All about Grenadian citizenship: pros and cons

Visa-free entry to dozens of territories and favorable tax laws are the main advantages of a Caribbean passport for Russian investors. The Grenada government’s economic citizenship program is well thought out and attracts wealthy individuals from around the world. There are also numerous Grenada Citizenship Benefits : from visa-free travel around the world to educating children in the UK.

Naturally, program provisions change over time. High Commissioner Percival Claudin gave a detailed interview about citizenship in Grenada, explained the key aspects of obtaining a passport by investment, and shared some interesting statistics.

Pros and Cons of Grenada’s Economic Citizenship for Russian Nationals

Businessmen who don’t want to halt their business development during the crisis need to find new ways to promote their enterprises. Experts recommend considering Grenada’s business transition program, which is the most advantageous in the region.

Grenada began issuing investment passports in 1997. Investors and their relatives can obtain documents (participation in the program is subject to a pre-determined fee). Investments in resort real estate can be returned after a five-year ownership period.

Key benefits of obtaining a Caribbean passport for investing in the national economy:

• Affordable costs. The minimum application amount for participation in the program is $150, 000 plus fees. Administrative costs and agency services are included.
• Short processing time. From the moment a complete set of documents is submitted, it takes less than six months to receive a full passport.
• Remote processing is possible. Passport applicants do not need to fly to the islands to submit an application or attend an interview.
• Important advantages of a business passport: 116 visa-free countries, significantly reduced tax burden, return on real estate investments, easy cooperation with European banks, and seamless asset registration with a second document.

There are no significant disadvantages to obtaining Grenada citizenship through the investment program. Points requiring special attention on the part of the applicant should include due diligence checks. An independent commission will carefully study the applicant’s biography and analyze his business, financial and social activities. It is important to provide officials with the most complete and truthful information about yourself so that there is no need for additional checks.

Following the established list, you should take a less responsible approach to collecting documents. All documents must be translated and apostilled. Documents must be submitted only through an authorized body. The company acts as an intermediary and frees the investor from bureaucratic difficulties.

Caribbean Alternative Programs: Saint Lucia and Saint Kitts and Nevis

Caribbean countries compete with each other for the attention of foreign investors. The Business Migration Program best demonstrates this. Governments are trying to make positive aspects more significant and neutralize existing shortcomings. The list of undeniable advantages has always included the opportunity to travel around the world without a visa, register companies, real estate and accounts using a second passport.

For example, Saint Lucia citizenship by investment has been issued for more than 30 years, and at the same time, interest in it has not waned. You can either invest in government funds (non-repayable grants) or buy real estate (with the option to sell the property after five years). In an interview with forbes. ru, Nestor Alfred, head of government programs, said that in 2020, applicants for a Saint Lucian passport will be able to invest in one of two local five-star hotels.

Citizenship of Saint Kitts and Nevis also has its advantages. This is a feature that speeds up the registration process for an additional fee, as well as visa-free entry into 154 countries and lenient tax laws. This was announced by official representative Les Khan, who emphasized that citizenship of St. Kitts and Nevis is an excellent alternative to a Grenadian passport.