Grenada, often known as the Spice Island, is an island republic in the West Indies that started its own Golden Visa Scheme in 2013. The economy, which is heavily reliant on tourism and agricultural exports, intends to experience sustained progressive growth, for which it has been seeking foreign investment for quite some time. Its Golden Visa Scheme has been designed to meet the needs of the wealthy and the opportunistic.
The system has numerous features that set it apart from comparable schemes in surrounding nations. This feature has made it a popular choice among investors. However, you should decide for yourself whether the aforementioned program is worth your time and money. For that, we’ve compiled a summary of key details concerning the system. Here are five things to look forward to in Grenada’s Golden Visa Scheme.
1. What the investment requirement is
For interested applicants, there are two possibilities. The first choice is to put at least USD 150,000 into the National Transformation Fund or at least USD 220,000 into local real estate. In the case of the former, the National Transformation Fund, abbreviated NTF, was established specifically for the purpose of the program, and funds from it are disbursed for various developmental activities.
It is important to note that adding family members to the application will boost the value of the investment. In contrast, you can only invest in pre-approved properties when it comes to real estate. These pre-approved properties feature hospitality possibilities. As a result, before investing, it is prudent to do a thorough examination of the available properties.
2. Documents Required
In addition to documentary confirmation of the investment, you must also submit a slew of documents with the authorities. In general, you must submit a copy of your passport, your Identification Card, a certified copy of your birth certificate, passport-size photographs, medical records indicating your current health status, a police clearance certificate indicating no criminal record, and a statement of your income sources. If you are bringing family members, additional documentation will be required depending on the circumstances.
3. You can add certain family members
You are not free to include as many family members as you want to the application. Your spouse, children under the age of 30, parents and grandparents, and unmarried siblings over the age of 18 are all eligible family members under the plan. You will have to pay an additional fee for this, so keep that in mind when budgeting.
4. What do you get in return?
Grenada’s passport grants you access to a variety of privileges. Visa-free access to China, the Schengen Area, and the United Kingdom, among many others; easier registration of international companies and protection of the owners’ personal information; no taxes on international income or dividends; no inheritance or capital gains tax, or income tax; however, companies may be subject to certain terms that are not onerous.
You also receive a US B1/B2 tourist visa, which allows you to visit the United States of America for up to 180 days per year. Furthermore, Grenada accepts dual citizenship, but you must guarantee that your home country allows it as well.
5. Application process varies
The length of time it takes to complete an application is determined by the type of application and the materials supplied. In most cases, it takes 3 to 4 months. However, there are various reasons why the procedure is delayed; your application may even be refused at times.
False statements on the application form, conviction in another country for a crime punishable by at least 6 months in prison in Grenada, participation in disruptive actions against Grenada, or refusal of visa to a nation to which Grenada grants visa-free entry are all grounds for rejection. To increase the success percentage of your application, it is recommended that you employ a local agent who will assist you in completing the procedure with less inconveniences.