Although it is not common, concern for the welfare of one’s family is one of the primary reasons why people decide to seek out second citizenship. Through citizenship by investment (CBI) programs, high-net-worth individuals are able to give their families a more secure future.
In this aspect, Grenada sets itself apart from other countries. While the Caribbean is home to many island nations with attractive CBI programs, nothing can compare to the “Spice Isle” when it comes to advantages for the entire family.
This article covers everything you need to know about Grenada as a second passport country, including a quick briefer on the nation itself and the four reasons why it is the best second citizenship choice for the family.
Grenada Economic Citizenship: A Briefer
Grenada is a nation in the Caribbean region that offers a pure and authentic lifestyle that offers a much-needed break from busy city living. Located in the southernmost part of the Lesser Antilles’s north-south arc, the country comprises an oval-shaped island roughly 21 miles long and 12 miles wide.
It gained the moniker the “Spice Isle” because the hilly main island is home to several nutmeg plantations and a wide variety of spices. Aside from nutmeg, other main exports from the country include bananas, cocoa, and mace. However, agriculture isn’t the only key player in Grenada’s stable economy.
As another beautiful Caribbean paradise, Grenada’s tourism sector is also steadily bringing in income for the country. But aside from temporary visitors, it has also gained a lot of patronage from individuals seeking second citizenship.
With the Grenada citizenship by investment program in place, the revenue of the island nation has grown substantially higher compared to the years without it. In exchange, the country has made it possible for its investors to enjoy perks of their Grenada citizenship and extended to their family members, particularly their spouses, dependent children below 25 years of age, and dependent parents above 65.
Why Choose Grenada for Your Family?
Grenada citizenship by investment can get you several economic advantages and international mobility, not to mention a relaxing lifestyle in a paradise-like country.
Of course, there are more advantages you and your family can enjoy with a passport from Grenada, including:
1. Cost-Effective Real Estate Investment Option
Since you’re bringing your family to Grenada with you, it’s only natural that you would seek the real estate investment option. After all, you can’t possibly call yourself an authentic resident of a country if you have to stay at hotels whenever you visit.
Fortunately, Grenada offers an attractive real estate investment option that can wash your worries away. Its real estate investment option has always been the go-to for many applicants because of its $350,000 minimum investment that you only need to keep for at least three years.
The best part is that such investment will cover not only the main applicant but his family members as well. Whether it’s just you, you and your spouse, four family members, and even five or more, you will only need to invest at least $350,000 to an approved real estate project, and you’re good to go.
Plus, you’ll also have plenty of properties to choose from. Whether you’re looking for a home to live in or hotels, villas, or resorts, which can also serve as an added source of income, Grenada has what you need.
2. Quick and Easy Application with No Residency Requirement
One thing that makes Caribbean citizenship by investment programs more appealing is the straightforward application processing. Like several other countries in the region, Grenada also offers quick and easy application for its investors.
Upon submission of your application requirements, you can expect a result in as short as two months or 60 days for the real estate option. Shortly after the citizenship approval is out, you’ll already be able to get your hands on your Grenadian passport.
Plus, the country also doesn’t impose any residency requirements on applicants to get approved. In fact, they don’t even require those who already hold a Grenada passport to reside there just so they can retain their economic citizenship.
The best part is that you don’t need to comply with strict requirements, like learning the local language, to be a part of the Grenadian community.
3. Preferred Access to Education
Aside from allowing your children to live with you in the country legally, they also have the privilege to get preferred access to the country’s top universities and schools. This means your child can get high-quality education while in Grenada and, ultimately, gain as good a life as what he had in your origin country – if not a better one.
You see, while economic citizens aren’t required to reside in the country to maintain their citizenship, many still do because of one particular academic institution: Saint George’s University.
This international university is considered the most prestigious on the Caribbean islands as it is world-renowned for excellent medical programs. Among the courses offered there are veterinary medicine, medicine, public health, and the health sciences.
One thing that makes this university more appealing to aspiring medical professionals is its record in providing the United States with plenty of doctors for the past couple of years. In fact, in 2017 alone, it has placed a whopping 900 doctors in the U.S. healthcare system.
With economic citizenship, your child could get preferred entry to Saint George’s. This is due to the fact that legal citizens of the country get up to 90 percent less in tuition fees compared to foreigners.
There are also many general educational benefits that a Grenadian citizen can enjoy. These include the following:
- Free schooling in the public educational system till the age of 16
- Meals and textbooks for public school students provided by the government
- An educational system modeled on British ones
- Several opportunities for higher education within the same country
- Many scholarships and rewards on offer for the top students of the country
- Easier access to acclaimed schools and universities based in other countries, including vocational schools and exchange programs
4. Lifetime Residency
Grenadian citizenship is a lifetime deal, regardless of how you acquired it. This is another reason why the citizenship by investment program is an excellent opportunity for people who want permanent second citizenship.
If you and your family become an economic citizen, there’s no turning back. Neither the government nor any subsequent changes in policy can threaten your claim as a legal resident of the country. This means you can enjoy the perks that go with it for the rest of your life.
Along with the right to live in Grenada, it’s also important to note that there is no residency requirement for maintaining citizenship in this country. You also get the benefit of no taxation on your worldwide income. Plus, your citizenship can include your family, including, parents, spouse, and children. With this passport, it’s also possible for you to travel to more than 127 countries without the need for a visa; these include China and the United Kingdom.
Possible Limitations
Having a second citizenship in Grenada may seem like a great idea, especially for those who want to easily travel to other countries. However, travelling with this passport does have its limitations and disadvantages. Here’s a brief look at some points that you should keep in mind before applying for Grenada citizenship:
- A Grenada passport means that you can only have 90 days in the Schengen area, as opposed to the 180 days that are possible with a visa.
- A stay in the UK is limited to 6 consecutive months with a Grenada passport. In order to marry, work, or study there, even citizens of Grenada need a relevant visa
- A Grenada citizenship is not enough for investors wanting to buy a residence in Europe or move there
An Important Decision
When you’re applying for second citizenship that can benefit both you and your family, you’re making a crucial decision for the future. Make sure you take into account all the advantages Grenada has to offer before you finalize your choice.
Author Bio
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, North America and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.