Worldwide: Citizenship-By-Investment In The Caribbean: Dominica Or Grenada?

Dominica and Grenada are both English speaking Caribbean islands known for their beautiful scenery and lower costs of living. Dominica and Grenada run Citizenship by Investment (CBI) programs that present many attractive options for those looking to immigrate, including prospective retirees and investors alike.

Those eligible to apply for these programs can obtain citizenship of Dominica or Grenada for themselves and their dependents without having to meet any language, education, or management experience requirements. In addition to the intrinsic benefits of being a Commonwealth passport holder, a Dominica or Grenada passport would offer the holder access to many countries worldwide without a visa including the EU and Mainland China. Furthermore, as Dominica and Grenada are both Caribbean Single Market and Economy (CSME) Member States, citizens of Dominica and Grenada can live and work in any other CSME member state without having to apply for a skills certificate.¹ Both Dominica CBI and Grenada CBI offer full citizenship for life that can be passed on to future generations after citizenship is granted. Additionally, applicants and their qualifying family members are currently not required to travel to the country prior to or after obtaining citizenship or the renunciation of their previous citizenship (though it should be noted that Grenada recently commenced mandatory interviews conducted either in-person or online).

A notable feature of both Dominica and Grenada CBI programs is that where most nationals of Middle Eastern countries face restrictions in applying for other Caribbean CBI programs, the Domnica and Grenada CBI programs are generally accessible to nationals of most Middle Eastern countries. Grenada CBI generally accepts applications from most Middle Eastern countries except Iran². Most citizens of Middle Eastern countries are also eligible³ to apply for Dominica CBI except for nationals of Northern Iraq. Nationals of Iran and Sudan can apply for Dominica CBI subject only if: (i) if they have not lived there for at least ten years, (ii) have no substantial assets there and (iii) have not performed business or similar activity there for a period of at least ten years.

Domnica CBI can be described as the most cost-effective program out of all Caribbean CBI programs as it involves the lowest contribution for an individual applying alone. To qualify for Domnica CBI, applicants can either make a one-time non-refundable contribution to the Government of Dominica's Economic Diversification Fund, a government program supporting socio-economic initiatives with the aim of driving national development or invest in an approved real-estate project to qualify. A single applicant would need to make a minimum contribution of USD 100,000 to the fund. If including a spouse, a minimum contribution of USD 150,000 is required and if including up to three dependents a minimum contribution of USD 175,000 is required. For any additional dependent below the age of 18 a further USD 25,000 would need to be contributed and a further USD 50,000 would need to be contributed if including any additional dependent 18 years of age or older.

Alternatively, an applicant could purchase an authorized real estate project with a minimum value of USD 200,000. Although both Domnica and Grenada CBI require the investment to be held for at least five years before it can be sold to another CBI investor, for Dominica CBI the investment can be sold to a non-CBI buyer after three years instead of five years for Grenada CBI. If choosing the Dominica CBI real estate option, the applicant would need to pay government fees as follows: USD 25,000 government fee for the main applicant, USD 35,000 if including up to three dependents, USD 50,000 if including up to five dependents and a further USD 25,000 for any additional qualified dependent. Aside from the contribution or investment amount, applicants would also be required to pay processing, due diligence, and other application fees.

Applicants for Domnica CBI can include their spouse, minor children as well as dependent parents and grandparents of either the main applicant or the spouse if they are over 65 and substantially supported by either the applicant or spouse. Applicants can also include dependent children over 18 years old who are physically and/or mentally challenged and children between 18 to 30 years old if studying and supported by either the main applicant or spouse. An unmarried daughter under 25 years of age living with and fully supported by either the main applicant or spouse can also be included. Applicants can expect a typical processing time of two to three months for the Government of Dominica to take a decision on the application, but applications may take longer (up to six months) of which could be due to the complexity of the application or a delay in providing further documents that have been requested.

On the other hand, more family members can be included in a Grenada CBI application than for a Dominica CBI application. Applicants for Grenada CBI can include their spouse and dependent children up to 30 years old. Notably, applicants for Dominica CBI cannot include their siblings whereas applicants for Grenada CBI can include their siblings if they are single and childless and at least 18 years old. Additionally, in contrast to Dominica CBI, applicants can include their parents and grandparents regardless of their age and their dependent children up to 30 years old without any requirement that the children be in higher education. However, applicants for the Grenada CBI program should expect a longer processing time compared to other Caribbean CBI programs of approximately six to twelve months.

To qualify for Grenada CBI, applicants can either contribute to the National Transformation Fund that finances various projects in Grenada for the benefit of industries including tourism, agriculture and alternate energy or invest in an approved real estate project. A single applicant under the Grenada CBI program would need to contribute a minimum of USD 150,000. They would also need to further contribute government fees of USD 50,000 for the main applicants and up to three dependents (excluding siblings), USD 25,000 to USD 50,000 for each additional dependent (excluding siblings) and a further USD 75,000 per additional sibling. Alternatively, the applicant could invest a minimum of USD 220,000 into an approved project to be held for a minimum of five years. If choosing the real estate option, applicants would also need to pay government fees as follows: USD 25,000 per additional dependent, USD 50,000 per additional parent/grandparent and USD 75,000 per additional sibling. Applicants would also need to pay additional processing, due diligence, and other application related fees.

It is noteworthy that citizenship of Grenada could potentially open a pathway for admission to the United States. Citizens of Grenada that have held Grenada citizenship for at least three years may be eligible to apply for a U.S. E-2 visa that would allow them admission to the U.S. when investing a substantial amount of capital in a U.S. business and may be followed by their family members. On the other hand, it is important to note that the United Kingdom has recently stopped travel to the UK for citizens of Dominica without a visa. Citizens of both countries also enjoy travel to China without a visa for up to 30 days.

Whether you are retiring abroad, starting a business, or looking to obtain a second citizenship, the Domnica CBI program and the Grenada CBI program offer a wide range of benefits that may suit your needs. If you are interested in learning more, please contact your local HLG office here for more details. Founded in 1992, Harvey Law Group (HLG) is a leading multinational law firm with offices across Asia, North and South America, Europe, Africa, and the Middle East to cater to your specific needs for immigration and beyond.

Footnotes

1. Current CSME member states: Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Monserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago.

2. Citizens from the following countries are eligible for Grenada CBI: Afghanistan, Chad, Chechnya (Russia), Cuba, Iraq, Libya, Myanmar, North Korea, Pakistan, São Tomé e Príncipe, Saudi-Arabia, Somalia, Sudan, Syria, Turkmenistan, Uzbekistan, Venezuela, Yemen. Citizens of Russia are eligible on a case-by-case basis. Citizens of Belarus and Iran are ineligible.

3. Citizens from the following countries are eligible for Dominica CBI: Chad, Cuba, Libya, Myanmar, São Tomé e Príncipe, Somalia, Turkmenistan, Venezuela. Citizens from the following countries are eligible for Dominica CBI on a case-by-case basis: Afghanistan, Chechnya (Russia), Iraq, Pakistan, Saudi-Arabia, Syria, Uzbekistan and Yemen. Citizens from Belarus are ineligible. Citizens of Iran, Sudan and North Korea are eligible only if: i) if they have not lived there for at least 10 years, (ii) have no substantial assets there and (iii) have not performed business or similar activity there for a period of at least ten years.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.