Grenada Citizenship by Investment Program (CIP) Guide for 2024

Launched in August 2013 by the Grenadian parliament, the Grenada Citizenship by Investment (CBI) Program was designed to attract foreign direct investment into the country. Qualifying for citizenship by investment in Grenada is possible through making a non-refundable contribution or real estate purchase.

Acquiring a Grenada second passport enables visa free travel to numerous countries, including the UK and China, as well as the opportunity to obtain US residency. Keep reading for a Grenada citizenship by investment overview, including the costs and fees, the application process, and the time frame, and discover why obtaining Grenada citizenship is the ideal route for you.

Overview of Grenada Citizenship by Investment (CBI)

The Grenada Citizenship by Investment Program (CIP) allows foreign investors to gain citizenship in exchange for a significant contribution to the nation’s economic growth and social development.

Grenada’s economic citizenship program was passed approved by the Government of Grenada in August 2013 in accordance with the Grenada Citizenship by Investment Act No 15 of 2013. The following year in February 2014, the Grenada Citizenship by Investment Unit (CIU) was formed to oversee the country’s program, which has since been replaced by Investment Migration Agency Grenada (IMA).

The IMA offers two foreign investment options, starting from $235,000 for a solo investor or family of four to obtain a Grenada passport: A non-refundable donation to the National Transformation Fund (NTF) or invest in shares of the sole purchase of a government-approved real estate project.

Often referred to as the Grenada Investor Visa Program, this immigration scheme offers an array of benefits for successful applicants. The process of obtaining Grenada citizenship by investment typically takes nine months.

Grenada Citizenship by Investment Program Benefits

Why choose Grenadian citizenship by investment?

You should apply for the Grenada Citizenship by Investment if:

• Grenadian citizens have visa free access to over 147 Grenada passport visa free countries, including the European Union, the UK, Hong Kong, Singapore, Russia, and China.
• Diversify your assets and utilize Grenada tax advantages, including no worldwide income tax, inheritance, or capital gains tax.
• The Grenada government allows dual citizenship, so you can maintain your current citizenship when obtaining citizenship of Grenada.
• Purchase shares of or entire high-end tourist real estate and obtain Grenadian citizenship while benefiting from the Caribbean’s thriving tourism sector.
• Secure a Plan B for yourself, your family, and future generations by becoming a citizen of the Caribbean community in a member state of the OECS (Organization of Eastern Caribbean States).
• You are making plans to retire in a peaceful, sunny paradise. With Grenada citizenship, you and your family can live in any member state of the Organization of Eastern Caribbean States (OECS).
• Grenadian CBI has no minimum net worth requirement, with a $235,000 investment being enough for a single applicant or a family of four people to acquire Grenada dual citizenship.
• Grenada is the only Caribbean country that offers investors the chance to settle in the USA through the US E-2 Visa, a non-immigrant visa.

Grenada Citizenship by Investment Statistics

Grenada’s citizenship program experienced its best year yet, with applications nearly doubling from 1,251 in 2022 to 2,297 in 2023, and revenue skyrocketing from EC$275 million in 2022 to surpass EC$1 billion in 2023.

The report reveals a significant increase in real estate investment compared to NTF contributions over the last five years, with real estate investments rising by 820 percent from 73 in 2019 to 672 in 2023 and NTF contributions increasing by 210 percent from 88 in 2019 to 272 in 2023. This points to investor confidence in Grenada’s real estate market and reflects the growing appeal of real estate as a stable and potentially lucrative investment option.

Grenada Citizenship by Investment Eligibility Criteria

Grenada’s government launched the Grenada Citizenship by Investment Program in 2013 by passing the Citizenship by Investment Act, 2013. The following individuals can apply to the economic citizenship program.

Requirements for the main applicant

The Grenadian citizenship requirements for the primary applicant are:

• 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 process and obtain Grenadian citizenship for life:

• 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

Investment Migration Agency Grenada restricts citizens of the following countries from applying for Grenada’s citizenship program:

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

Specific circumstances may allow individuals born in these restricted countries to pursue citizenship in Grenada, provided they meet all of the below criteria:

• Migrated prior to reaching adulthood or possess permanent residency or a valid visa for at least ten years in the UK, the US, Australia, New Zealand, Saudi Arabia, the UAE, or any Schengen country.
• Maintain no economic ties to a restricted country.
• In cases where applicants originate from Afghanistan, Iran, Sudan, or Yemen, due diligence providers are empowered to conduct comprehensive investigations and on-site inquiries in the applicant’s country of birth.

Grenada Citizenship Investment Options

1. National Transformation Fund (NTF) 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 Grenada citizenship. The financial contribution funds local projects in the country’s infrastructure, education, healthcare, and tourism, and the required investment qualifies up to four family members.

2. Approved real estate investment

The real estate options allows investors to purchase real estate with a minimum value of $350,000 as a sole investor or invest $270,000 worth of shares of Grenada real estate projects, which are usually high-end tourist accommodations such as resorts, villas, or hotels. For both investments, properties must be government-approved and held for at least five years.

