Grenada Citizenship by Investment: The Ultimate Guide

Grenada, a lush Caribbean island nation, is renowned for its stunning white-sand beaches, unspoiled rainforests, and rich spice heritage. 

Often called the ‘Island of Spice,’ it has long been a magnet for high-net-worth individuals drawn to its upscale resorts and tranquil lifestyle. 

Yet Grenada offers more than just natural beauty and tourism appeal – it has also earned a reputation as an offshore financial hub, bolstered by a respected citizenship-by-investment (CBI) program. 

While not the most affordable or the fastest route to a second passport, Grenada’s CBI program stands out for its credibility, strategic advantages, and the country’s solid global standing, making it an attractive option for discerning global citizens seeking to diversify their passport portfolio.

This in-depth guide will answer all your questions and dispel some of the myths surrounding Grenada Citizenship by Investment.

Grenada Citizenship by Investment: An Overview

Grenada Citizenship by Investment offers a pathway to citizenship through an economic contribution. This can either be done via a non-refundable donation to the National Transformation Fund or by investing in government-approved real estate. 

The minimum investment amount is US$235,000 plus government fees.

Known for granting access to 138 countries, including China, Russia and Schengen countries, Grenada’s passport is particularly attractive to investors seeking mobility and beneficial tax structures.

A CBI program is another term for economic citizenship. It usually comes about when a country’s government decides it wants to attract foreign investment by offering citizenship in return.

CBI programs are an established way for smaller countries to attract people and investment to their shores. Usually, a potential investor will have to satisfy one of the following conditions:

•    Make a non-refundable donation to a national fund
•    Invest in government-approved real estate 
•    Set up and run a local business that employs local people
•    Invest in government bonds or other financial instruments.

Only after the conditions of the CBI program are fulfilled will the investor be accepted.

Why Citizenship by Investment in Grenada?

Grenada is known for its immaculate natural environment, including sites like the Grenada Underwater Sculpture Park and the Seven Sisters waterfalls, located near the centre of the island. 

Holidaymakers from all over the world visit Grenada to enjoy its year-round sunshine. The island also retains the status of an offshore tax haven for high-net-worth entrepreneurs and investors.

Even though its population of just over 117,000 is somewhat small, its citizens are young and dynamic. The average age here is just 31 years old and the population is well educated, with both men and women ranking above average in areas such as literacy and school enrolment.

While Grenada’s colonial history is turbulent, with the Spanish, French and British all vying for control of the island, its modern-day international standing is solid. It’s part of the Commonwealth, the United Nations (UN) and the Caribbean Community Organisation (Caricom).

The island has an enviable location and is blessed with year-round temperatures of over 80 degrees Fahrenheit. It’s not all good news – it sits largely inside the hurricane belt, so seasonal storms remain a risk. 

The government is stable and has been for the last 35 years. The last major outbreak of political turmoil here came in 1983, when the United States led a ‘rescue mission’ to rid Grenada of the threat of communism. 

Since then, major improvements to the country’s infrastructure have seen it grow exponentially. 

Grenada’s Economy

With a small economy that is over-reliant on a few key industries, the Grenada Citizenship-by-Investment program is something of an economic lifeline for the island. 

Grenada has long suffered from high foreign debt, recently as high as 78.8% of the nation’s gross domestic product (GDP). The government has worked hard to balance the books by looking at alternative sources of income.

With some of the best beaches in the world, waterfalls, rum factories and spice farms, Grenada’s tourism is rapidly expanding, while its CBI program is helping to attract foreign investment.

Once an agriculture-based economy exporting nutmeg, cocoa beans, fish and wheat flour, Grenada has succeeded in becoming a tourism-focused and service-driven economy. 

Still, despite the country’s Prime Minister repeatedly stating that Grenada is not dependent on its CBI program, the numbers tell a different story. 

