Grenada is one of the most popular citizenship by investment program in the world. Are you considering applying? Here are the most Frequently Asked Questions about the program.
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- What are the most common questions you receive regarding the Grenada CIP?
Where. Why. How.
Where is Grenada?
Part of the Commonwealth, Grenada (not to be confused with Granada in Spain) is a sovereign tri-island nation consisting of the islands of Grenada, Carriacou, and Petite Martinique, located in the Eastern Caribbean Sea, north of Trinidad-and-Tobago, and is part of the Lesser Antilles chain of islands. The country has decent airlift and is easily accessible from the US, Canada and Europe.
Why Grenada as a second passport?
While this is of course subjective, Grenada is one of few countries that successfully operates a CIP and therefore has a solid reputation with a robust and effective due diligence process. The applicant, and qualifying family members, do not need to reside nor visit Grenada in order to qualify. Once approved, a Grenadian passport grants access to over 140 countries without visa, including the UK, the EU and Mainland China, along with all other intrinsic benefits of being a Commonwealth passport holder.
How to get a Grenada passport?
Grenada's CIP currently has two options, meaning the applicant can choose which stream they prefer to qualify.
The first option is a contribution of at least USD150,000 (this amount will increase depending on the family composition; USD150,000 being for a single applicant) that directly benefits the economy and therefore helps to finance projects in renewable energy, agriculture, infrastructure and tourism.
The second option is an investment into a government-approved real estate project of at least USD220,000 (this amount is fixed, regardless of the family composition). Most - if not all - investments are into hotels, villas or luxury resorts.
- What should be outlined about Grenada, as a country?
Grenada is known as the Spice Island of the Caribbean and is a hidden gem offering unspoiled beauty and is famed for its aromatic spices and organic chocolate. For those considering living in Grenada, it is one of the safest places from a personal perspective and it also lies outside of the main hurricane belt providing environmental security. Grenada also hosts many and varied attractions such as white sandy 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 largest shipwreck in the Caribbean 'Bianca C' and the World's First Underwater Sculpture Park. Harvey Law Group currently operate an office in Grenada and can consequently advise and accommodate applicants who wish to make the move.
From the feedback we received from our clients who actually decided to visit and explore Grenada, every single one of them were pleasantly surprised by the country.
On a reputational level, Grenada has one of the best (and praised) medical universities in the world - St. George's University (SGU) - with over 6,000 students from 140 countries and a 93% US residency placement rate for its graduates.
- What are the disadvantages of a Grenada passport?
While it isn't a disadvantage unique to Grenada, all citizenship-by-investment programs currently operational worldwide come with a cost. In addition to the investment amount, the applicant will have to pay professional fees and various government fees. When it comes to managing our client's expectations, it is important to be straightforward by disclosing right away that the main benefit of those CIP's is the citizenship and passport acquired through the investment; not the other way around.
- Tell us about the Six Senses investment. I understand it's down to the last few unsold shares. Why has it sold so well?
Investing into the new Six Senses La Sagesse Grenada is indeed a qualifying investment under the program. A single share of the resort is set at USD220,000.
From a practical stand-point, it is no secret that real estate developments associated with investment immigration programs - both in the Caribbean and in Europe - are often overpriced with few exceptions; this project being one of them.
Six Senses, by its reputation of being one of the (if not the) best hotel brands in the world, has also attracted lifestyle buyers, hence not only investors for the citizenship program. As such the value of the brand cannot be underestimated, especially considering that this will serve as their flagship location since it is also their first resort in the region. It is worth noting that it is currently being built by the same developer who completed the internationally-acclaimed Park Hyatt St. Kitts and Kempinski Dominica. It is therefore implied that the developer is in a separate category of its own and demonstrated an outstanding track record in successfully completing and delivering such developments on time.
At the time of writing this article, there were less than 20 shares left in the whole project.
- What other perks are the investor entitled to?
The most obvious benefit is the citizenship and passport of Grenada.
The investment itself into Six Senses entitles the investor to dividends currently conservatively estimated at 2-5% per annum paid in USD. There are no yearly maintenance or service fees. The returns will be based on the hotel operation, hence investors should note that completion is scheduled, despite the pandemic, for 2022.
During the construction, the investor is entitled to a 7-night complimentary stay at the Park Hyatt St. Kitts or Kempinski Dominica each year.
- What is the total outlay if I choose the Six Senses investment option?
This will greatly vary depending on the family composition.
As a tentative overview, an investor applying alone i.e. a Single Applicant can expect a total outlay of around USD325,000 while a family of four would be around USD346,000. We will of course provide an exhaustive breakdown to each family based on their unique composition.
- Can you sell your investment?
Yes. However, the law prescribes that investor under the Grenada CIP must hold the investment for at least 5 years, after which they may sell their investment. For lifestyle investors, there is no holding period.
- What is the process?
When a client comes to us to inquire, let's say, about Grenada, we first must determine whether said client is likely to qualify or not. To do so, the client will be required to make an initial deposit as we perform several due diligence checks with our compliance department. This step takes 2-3 weeks. Once this is completed, we will advise the client whether to move forward or not based on our findings.
In case we determine that the client should not move forward, we will refund the deposit to the client and their journey ends there. On the other hand, and assuming we determine they are likely to qualify, then we start gathering the prerequisite documents under the proper format, liaise with our office in Grenada and the Government, and then once the application is ready, we submit the application.
- How long is the whole process?
From the moment we submit an application, 2-4 months would be considered as an average processing time for the Government of Grenada to take a decision on an application. From time to time, we do have applications that may take longer (up to 8 months); this could be due to the complexity of the application, or a delay from the applicant's end in providing further documents that have been requested.
- So, when do I pay the investment?
The real estate investment is paid into 2 different stages. An initial deposit will be paid upon submission of the citizenship application. Once the application is approved, then the balance will become payable; the Government of Grenada will issue the passports shortly afterwards.
- Can you provide a basic checklist of the documentation required for a Grenada passport?
A tailored and detailed checklist is given to all our clients based on their own situation. Following is a general overview of the key documentation required:
Personal documentation notably includes:
- All pages of current passport;
- ID Card;
- Birth Certificate;
- Marriage Certificate;
- Passport-style Photos;
- Police Clearance(s);
- Diploma of highest education;
- Proof of Address;
- Medical Report;
- Affidavits of Support for the accompanying dependents;
Professional documentation notably includes:
- Reference Letters from a Bank and a Professional;
- Bank Statements;
- Source of Funds documents;
- What make the Grenada passport unique?
Grenada is one of the very few passports in the world that grants visa-free access to the UK (180 days), all EU countries (90 days), Russia and Mainland China (30 days).
In addition, Grenada is the only Caribbean CIP nation that is a USA E-2 treaty country, this means that successful applicants will become eligible to apply for a USA E-2 visa to enable the investor and family members to establish a business in the USA and lawfully reside in the USA.
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.