Grenada Citizenship by Investment Program (CBI) Guide for 2024

The Grenada Citizenship by Investment Program (CBI) was launched by the Grenadian government in 2013. The program provides foreign investors and their families with second citizenship by investing in the country’s economy. This guide offers everything you should know about economic citizenship in Grenada, including:

• Investment requirements
• Required documents
• Processing fees
• Application process
• Citizenship timeline
• Benefits

Overview of Grenada Citizenship by Investment (CBI)

The Grenada Citizenship by Investment Program (CIP) allows foreign investors to gain dual citizenship in exchange for donating to Grenada. The program was approved by the Grenadian Parliament in August 2013 in accordance with the Grenada Citizenship by Investment Act No. 15 of 2013.

Investment Migration Agency Grenada (IMA) is the government agency assigned to oversee all aspects of the program. The IMA offers two investment options, starting from $235,000 for a solo investor or family of four to obtain a Grenada passport:

• Non-refundable contribution to the National Transformation Fund (NTF)
• Real estate investment in a government-approved real estate project

Applicants must also fulfill the eligibility criteria outlined in the Grenada Citizenship by Investment Act. The application process takes about nine months.

12 Benefits of Grenada Citizenship by Investment

1. Affordable citizenship by investment: The Grenada CBI program is cost-effective. Citizenship can be acquired as a single applicant or a family of four for $235,000.
2. Increased international mobility: Grenada passport holders have visa free access to 148 countries, including Europe’s Schengen Area, the UK, Hong Kong, Singapore, Russia, and China.
3. Dual citizenship: The Grenada government allows dual citizenship, so you can maintain multiple citizenship with Grenada and other countries that permit dual citizenship status.
4. Promising investment opportunities: Obtain Grenada citizenship by purchasing shares or an entire unit in high-end tourist real estate and earn rental income through Grenada’s thriving tourism sector.
5. Investment only after initial approval: The required qualifying investment is made after pre-approval, increasing confidence and reducing risk.
6. Citizenship rights: Successful applicants enjoy the same rights as other Grenadian citizens, including the right to live, work, and study in the country, as well as access to certain grants and preferential privileges.
7. Security of a Plan B: Grenada’s investment program offers citizenship and a solid Plan B to ensure stability and safety in a politically stable environment, including consular services and protection from Grenada diplomatic representations in four continents and ten countries.
8. Extensive family inclusion: Qualified dependents for a family application expand beyond spouses, children, and parents to include dependent grandparents and siblings.
9. Citizenship for future generations: New Grenada citizens can pass citizenship down to a future spouse or children.
10. Flexible requirements: There are no language or cultural knowledge tests and no requirement to visit Grenada during the application process.
11. Fast citizenship timeline: Grenada’s CBI program has a quick timeline for completing the application process, granting a Grenada second passport within nine months.
12. Eligibility for the US E-2 Visa: Grenada citizens are the only Caribbean nationals who can settle in the USA through the US E-2 Visa, a non-immigrant visa.

Grenada and the US E2 Treaty Investor Visa

Grenada has possessed an E2 Treaty with the United States since 1989, allowing Grenadians to qualify for the E2 Treaty Investor Visa. This visa grants them the right to relocate to the US to invest in and manage a business.

Besides being the only Caribbean country in the E2 Treaty, spouses and dependent children under 21 are eligible alongside the primary applicant, with no set time limit on the E2 Visa as long as the business continues to operate.

Grenada Citizenship by Investment Eligibility Criteria

Requirements for the main applicant

• Be over 18 years old
• Have an outstanding character
• Be in good health
• Hold a clean criminal record
• Pass a detailed background check
• Make a qualifying investment

Requirements for dependent family members

The following family members can be included in the application.

• Spouse
• Children under the age of 18
• Children aged 18 to 29, supported by the main applicant or spouse
• Children aged 18 or over who are physically or mentally challenged
• Dependent parents or grandparents of the main applicant or spouse, who are fully supported by the main applicant
• Siblings of the main applicant or spouse, whether biological or adopted, aged at least 18, unmarried and with no children

Restricted countries

Citizens of the following countries are prohibited from participating in Grenada’s citizenship program:

• Afghanistan
• Belarus
• Iran
• North Korea
• Russia
• Sudan
• Yemen

Specific circumstances may allow individuals born in these countries to pursue citizenship in Grenada, provided they have no ties to the country, have lived abroad for at least ten years, and fulfill more thorough background checks.

Grenada Citizenship Investment Options

1. National Transformation Fund contribution

Grenada’s National Transformation Fund is a government fund that investors can make that a non-refundable donation of $235,00 to and receive a Grenada passport.

2. Approved real estate investment

Option A

Investors can make a partial investment to the value of at least $270,000 in shares of government-approved real estate projects.

Option B

Investors can make a sole investment of $350,000 in a single unit of an approved Grenada real estate project.

Grenada CBI Fees and Processing Charges

Besides the required investment in Grenada, obtaining direct citizenship requires paying fees to complete the application process:

• Due diligence fee
• Processing fee
• Interview fee
• Passport fee
• Courier fee

Regarding processing fees, the amount is determined by the investment chosen and the number of dependents included.

Grenada Citizenship by Investment Required Documents

The Grenada citizenship by investment official website, imagrenada.gd, states that during the application process, all documentation provided goes through due diligence checks performed by the Investment Migration Agency Grenada.