Since records began, Grenada’s CBI has grown each year:

• 2019 was a record year: the Grenadian Government raised US$61 million (a 13% year-on-year increase)
• In 2021, 566 investors applied for Grenada citizenship (a 30% increase from 2020)
• 402 applications were approved, and a total of 1,272 citizenships were granted throughout 2021 under the CBI program
• In 2022, Grenada issued 453 new citizenship-by-investment visas, with only eight rejections.

The country’s CBI program had a record-breaking year in 2023, with 2,297 applications.

Who Should Apply?

For the willing investor, Grenada offers a few distinct advantages that no other CBI country in the region can offer. 

To begin with, it’s one of only two Caribbean citizenship-by-investment programs that offer visa-free access to China. If you do business, it might make sense to choose Grenada over other options. 

Secondly, since Grenada signed a treaty with the United States, Grenadian citizens have traditionally had easy access to the US via the E-2 Investor Visa. The treaty allows Grenada passport holders to enter, invest and work in the US with certain restrictions and prerequisites. 

However, all that changed with the US’s Advancing Mutual Interests and Growing our Success (AMIGOS) Act, which was signed into law by the Biden administration in 2023.

This act’s provisions created two key changes to the eligibility for E-visas to enter the US:

• Portugal is now a designated treaty country, and Portuguese passport holders are able to obtain E-1 and E-2 visas as traders or investors. This allows them to enter the US for up to two years and participate in trade or investment activity there.
• E-visa eligibility has been limited to applicants who have citizenship of a treaty country through financial investment and must have been domiciled there for a continuous three-year period before applying for the E-visa. 

As such, by creating favourable conditions for Portuguese passport holders to enter the US, the AMIGOS Act could negatively impact the citizenship-by-investment programs of countries like Grenada and Turkey.

Typically, an investor doesn’t intend to stay long-term in such countries in order to qualify for a US E-visa, so it remains to be seen what impact the AMIGOS Act will have on demand for Grenada’s CBI program. 

Another reason to choose Grenada CBI is that investment contributions automatically cover a principal applicant and three dependents.BI? It’s a great option for families. Investment contributions automatically cover a main applicant and three dependents.

The E-2 Visa – Access to the United States 

Grenada’s E-2 Visa treaty with the United States is one of the program’s unique advantages. Although not guaranteed, the potential to access the US is highly coveted and Grenada is the only Caribbean CBI program to offer it. 

It means having a Grenadian passport allows you to obtain a visa to live and work in the United States while operating a business there.

That’s an incredible opportunity for those who’ve always wanted an ‘in’ to the US, along with those considering renouncing their US citizenship.

It’s not guaranteed that you will get into the United States, but if you are granted an E-2 Visa, it’s valid for five years. 

It can be renewed as many times as you like as long as you maintain your investment in Grenada. The benefits of the E-2 include the holder’s spouse being able to seek employment in the US freely. The E-2 Visa processing time is only two months and your parents and children under the age of 21 can also enter the US.

Another advantage is free education in US public schools and dependent children (up to 21 years of age) don’t have to pay the same tuition as international students.

Grenada isn’t the only country with this potential – Turkey also has an E-2 treaty with the US, so you could gain access to the US via its CBI program. However, Grenada is the only Caribbean country with an E-2 treaty, while Turkey demands a higher premium and has other drawbacks compared to Grenada.

Grenada Citizenship by Investment Reforms

The Grenada CBI program is not without its issues. One example was an aquaculture project that collected CBI investor money but then failed to materialise.

Although it has not been enforced yet, Grenada signed an extradition treaty with China, the main source of CBI applicants.  The treaty was taken by many as a warning to criminals that Grenada wouldn’t hesitate to extradite people if required.

With that in mind, it should also be noted that Grenada means business when it comes to due diligence, and the government has consistently stated that it will not compromise its security checks on prospective CBI candidates.

In the face of stiff competition in recent years from its neighbours and other CBI programs around the world, Grenada has tightened up the integrity of its CBI program.

In March 2022, Karline Purcell, Chief Executive of Grenada’s Citizenship-by-Investment Program, stated that: ‘The government of Grenada has decided to temporarily suspend the acceptance of new applications from Russians and Belarusians.’

