Have you ever dreamt of living in a beautiful Caribbean island-state as a citizen? The idea of dual citizenship is fascinating, not to mention beneficial too. For years, Grenada has been attracting people from every corner of the world.
Its sumptuous resorts, crystalline shores, and soothing nature make it one of the most favorite relaxing getaways for high-net-worth people. But the island does not just depend on tourists’ money. It also offers CBI or citizenship by investment. So, with Grenadian citizenship, you can hold a second passport.
Grenada started its CBI program back in 1997, which stopped after a terrorist attack in 2001. After that, the island-state relaunched the program once more in 2013, making it one of the most lucrative offers for people around the world.
But notably, many of Grenada’s neighbors are also using the same technique to attract investors. The question is, what does Grenada offer that others don’t? So, here are the pros and cons of Grenada citizenship.
Pros of Grenada Citizenship
There are various Grenada citizenship benefits to name. But, its fast application clearance is something noticeable. Grenada’s citizenship application process is speedy and straightforward. In case you need second citizenship quickly, Grenada citizenship would be a perfect choice. If you invest in real estate, you could even receive your passport within 60 days.
Recognized Dual Citizenship
You would never want to renounce your current citizenship to attain a second passport. Luckily, Grenada doesn’t have a problem with your current citizenship. It recognizes dual citizenship. So, you can be both a citizen of your home country and Grenada. Plus, Grenada does not inform anything to your residing country about your citizenship, ensuring your privacy.
Opening the Commonwealth
While attaining a second passport, one should always check the passport strength. Passport strength means whether your nation has the global recognition to travel or trade freely with other countries. We should not forget that Grenada is a part of the Commonwealth regime. So, with a Grenadian passport, you can travel freely across the 52 member nations. It also opens up many trade opportunities in the group.
Unlocks China and Russia
Grenada passports are one of the most beneficial options for people doing business in Russia or China. Grenada is among the 11 countries that allow free travel without requiring a Visa. Hence, it is an ideal passport option for conducting business in Chinese hubs.
US-E2 Visa Access
Grenada is a US treaty nation. Hence, Grenadian citizens are entitled to apply for an American E-2 Investor Visa, one of the most coveted visa options. It allows you to work and stay in the US in exchange for a certain amount of investment (USD $100,000).
One of the best Grenada citizenship benefits is its tax regime. Grenada doesn’t impose a tax on foreign income, inheritance, wealth, capital gains, or gift tax. The island-state also offers generous incentives, including an attractive tax regime that discounts IBCs from corporations and income.
Family Friendly Permanent Lifetime Citizenship
Grenada offers family-friendly citizenship. If you have a family obligation, Grenadian citizenship is one of the most reliable options. You can add children, dependent people, and siblings to your family list in exchange for an additional fee. Also, the Grenadian passport offers lifetime citizenship, meaning no policy change in the island-state can threaten your claim.
No Residence Required
Another Grenadian passport program benefit is that it does not demand you to stay or reside inside the territory to acquire its citizenship. Instead, you can process everything digitally, even without coming to the island state. Furthermore, you also don’t have to necessarily stay here after you’re an approved citizen.
Cons of Grenadian Citizenship
Not That Cheap
The price for the Grenadian passport is not the lowest in the region. Apart from the $150,000 initial payment, there are several other payments too, making it a pretty substantial investment.
Fact is, Grenada is not a stable economy. Plus, its economy depends on external factors. Hence, long-term investment in an unstable economy is a risky decision to make.
Remoteness from European Countries and Russia
Even though Grenada is a Commonwealth country, it sits far from European dominion or Russia. Due to its remoteness, many people prefer to avoid its passport program.
The Grenada Passport program is one of the most famous CBI or citizenship by investment programs. The state-island offers extensive benefits – from commercial to personal – through its citizenship program. Plus, you get to visit around 120 countries either visa-less or visa-on-arrival. The Grenadian passport program also respects your privacy and keeps your data safe and secured. Thus, it can be said that Grenadian CBI is one of its kind, and you should definitely go for it.