Grenada’s citizenship program is unique in a number of ways, and it varies from those of its regional and international counterparts. The benefits of Grenada citizenship through investing are numerous. Grenadian nationals have easy access to the US under the E-2 Investor visa, which is a valuable advantage for a foreign investor. Also, there are no taxes on capital gain, inheritance, gift, or wealth anywhere in the world. Grenada, being a tax-friendly country—having no gift taxes nor tax income, provides anyone who can invest or donate monies to the government a fast track to citizenship. It boasts one of the world’s fastest CBI programs with an average processing time of 3 months or less and cost the least out of all the citizenship by investment programs. Investors benefit from certain advantages that no other CBI countries in the region can offer. Grenada’s solid reputation also makes it a viable option for high-net worth investors looking to expand their passport portfolio. So, the question is, how much does the Grenada CBI program cost? Read more to find out.
Update: Congress passed the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 (H.R. 7776/NDAA) on December 15, 2022.
Individuals who have obtained citizenship through financial investment must have been residing in that country continuously for at least 3 years before applying for an E Nonimmigrant Visa.
The residency requirement does not apply to individuals previously granted E nonimmigrant status. The changes will limit the use of “Citizenship by Investment” programs of countries, such as Grenada, that have allowed investors who obtain citizenship in a treaty visa country to secure E-2 Nonimmigrant Visas while waiting for an available immigrant visa.
Since the Grenadian Parliament passed the Citizenship by Investment Act in 2013, the Grenadian CBI program has underwent several modifications to keep up with the times and maintain a competitive advantage. While every other Caribbean CBI has dropped its prices, Grenada’s government has chosen an unexpected route—keeping its pricing the same and offering some additional benefits, giving more profit to the investor. In 2023, the minimum investment amount for Grenadian passport (citizenship) typically costs over $150,000 US Dollars.
- Purchase Home – a minimum cost of $220,000-$350,000 OR
- Contribution Charges – How much do you have to pay will depend on your situation—a minimum cost of $150,000 for a single applicant, $200,000 cost for a main applicant with up to 3 dependents, and a payment cost of $25,000 for any additional dependent
- Government Processing Fees – an estimated cost of $12,000
- If an application includes an eligible parent not exceeding the age of fifty-five years, an additional contribution cost of USD 50,000 will be charged with the post-approval fees.
- If an application includes an eligible sibling, an additional charge of USD 75,000 will be required with the post-approval fees.
As mentioned before, Grenada passport holders can apply for an E-2 visa. It will grant them access to go, live, and freely work in the United States. However, they must first create or purchase a business in the US to do so. The average investment amount has not been stated, but a valuation amount of $100,000 is typically required. For citizens of other countries, the requirements are much more stringent and the cost estimates are a bit more expensive. For Russian citizens, for instance, a minimum amount of $800,000 needs to be expended to acquire an E-2 visa. The fees, expenses, and total expenditure for an E-2 visa cost will depend on the lawyer’s compensation and any other externalities.
Republic Bank of Grenada is the regulatory body that has framework and monetary policy for moving assets and money outside of Grenada.