To stay competitive, the Grenadian CBI program has undergone continuous reform since its inception under the Citizenship by Investment Act of 2013. 

According to the country’s Minister of Trade, Oliver Joseph: ‘You would note that there is no amendment that reduces prices. We must have a program that offers attractive benefits without having to reduce the price.’

That’s why Grenada CBI is not the most affordable option, but certainly one of the most reputable. Thanks to the recent changes:

• The definition of a ‘dependent’ has changed: Dependent parents and grandparents older than 55 years can be added under the principal applicant; they do not have to live with the applicant.
• Unmarried siblings older than 18 years of age of the principal applicant and the spouse can also be added.
• Children born within 12 months of an applicant obtaining citizenship will automatically be added.
• Dependent children can be aged up to 30 to be added to an application.
• Dependent children between 18 and 30 years of age no longer have to be enrolled in college or university to be eligible.
• Applicants don’t need to be permanent residents before applying for citizenship, saving paperwork and time.
• Applicants need to retain the real estate investment for a minimum of five years to hold on to their citizenship.
• Grenada will keep real estate investors’ money in escrow as opposed to handing over the cash to developers. It will only release the funds if developers have their own money vested in the project and can show they are making actual progress with a project.

These upgrades have certainly grabbed investors’ attention, and the result is that the Grenada CBI program is now more popular than ever.

Minimum Investment Raised for Grenada Citizenship by Investment

Grenada’s Citizenship by Investment (CBI) program recently saw a price increase following a new Memorandum of Agreement (MOA) signed with St Kitts and Nevis, Antigua and Barbuda, St Lucia and Dominica. 

This agreement, which came into effect in June 2024, was established to enhance regional standards and address international scrutiny of CBI programs. 

The initiative focuses on improving transparency, sharing information on applicants, regulating agents and implementing joint training. 

As a result, there will be stronger vetting processes and a shared digital portal for information exchange, although these changes come with higher investment requirements across the Caribbean.

How to Get Grenada Citizenship by Investment

If you want to obtain a Grenada passport through CBI, you have two different investment options: 

Option 1: Make a Donation: Donate US$235,000 to Grenada’s National Transformation Fund.

Option 2: Invest in Real Estate: Invest at least $270,000 in pre-approved real estate shares.

Even though the CBI program has undergone considerable change, the investment types have remained the same. 

You must use a local government-authorised agent to apply for your citizenship for both the donation route and the real estate investment route. 

See our step-by-step guide to each of the investment options below.

The Donation Route: The National Transformation Fund

Grenada offers applicants the option to pay a pre-set sum into its National Transformation Fund (NTF), responsible for financing infrastructure projects on the islands. 

The contribution is a one-off payment that grants you immediate citizenship. 

The sum is US$235,000 for the principal applicant and three dependents. Each additional child adds US$25,000; parents add US$50,000 and siblings (over 18, unmarried with no children) add US$75,000 to the total bill. 

But other fees must be paid:

• The application fee is US$1,500 per person – payable once, regardless of how many people are applying
• There is a processing fee of US$1,500 per person for a single principal applicant or a couple; add an additional US$1,500 for each 18+ dependent and US$500 per child aged 0-16
• The due diligence fee is US$5,000 per person for a single applicant or a couple; every additional person aged 17 or older will add US$5,000 to the total bill.
• There’s an interview fee of US$1,000 per adult.

Overall, a single person choosing the donation route will pay approximately US$244,000 to the NTF, whereas a family of four with two young children will be charged a minimum of US$250,500.

The Real Estate Investment Option

To qualify for a Grenadian passport, you have two real estate investment options: purchasing co-owned or fully owned real estate.

For co-owned real estate (typically resorts, hotels, and so on), you’ll have to purchase shares in a unit in an approved project by two or more individuals valued at a minimum of US$540,000.

If you want full ownership of the property (usually a high-end villa), then you can either pay US$350,000 for a full property investment or pay US$270,000 for each share in a unit (which is usually applicable in co-ownership agreements).