Document requirements

You will need to fill out the following forms, which will be provided by your Authorized Agent:

• Client Facilitator Agreement
• Personal data and information (form 1)
• Fingerprints, obtained in front of a licensed officer (form 2)
• Particulars for the Office of Home Affairs (form 3)
• Medical certificate (form 4)
• Employment, wealth, business, and related information (form 5)
• Investment confirmation (form 6)
• Thomson Reuters consent form – for Grenada CBI applicants above the age of 16
• Purchase and sale documents in 4 copies (in case of real estate investments / Escrow agreement and letter of engagement with a local agent (in case of NTF option)
• Passport Application Form
• Interview Application Form
• Oath of Allegiance – required for each family member 18 years or older
• Sworn Affidavit confirming dependent parents’ names

In addition, the general civil document requirements are the following:

• Original full birth record or certified copy of the birth certificate (2 copies)
• Certified copy of proof of name change (if applicable)
• Certified colored copy of current passport(s) showing the name, photo, citizenship/nationality, date, place of issue, expiry date, passport number, and issuing country
• Original passport-sized photos of every applicant taken within the last six months (12 needed). One photo needs to be certified by a lawyer
• Marriage or divorce certificates (2 copies)
• National ID or social security color copies (required for each applicant)
• Permanent residence ID or permanent residence proof
• Copy of military service card (if applicable)
• Affidavit from spouse or ex-spouse relating to children
• Affidavit of support from dependents
• Education certificates and transcripts

Supporting documents:

• Original documents proving the applicant’s residential address (e.g., utility bill)
• Original professional reference letter
• Lawyer or notary practicing certificate (a copy of the license of the lawyer of notary certifying the documents)

Additional documents:

• Payslips and/or salary letters
• CV
• Original reference letter from the main applicant’s banker
• Personal bank statements over the last 12 months
• Police clearance and criminal record checks (original document)

OBS: This is a list for reference. The CBIC may request additional documents if necessary.

Document translation and certification

A certified English translation must accompany documents not in English. Documents must be certified and authenticated following the law of the jurisdiction from where the document originates.

Step-by-Step Procedure: Grenada Citizenship by Investment

Potential applicants must submit their citizenship application to an authorized agent licensed by IMA.

Grenada’s Official Citizenship Unit (Investment Migration Agency Grenada) only accepts citizenship applications submitted by Authorized Agents.

How long does the citizenship process take?

The Grenada citizenship by investment processing time is about nine months, beginning from submitting the complete application to issuing citizenship documents.

Month one (preparation)

• Choose the qualifying investment
• Choose an Authorized Agent
• Prepare the required documents and submit to the IMA

Months two to six (processing)

• IMA outsources background checks
• Complete the virtual interview
• Make the required investment

Month nine (Approval)

• Pay the passport fee and obtain a Certificate of Registration
• Obtain a Grenada passport

CBI Compliance and Monitoring in Grenada

The Grenada Citizenship by Investment Act forms the legal basis for the citizenship program. The Act defines the program’s investment routes, investment thresholds, application processes, due diligence procedures, and applicant requirements before and after obtaining citizenship.

Dual citizenship law

Grenada permits dual citizenship, allowing successful applicants to hold dual citizenship or more without the requirement to renounce Grenadian citizenship. Citizenship in Grenada includes parity in rights and privileges for a Grenadian citizen with or without multiple citizenships, such as the right to vote, access social services, and maintain a Grenada passport.

Key amendments to the program

• March 2019: Broadened dependent eligibility, including grandparents and siblings.
• April 2019: Minimum joint real estate investment reduced to $220,000 from $350,000.
• September 2023: Mandatory citizenship interview requirement introduced for prospective investors and dependents 17 and over.
• March 2024: Signs the Caribbean Memorandum of Understanding (MoU).
• March 2024: Replaces Grenada Citizenship by Investment Unit with Investment Migration Agency Grenada.
• June 2024: Raises the investment minimum contribution from $150,000 to $235,000 per the MoU.

Grenada CIP Application and Revenue Statistics (2020 – 2024)

Source: Grenada Ministry of Finance

About Grenada

Grenada, often referred to as the “Spice Island,” due to its production of spices like nutmeg, cinnamon, and cloves.

Profile: Grenada is a tropical country located in the southeastern Caribbean Sea and comprises three islands–Grenada itself and the smaller islands of Carriacou and Petite Martinique.

Population: Grenada has a population of approximately 126,000 people who speak English as the official language. A Grenadian Creole of French and English is also widely spoken.

Political system: Grenada’s political system is committed to democracy. The government is pro-business and operates a favorable tax regime, which includes no worldwide income or capital gains tax.

Why use Global Citizen Solutions?

Global Citizen Solutions is a multidisciplinary firm offering bespoke residence and citizenship solutions in Europe and the Caribbean. In a world where the economy and politics are unpredictable, having a second citizenship opens up opportunities and creates flexibility for you and your family.

So, why work with Global Citizen Solutions to obtain Caribbean citizenship?

• Global approach by local experts: We are corporate members of the Investment Migration Council, with local expertise in all five Caribbean CBI programs.
• 100 percent approval rate: We have never had a case rejected and will offer you an initial, free-of-charge, due diligence assessment before signing any contract.
• Independent service and full transparency: We will present to you all the investment options available, and all expenses will be discussed in advance, with no hidden fees.
• An all-encompassing solution: A multidisciplinary team of immigration lawyers, investment specialists, and tax experts will take into consideration all your and your family's mobility, tax, and lifestyle needs.
• Confidential service and secure data management: All private data is stored within a GDPR-compliant database on a secure SSL-encrypted server.

Frequently Asked Questions about Citizenship by Investment Grenada