How Many Passports Did Grenada Issue to Investors in the 2022 First Half? 

Grenada is a small island country in West Indies, offering citizens multiple businesses and better lifestyle opportunities. Many people wanted to fly to Grenada for a temporary or permanent period. The government of Grenada respects the people coming to the country; that is why they introduced the Citizenship by Investment Programme to make things easier for everyone.

Initially, fewer investors were being entertained by embassies; however, at the start of the current year, there was a 30% increase in the application count reviewed regarding this programme. It means anyone applying for the programme to have a settlement in Grenada will now have more chances of getting approval. It has almost been five years since there has been an increase in demand for permanent residence in Grenada.

So, if you want to settle in Grenada, you must wonder how many passports Grenada issued in the first half of 2022. We have brought detailed information based on statistics that will be helpful for you.

What Is Grenada Citizenship By Investment Programme?

Investing is one of the most preferred and unique ways to get a nationality in Grenada. A real estate investment is mainly preferred, or you may make a government donation to make yourself count in the Citizenship by Investment Programme. Although the programme started in 1997, the programme has become stronger a few years back, especially after the pandemic.

The demand for citizenship is increasing yearly, bringing more investors to the country. It benefits the investor and the country by bringing stability to the economy. An investor will have visa-free travel and numerous other tax benefits.

Many countries offer the programme, but many prefer Grenada because of its beauty. You can enjoy a perfect climate and stunning landscapes.

What Programmes Are Invested By Citizens?

You must be wondering how many people have achieved Grenada passports through investment programmes and which ones are more useful. More than 100 investors have obtained the Grenada passport, and 272 passports to their family members are getting Caribbean citizenship in early 2022. This means that nearly 400 people have already gained a Grenada passport this year, which is good news for many of you thinking of getting Grenada citizenship.

Almost 331$ million are invested by people seeking passport issuance from Grenada. It is nearly 40% more than the amount financed in 2019. Commonly, there are two ways to invest in the country: real estate investment and non-refundable contributions.

More than 50% of people are more interested in real estate investment, which is more beneficial. An investor has two benefits from it, one being Grenada’s passport, and the second is a purchase of property that can be sold later. However, you can not purchase any property; instead, you must buy some of the labelled properties by the government. A drawback might be that you may have to buy these properties at more than average rates.

After keeping the property for 5 years, the investor will have the right to salad to whoever he wants. Property prices in the Caribbean area increase from 2 to 3% per year. So purchasing a property for citizenship is a return on investment for every investor. Secondly, you will have a passive income because any property under the citizenship programme is least to bring income from it. The investor is given a particular share of this money which means you will earn money without doing anything. In 2022, investors can purchase an apartment, villa, or a share.

Benefits of Grenada Citizenship

Here is a list of the benefits you will get after Grenada citizenship. Have a look if these are of any benefit to you.

1: The best thing about a Grenade passport is that you can travel to 144 countries without needing a visa. It involves the UK, China, Singapore, and Hong Kong.

2: Your family members will considerably benefit from the programme. They will not have to invest separately. Instead, they will have an automatic passport issuance. The eligible family members for the programme include the spouse, parents, brothers, sisters, and children younger than 30 years.

3: Have a stay in the USA for more than 180 days in a year. Anyone with a Grenade passport can enjoy a trip to America without paying the high visa fees. The visa is identified as a B-1 or B-2 visa for a trip to the USA.

4: The citizens of the countries with a trade and navigation treaty with the USA can enjoy a business visa E-2 in the USA. Grenada is the country that allows international investments with the USA. Anyone who wants to do business in the USA, but cannot travel directly, can avail of the benefit by getting a Grenada visa. The E-2 visa can be obtained by other people globally, but it needs an investment of at least 1,00,000. It also allows the investor to stay in the USA when a business runs successfully, gaining enough profit.

5: Grenada does not apply taxes on global income and capital gains, as they know it is for the country’s benefit.

6: Get higher education for your children in the UK. Everyone knows that the UK is famous for the best quality education it provides to its students. Being a part of the British Commonwealth of Nations, the citizens of Grenada have the right to enrol in UK educational institutes. Even scholarships will be offered to the students from Grenada.

Eligibility Criteria for Grenada Investment

To get Grenada citizenship, you must be eligible for the process to ensure you get the citizenship on the first try. Here are some of the initial requirements include:

  • Older than 18 years of age.
  • Being a healthy person.
  • Must not have a criminal record.
  • Have to pass a background check.
  • Needs to provide proof of legal income.

Other than this, you will need multiple supporting documents that must be completed and attached to the application. The primary applicant can take the family members with him to Grenada. The following family members are eligible for the application for citizenship under the primary applicant:

  • Children of the primary applicant that are under 18 years old.
  • Children between the age of 18 to 29 who have full-time attendance while education in an institution of higher education. The primary applicant must support the child.
  • Mentally or physically disturbed children younger or older than 18 years old.
  • Grandparents and parents of the primary applicant.
  • Siblings that are not yet married. Also, the siblings of the spouse are eligible for citizenship.

Investment Opportunities and Cost

An investor can use two Citizenship by Investment Programmes to obtain citizenship in Grenada.

1: Non-refundable Funding

This programme was established in 2013 under the citizenship by Investment Programme to improve the country’s economy. The purpose was also to diversify the market structure and increase prosperity. The primary applicant must invest up to $150,000, or this may increase for the applicant’s family. Remember that these fundings are non-refundable, and you will not get them back.

2: Real Estate Investment

Real estate investment further offers two options that you can choose from. One is to invest up to $350K in government-declared properties. This will be a single investment.

The second option is to invest in the pre-approved Grenada tourism accommodation sector. This needs a $220k investment per person. Another thing worth noting is that you will have to hold the property for 5 years before you finally get citizenship in Grenada.

What Tax Will A Citizen Pay In Grenada After CBI?

The tax regimes in Grenada for its citizens are worth considering. The citizens do not have to pay inheritance tax, capital gains, or wealth tax on any income they bring into the country. However, citizens have to pay some local taxes, including:

  • If you are producing almost XCD 36,000 per annum, you don’t have to pay any tax. But once your income exceeds this, you will have to pay 10% tax yearly.
  • Companies have to pay 30% of their yearly income. Sending payments to a non-resident for interest, royalties, rental income, lease premiums, and management charges will cost you 15% tax.
  • Citizens in Grenada pay a 15% VAT depending on different activities. As for dive activities, accommodation, and hotels, you’ll pay 10% VAT.
  • Annual 0.2% property tax is a must for every resident of Grenada. While for a building, you’ll pay almost 0.3% per year.

Wrapping Up

Getting a passport for Grenada means a lot for anyone who wants to live or visit the country. In such a case, knowing the facts regarding passport issuance is helpful and encouraging. Before applying, you must consider your chance to get the passport successfully.

We have shared everything you need to know about the passport issuance from Grenada. Now you must know what you should do, whether to apply for a Grenada passport or not. 

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