — $100,000), this small country has a secret weapon that attracts foreign investors. Grenada’s citizens may apply for the US E-2 Investor Visa. Grenada is the only Caribbean country with a CBI program that has signed a treaty with the US, and whose citizens qualify for this type of visa. Investors hailing from China, India and Russia might find this feature quite useful as their primary citizenship doesn’t provide this opportunity.
To sum up, the Grenadian citizenship by investment program is easily comprehensible and transparent. This passport facilitates travelling across Europe and the rest of the world, as well as provides a safe harbor in case of unstable situation of any kind at the homeland.