As with the donation route, you can expect to pay application, processing, due diligence and interview fees. Though these will vary depending on the age of the applicant (if applying as a family).

That said, you may not want to live in Grenada permanently. However, it’s certainly possible with weekly direct flights to New York, Miami, London and other major hubs.

Investors who choose the real estate investment route are usually looking to generate rental income for five years after securing citizenship, as the real estate must be held to retain citizenship. 

If you choose the real estate option, the government fees are considerably higher than the donation route: 

• Whether you’re applying as a single, couple or family of four, the real estate investment option requires US$50,000 in administration fees. Additional people will add US$25,000 each to the bill.
• The application fee is US$1,500 per person.
• The processing fee is US$1,500 per person for a single principal applicant or a couple, an additional US$1,500 for each dependent over 18 and US$500 per child aged 0-16.
•  The due diligence fee is US$5,000 per person for a single applicant or a couple and every additional person aged 17 or older will add US$5,000 to the total bill.
• There’s an interview fee of US$1,000 per adult (person aged 17 or over).

After the five-year holding period is up, you can sell your real estate.

Recently, the government approved the sale and purchase agreement of CBI properties in the secondary market. This means you can buy an investment property from another CBI applicant when they are ready to sell. 

New Developer Requirements

Generally speaking, the CBI industry has fallen victim to real estate developers collecting investor money and then stalling the development, or never finishing at all.

In fact, about one-third of all Caribbean real estate developments, including those in Grenada, are ever completed. However, Grenada is trying to solve the problem. 

It recently changed the law to require developers to invest 20% of their own funds in their projects.

It’s hoped the 20% equity stake will prevent half-built projects, with many industry professionals lauding the change as Grenada’s CBI program moves in line with international standards.

Developers who cannot prove that they’ve covered one-fifth from their own pocket risk losing all the CBI capital.

This change, combined with the new rule to keep real estate investors’ money in escrow rather than handing it over, has given Grenadian CBI a boost in terms of accountability and trustworthiness. 

Grenada Citizenship-by-Investment Program: Step-by-Step Process

Are you set on obtaining your Grenadian passport? Do you have an idea of which investment route you’d like to choose?

First, you’ll need to check if you’re eligible under the following criteria:

• 18+ years old
• No criminal record
• Proof of legal income and your net worth
• Be in good health
• Not under sanctions, restrictions or bans on entry to the European Union, the US, the UK and Canada
• Haven’t been convicted for a crime for which the punishment is 6+ months imprisonment or more
• Are not under current criminal investigation.

The Grenada Citizenship-by-Investment program isn’t complicated; the entire process is entirely digital, takes about four months and can be accomplished in five steps: 

1. Pre-Check

To speed up the application process, there is now a pre-check step.

You initiate your application process by sending in the main documents. The application must be sent by agents rather than directly to the Investment Committee.

Several Caribbean nations, including Grenada, have introduced a mandatory interview as part of the CBI process. 

The good news is that the interview can be conducted remotely.

This pre-check step streamlines the application process and allows the due diligence checks to start. You will need to submit the following documents: 

• Application form
• Current passport
• Birth certificate 
• Picture ID
• Police clearance certificate
• Education certificate
• Proof of address
• Marriage/divorce certificate
• Bank reference
• Proof of source of funds
• Various other forms, including:
  • Form One (Personal Information form) Certified 
  • Form Two (Fingerprints required) must be completed by a forensic officer
  • Form Three (particulars for the Office of Home Affairs)
  • Form Four (Medical History) completed by an authorised physician
  • Form 5 (Employment Status/Source of Funds)
  • Form 6 (Investment Confirmation).

2. Submit the Entire Application

Once the pre-check is in motion, you move to execute a Purchase and Sale Agreement and pay the deposit if you are investing in real estate. 

You must pay the government processing and application fees as you send in the full application.

3. Processing and Decision

The CBI unit will take approximately 4-6 months to process your application. Although Grenada didn’t previously require an interview, an interview process was recently introduced for applicants and dependents over 17 years old. 

