The citizenship-by-investment program in Grenada is among the most popular in the world. Is this something you'd want to do? Below Migronis specialists collected all the most frequently asked questions of their customers and answered them.
What are the most often asked questions you get about the Grenada CIP?
Why? How? What?
What continent is Grenada located in?
Three islands make up Grenada: Carriacou, Petite Martinique, and Grenada. They are all part of the Lesser Antilles archipelago and are situated north of Trinidad and Tobago in the Eastern Caribbean Sea. Airlift in the nation is adequate, and the country can be accessed from the United States, Canada, and Europe.
What are the benefits of having a second passport in Grenada?
Due to its successful CIP, Grenada has an excellent reputation for its thorough and efficient due diligence procedure. This is, of course, entirely subjective. You and your family members who meet the requirements may apply without living in or going to Grenada. Traveling to more than 140 countries without a visa is possible after a Grenadian passport is accepted. This includes the United Kingdom, Europe, and China.
What is the procedure for obtaining a Grenada passport?
Two variants are now available in Grenada's CIP for applicants to select from.
Investing in renewable energy, agriculture, infrastructure, and tourism is one way to support the economy, and a donation of at least USD235, 000 is the first alternative. This sum may rise or fall depending on the size of the family.
Investments in government-approved residential projects of at least $270, 000 are the second choice (this amount is fixed, regardless of the family composition). Hotels, villas, and luxury resorts make up the majority of investments.
What are the essential facts about Grenada?
Grenada is renowned as the Spice Island of the Caribbean because of its fragrant spices and organic cocoa, making it a secret treasure. Regarding personal safety, Grenada is among the safest areas on the planet and is also located outside the significant hurricane zone. White-sand beaches, including the world-famous Grand Anse Beach, 15 breathtaking waterfalls, 5 chocolate factories, 3 rum distilleries, and more than 30 unforgettable dive sites, including the Caribbean's largest shipwreck, 'Bianca C, ' and the World's First Underwater Sculpture Park, are just a few of Grenada's plenty and diverse highlights.
Every one of our customers who opted to go to Grenada had a positive experience, looking at the comments we got from them.
St. George's University (SGU), Grenada's renowned medical school, with over 6, 000 students from 140 countries and a placement record of 93% for its graduates in US residency programs.
What are the drawbacks of having a passport from Grenada?
There is a cost associated with every citizenship-by-investment scheme, which isn't unique to Grenada. Applicant fees and different government costs are also required. Our clients' expectations must be kept in check by being clear about the principal advantage of CIPs: the citizenship and passport they would get as a result of their investment, not the investment itself.
Tell us more about investment in Grenada Intercontinental. I've heard that just a handful of remaining shares haven't been sold. Why is it so popular?
Under the program, investing in the new Grenada Intercontinental is permitted. $270, 000 is the price for one share in the resort.
With rare exceptions, real estate projects affiliated with investment immigration programs in the Caribbean and Europe tend to be pricey, with this project being one of the exceptions.
Grenada Intercontinental, one of the world's top hotel brands, has attracted lifestyle purchasers, not just citizenship investors. As such, the brand's worth cannot be understated, mainly as this is their first resort in the area. The same developer that constructed Park Hyatt St. Kitts and Kempinski Dominica is now building it. It's indicated that the developer is in a different category and has a strong track record of delivering projects on schedule.
What more does the investor get?
Grenada citizenship and passport are the most significant benefits.
Intercontinental investors get approximately 3 percent yearly in USD (Non-guaranteed). There are no annual fees. Investors should notice that hotel completion is set for the end of 2025.
Is it possible to sell out your investment?
Yes. The Grenada CIP stipulates that investors must keep their investment for at least five years before they may sell it. There is no holding period for lifestyle investors.
What is the process of obtaining a passport?
When a customer asks about Grenada, we first assess whether they qualify. The customer must make an initial deposit while we do compliance checks. Taking 2-3 weeks. Once this is done, we'll advise the customer on whether to proceed.
If we decide the customer shouldn't proceed, we'll return their money and finish the process. If they are likely to qualify, we start compiling the required papers, coordinate with our office in Grenada and the government, and then submit the application.
What is the process length?
The Government of Grenada takes an average of 2-4 months to complete an application once we submit it. Sometimes applications take longer (up to 8 months); this might be due to the application's intricacy or the applicant's delay in delivering needed papers.
When do I invest?
The investment is paid in two parts. Citizenship applications need a payment. After the application is granted, the cost is due, and Grenada issues the passports.
What documents are needed for a Grenada passport?
Our customers get a personalized, thorough checklist. Here's a rundown of the needed paperwork:
Personal documents include:
- All passport pages
- ID card
- birth certificate
- marriage certificate
- passport-style photos
- police clearance(s)
- highest education diploma
- proof of address
- medical report
- affidavits of support for accompanying dependents.
Professional documentation includes:
- Bank and professional reference letters
- bank statements
- source-of-funds documentation.
What's unique about Grenada's passport?
Grenada's passport allows visa-free travel to the UK (180 days), all EU countries (90 days), Russia, and China (30 days).
Grenada is the only Caribbean CIP nation that is a USA E-2 treaty country. Therefore successful candidates may apply for a USA E-2 visa to create a company and legally stay in the USA.