The world at present boasts more active Citizenship-by-Investment programs (CIPs) than ever before, giving the affluent an abundance of options. However, while having a variety of choices certainly is an appealing prospect, it may also be occasionally disorienting and confounding.
The reality is still that it largely depends on your needs, objectives, and budget. Among the options available for those looking to expand their global business prospects, obtaining the Grenada passport presents a viable avenue deserving of consideration.
Grenada’s Citizenship by Investment Program
High-net-worth individuals from the Middle East and North Africa often choose to immigrate to Grenada through its Citizenship-by-Investment (CBI) program. The process is straightforward and applicants need not live in or visit Grenada to acquire Grenada citizenship.
Applicants can also include their spouse, dependent children, parents, siblings, and grandparents in the same application. Thus, the simplicity and cost-effectiveness of Grenada’s Citizenship-by-Investment program have given it global appeal. However, it is the hidden benefits that lure savvy investors to the country.
What Makes Grenada The Ideal Business Passport Option
There are several compelling reasons to get a Grenadian passport, but what makes it stand out is its ability to allow you to increase trade internationally. Listed below are just a few of the perks that are associated with Grenadian citizenship, making it the ultimate business passport:
Visa-free Access to High-profile Economic Hubs
Among international business destinations, Grenada now ranks among the top visa-free destinations on the planet. For example, it benefits from visa-free travel to the entire EU with its illustrious passport.
With a Grenadian passport, you can travel hassle-free to 144 visa-free destinations. However, the Grenadian passport shines even more in Asia, providing visa-free access to many global economic powerhouses including China, Hong Kong, Malaysia, Singapore, South Korea, and more.
The E2 Visa
There is only one notable absence from Grenada’s visa-free list: the United States. Even so, it is not a cause for concern because Grenada compensates for it in more ways than one. Grenadians are eligible for the US E2 Treaty Visa, which is a residency route available to a selection of countries near and far.
With an E2 visa, investors who establish a business within American borders are eligible to obtain US residency for themselves and their families. There is no minimum investment amount required, and they can expedite the process to 3 weeks for an additional fee, meaning a Grenadian citizen and US resident can be acquired in less than half a year.
In effect, this means that Grenadian citizens can apply for a 10-year, multiple-entry visit visa (B-Visa), which allows them to stay six months within US soil at a time. Meanwhile, Grenada outshines the rest of those nations that qualify for the E2 Visa; as most countries on the E2 list are eligible for a one-year, single entry visa, Grenadians are eligible for a five-year, multiple entry visa, enabling its holder to travel without restriction.
As such, the following are the revised costs and requirements for Grenada citizenship in 2021:
- Typically, a minimum investment of $150,000 is required for a Grenadian passport (citizenship).
- Purchase Home – Minimum of $220,000-$350,000 OR
- Contribution – $150,000 for a single applicant, $200,000 for a main applicant with up to three dependents and $25,000 for any additional dependent(s).
- Government Processing Fees ~ $12,000
- If the application includes a parent no more than 55 years old, an additional contribution of USD 50,000 will be required with the post-approval contribution.
- For applications that include eligible siblings, an additional contribution of USD 75,000 will be required with the post-approval contribution.
Grenada’s Tax System
As defined by the Grenada Income Tax Act Cap. 149, the individual annual income tax rate is 15% up to XCD 24,000 and 30% over XCD 24,000. In that regard, here are a few aspects to consider when looking at taxes in Grenada:
- Companies are subject to a 30% corporate flat tax rate whilst payments to non-residents subject to the withholding tax must be withheld at 15% on interest (except for bank deposits), salaries, rent, lease premiums, licenses, royalties, management fees, commissions, and other payments.
- Generally, a vendor or seller is liable to pay the 15% VAT in Grenada, as well as the 5% property transfer tax.
- Grenada’s annual taxes include a property tax of 0.2% on all residential properties and a stamp tax on business receipts of 0.5% if gross receipts are over XCD 300,000.
- The property tax is 0.2% on residential property and 0.5% on any amount less than this threshold. For stamps, the first XCD 36,00 is exempt from a stamp tax.
- The country also does not tax worldwide income, and non-residents receive a 50% tax reduction on local income (derived within Grenada)
- Businesses are in for an upward trend. Grenadian offshore companies can apply for a 20-year tax exemption on local and international income which stands among the world’s longest tax exemption periods.
Grenada offers its passport holders the privilege to travel the world and engage in business at their leisure, as well as enabling them to register their companies in the country and avail themselves of a lax tax regime. As such, whether you are interested in applying or simply want to learn more about the Grenada Citizenship-by-Investment Program, Carte Blanche will promptly aid you in your enquiry.
As a government-approved and duly licensed firm, Carte Blanche helps clientele from varying backgrounds and nationalities on their visa applications pertaining to permanent residency programs along with citizenship applications for Europe and the Caribbean region. Get in touch with our consultants today!