 4. Pay Remaining Balance

If your application is approved, you will have to pay the remaining fees, make the donation or finalise the purchase of real estate. 

Within 30 days, you will receive a certificate that allows you to request a passport.

5. Get Your Passport

Take an Oath of Allegiance and apply for your passport. You should receive it within a couple of weeks. Grenadian passports are valid for five years. 

The passport can be sent to Grenada for renewal and does not require the passport holder’s presence. It can also be renewed through a Grenadian Consulate in the country where the passport holder resides.

The Benefits of Grenada’s Citizenship Program

The advantages of Grenada Citizenship by Investment are many: 

• Access to 138 countries: All of Europe’s Schengen Area, China, the UK, some Balkan countries and some of Latin America are available to you visa-free with Grenada CBI. 
• E-2 Visa treaty: An investor visa to the United States is accessible to all Grenadian citizens. 
• Speedy processing: The government has worked hard to process applications quickly by introducing a pre-check step in the application process.
• Pass it on: Your Grenada citizenship can be passed on to your children and their children. 
• Grenada recognises dual citizenship: Grenadian citizenship offers the right to live and work in the country for as long as you want. Grenada recognises dual citizenship and there are no restrictions on retaining existing citizenships. 
• No language requirement: The application process is straightforward and the requirements do not include a language test.
• Entirely digital process: From the document submission to obtaining your passport, the entire process is fully digital. You won’t need to travel to Grenada for any part of the application.
• Children, parents, grandparents and siblings are eligible: The principal applicant can add their entire family under one application.
• Attractive tax regime: Grenada has long been a tax haven. For non-residents, there is no tax on worldwide income and no wealth, gift, inheritance or capital gains taxes. Generous corporate tax incentives exist, including exemption from import duties, tax relief benefits and an export allowance.
• No physical presence requirement: You don’t have to visit or live in Grenada for any period of time. 
• The process is confidential: None of your personal information will be relayed to any third party and the entire application process is confidential. 

The Cons of Grenada Citizenship by Investment

There aren’t many disadvantages to having Grenada Citizenship by Investment. But, there are a few sticking points, especially when the Grenada CBI program is compared to other programs in the region. 

• High price-point: While it is still comparatively affordable, Grenada CBI isn’t the cheapest for individuals, so you will be paying a premium when you opt for Grenadian. However, the program does offer good value for families.
• Trouble renewing passports: Stories of investors having a hard time renewing their passports have been circulating online. That’s not to say that you will face the same issues, but it’s something to keep in mind.

Grenada Citizenship by Investment: FAQs

Taking the Next Steps

With its rainforests, hidden coves, lush spice plantations, and friendly atmosphere, Grenada has all the prerequisites for a perfect beach holiday. It also offers the option to invest in the country in return for citizenship. 

Make no mistake: you’re paying a premium when you opt for CBI in Grenada.

Grenada’s Citizenship-by-Investment program is one of the only CBI programs to allow adult siblings of the applicant to be included, as well as dependent children of up to 30 years old.  If children are under 18, they need to be partly or entirely dependent on the principal applicant.

Once you’ve made the decision to go for Grenada citizenship, can you be confident that the island country offers a stable investment climate and an accessible application process?

In short, yes, you can. Grenada has made significant moves to speed up approvals and simplify the paperwork.

Our confidence in Grenada’s CBI program has grown in the wake of other changes to the way real estate investments work, especially the escrowing of investors’ cash and the 20% own-capital rule that developers must now follow. 

As always, if you think you want to pursue citizenship in Grenada, it’s important to reflect on your goals before you commit. 

What do you want to accomplish? Is paying the premium worth it? And, if you want a visa for the United States, are you willing to stay in Grenada to get it? 

Naturally, you want the best passport for the best possible price and one that gives you exactly what you’re seeking. 

Whether that means more freedom, financial growth or more travel opportunities, our team at Nomad Capitalist can help you find the second passport that’s right for you. 

If you want to learn more about our programs and work with our team, become a client today.