Is Grenada citizenship worth it? Today’s blog will answer this commonly asked question in the context of how to pursue economic citizenship in Grenada. The short answer is yes: those who apply for and receive Grenada citizenship make a strategic choice based on the numerous benefits to citizenship from Grenada. The main advantage for Grenada citizenship is perhaps the Grenada passport power; applicants who successfully meet the Grenada citizenship requirements are rewarded with visa-free access to the Schengen area as well as over a hundred other countries around the world. Read on to discover how to get approval from the Grenada citizenship by investment program and to learn who can apply for Grenada citizenship. Readers will also discover the Grenada citizenship processing time, how to pursue Grenada citizenship for the student, and other key questions for those considering filing an application.
Is Grenada citizenship worth it?
For those in the market for a second passport, the advantage for Grenada citizenship is immediately apparent. The Grenada passport power is second to none—a Grenada passport enables its holder to travel visa-free to over 140 places around the world, including the most popular destinations in Europe: France, Germany, Italy, and the 23 other Schengen states Grenada passport access also extends to China and the United Kingdom, as well as scores of countries across Asia, Africa, the Middle East, and South America.
Another key benefit of Grenada citizenship is that citizens face very few taxes, meaning that, should you become a citizen of Grenada, you will be able to grow your money in a safe and secure environment, free from income tax and other onerous tax responsibilities.
Grenada citizenship for the student
Once you receive citizenship in Grenada, you and your dependents will be able to live on the island, should you wish. If you have children, this means they will be able to attend local schools throughout the country as well as the island’s university.
Getting citizenship in Grenada
How to get a Grenada passport from a Grenadacitizenship by investment program involves meeting various Grenada citizenship requirements in pursuit of one of the three official avenues for economic citizenship. Would be citizens may either 1) Invest in the National Transformation Fund—$150,000 minimum investment for a single applicant—or 2) Invest in real estate on the island—$220,000 USD minimum investment for a single applicant—. In addition to the minimum investment requirements for the main Grenada citizenship options, applicants are also responsible for paying the various related government fees. For example, if you decide to pursue the real estate investment option as a single applicant, in addition to your original investment of $220,000, you will also need to pay an application cost of around $1500 and a $5000 due diligence fee. Finally, those who are not applying as single applicants (i.e. those who are applying with a spouse and/or dependents (children) must pay addition fees per dependent.
Applying for Grenada Citizenship
Once you have selected your chosen path to Grenada citizenship, you will submit your Grenada citizenship application form and other documents in conjunction with your citizenship broker. Second Passport will help you prepare your application and assemble the various required documents, which are then submitted to the government. After the performance of due diligence and the payment of various application costs, applicants who successful emerge from due diligence with a viable application will receive a letter, which represents a formal request for the applicant to make their original investment. Once the government has secured your investment, you will be granted a certificate of citizenship (registration), formally conferring citizenship onto you. The final stage of the economic citizenship process involves your receipt of your Grenada passport, which is facilitated by Second Passport.
Approval for citizenship from Grenada entails meeting the following requirements:
1. All applicants will need to show that they possess the requisite amount of money to fully cover the entirety of their Grenada citizenship application costs. Applicants must therefore show financial records indicating their ability to pay for their original investment as well as all the associated costs. In addition to showing that you have the funds, you will also be asked to show the origin of said funds, to prove that your money comes from a legitimate source.
2. Applicants will need to be over the age of 18 in order to be considered eligible for Grenada citizenship.
3. Applicants will need to pass a significant criminal background check, which is meant to eliminate anyone who has previously committed crimes who might threaten the security of the island.
4. Finally, all applicants will need to undergo significant due diligence.
The Grenada citizenship processing time can take anywhere from four to six months, depending on various factors, such whether you correctly filled out your Grenada citizenship application form.