Grenada Citizenship by Investment Required Documents

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

This is a vital step in a citizenship by donation or real estate investment application, as it means the documents and information will be checked to confirm the identity, financial profile, and security profile of the main applicant, as well as all family members aged 16 or over. A solid due diligence process is crucial to guarantee a CBI program’s credibility and longevity.

Document requirements

You will need to fill out the following forms, which will be provided by Global Citizen Solutions:

• 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 the real estate investment option / 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

At Global Citizen Solutions, we offer a preliminary due diligence assessment free of charge, so you can be assured that your application will be successful even before you sign the contract with us. Once you decide on the Grenada Citizenship by Investment Program, our expert team will guide you through the following steps to obtain your Grenadian passport:

1. Choose investment route: Choose the right investment for you: Making a non-refundable contribution to the Grenada National Transformation Fund (NTF) or purchasing shares of pre-approved real estate projects.
2. Document preparation: Prepare and complete the documents and forms as provided by Global Citizen Solutions. This includes the mandatory interview application form, which must be completed by each applicant aged 17 and older.
3. Submit your application: Your dedicated Investment Migration Specialist will submit the citizenship application on your behalf*.
4. Receive Grenada Citizenship by Investment Committee (CBIC) approval: Within nine months of applying, successful applicants will receive a confirmation letter with the status ‘approved in principle.’
5. Make your investment: Make the investment and send proof to the Investment Migration Agency Grenada.
6. Become a citizen: You and your family will be granted citizenship of Grenada and receive your Grenada passports at an address of your choice.

*The CBIC doesn’t accept applications directly from applicants but only from Authorized Agents.

Mandatory interview process and fees

As of 4 September 2023, Grenada requires the main applicant, spouse, sponsor, and dependents aged 17 and older to partake in a mandatory interview as part of the due diligence procedure. This new requirement aims to preserve the integrity and reputation of the Grenada CBI program. Each applicant must complete an Interview Application Form, which must be submitted to the CBIC with the rest of the supporting documentation. Applicants will receive a link via email leading them to a questionnaire. The screening interview will be in English, but instructions will be provided in the applicant’s national or preferred language (which applicants should identify in the form). Each applicant being interviewed must pay a $1,000 fee.

Pros and Cons of Grenada Citizenship

Pros

Access to long-term USA visas: Grenada is the only Caribbean country whose citizens can apply for the USA E-2 Visa. Grenadians can gain residency in the USA by fulfilling the investment visa requirements.

Visa free access: The Grenada passport ranks 74th on the Global Passport Index, providing the opportunity to travel visa free to EU Schengen states, the UK, Singapore, Hong Kong, China, and Russia.

Cons

Expensive: The Grenada citizenship cost is more expensive than some other Caribbean programs, with a minimum donation of $235,000 and real estate purchase of $270,000.

Limited investment options: Unlike other Caribbean countries offering several investment opportunities, the Grenada citizenship program has only two investment routes: Real estate investment or NTF donation.

CBI Compliance and Monitoring in Grenada

Following a recent announcement by Prime Minister Dickon Mitchell of Grenada, the newly established Investment Migration Agency Grenada has succeeded the Grenada Citizenship by Investment Unit (CIU) as the governmental agency entrusted with the oversight of Grenada’s CBI program.

In close partnership with government entities such as the US Treasury, the Organisation for Economic Co-operation Development (OECD), and the Financial Action Task Force, the agency ensures compliance with regulations like anti-money laundering (AML) and know-your-customer (KYC) policies, while also monitoring the activities of licensed agents.

Implemented on 30 June 2024, the Memorandum of Understanding agreement between Grenada, Antigua and Barbuda, Dominica, St Kitts and Nevis, and St Lucia will reinforce and improve compliance of investment citizenship programs in the Caribbean.

About Grenada

Grenada, often referred to as the “Spice Island,” due to its production of spices like nutmeg, cinnamon, and cloves, offers a myriad of opportunities for investors seeking a lucrative and rewarding destination. With its stable political climate, robust economy, breathtaking natural beauty, and strategic location, Grenada presents compelling reasons to consider investment ventures.

The country consists of Grenada island itself, two smaller islands, Carriacou and Petite Martinique, and several small islands that lie north of the main island and are a part of the Grenadines. Its population is approximately 126,000, and the official language is English. Two other languages, known as the Grenadian Creoles (French and English), are also spoken.

Grenada has a stable political system and a strong commitment to democracy. The government is pro-business and has implemented policies to attract foreign investment, such as a favorable tax regime and fiscal incentives for investors. The country’s economy has experienced steady growth in recent years, with sectors such as tourism, agriculture, and renewable energy contributing to its development.

There is plenty to do on the island, such as hiking, diving, snorkeling, and exploring the country’s rich history. Grand Etang National Park and Forest Reserve is a great place to catch a glimpse of the island’s wildlife and lush vegetation, while the turquoise waters surrounding the island provide the perfect environment for exploring Grenada’s underwater sculpture park and marine life.

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