Grenada citizenship: how to pass bank Due Diligence and get the freedom of movement
In April 2022, my wife and I decided to obtain a second citizenship. A colleague advised me to consider the Caribbean passport. So we found the Immigrant Invest website and booked a personal meeting.
After consultation with Immigrant Invest lawyers, we decided to obtain a Caribbean passport in Grenada, which conducts strict bank checks. The lawyers helped us collect all the documents and get second citizenship in seven months.
Diji, 67 years old
Owner of veterinary clinics in Nigeria
Clients’ names and photos have been changed
This case was provided by our expert
Head of Legal & AML Compliance Department, CAMS, IMCM
Grenada citizenship: how to pass bank Due Diligence and get the freedom of movement
Diji owns a network of veterinary clinics in Lagos, Nigeria. His wife, Bimpe, is a housewife. At 67, the investor and his wife love outdoor activities and travel frequently.
Now they would like not only to rest for two or three weeks abroad but also to be able to spend some quality time on vacations and treatment. Therefore, the couple thought about second citizenship for travelling.
Diji and Bimpe applied to Immigrant Invest on April 21st, 2022. Immigrant Invest lawyers drew the couple’s attention to the Grenada citizenship program, one of the most sought-after Caribbean offer: 350—400 investors received Grenada passports every year, and the number of participants had been growing for the sixth year in a row.
The popularity of the Grenada citizenship program among investors was due to the following significant advantages:
Travel without visas to 146 countries, including the Schengen states, the UK, Hong Kong, China, and Singapore.
Obtaining an E‑2 US business visa, allowing the investor to move and live in the United States and study and work in the country.
Applying for a 10-year US visitor visa.
Tax optimisation: Grenada has no taxes on inheritance, capital gains and global income.
Grenada is a tropical island in the Caribbean. The air temperature on the island is stable and rarely drops below +20°C. Grenada has many white sand beaches and evergreen forests
Preliminary Due Diligence
Immigrant Invest conducts a preliminary Due Diligence check before signing a cooperation agreement with an investor. Such a check helps to identify potential risks, including sanction ones.
Our certified Anti-Money Laundering Officer checked Igor for risks. The investor had to provide only a copy of his passport to pass preliminary Due Diligence. The preliminary check took one day.
Diji’s financial history turned out to be clean: he paid taxes yearly and had no criminal record. The check showed that the investor would get Grenada citizenship with a probability of 99%.
Vladlena Baranova,
Head of Legal & AML Compliance Department, CAMS, IMCM
Only scammers can guarantee 100% approval of an investor’s application. Immigrant Invest’s preliminary Due Diligence helps identify the likely reasons for refusal, the so-called “red flags”. If an investor does not have them, we conclude an agreement for legal support under the Grenada citizenship program.
Preparing documents and a new bank Due Diligence
Immigrant Invest lawyers prepared documents for Diji’s application for participation in the Grenada citizenship program. The main documents that Diji provided to the CBI Unit were the following:
the investor’s questionnaire;
a passport copy;
a copy of the spouse’s passport;
a marriage certificate;
a bank income form;
a health insurance certificate;
a certificate of no criminal record;
photos;
a power of attorney for Immigrant Invest lawyers.
Bank clearance is an obligatory stage of an investor’s Due Diligence check. If the bank gives a positive opinion on the main applicant’s sources of wealth, the CBI Unit conducts Due Diligence. If the investor does not pass the bank check, they will not get Grenada citizenship.
In the spring of 2022, Grenada introduced a new banking form in which the investor must indicate all sources of income and assets. The form was presented to expedite the bank clearance procedure.
Vladlena Baranova,
Head of Legal & AML Compliance Department, CAMS, IMCM
Investors used to provide regular bank statements, but now they must disclose information about all assets. For example, suppose an investor has chosen the option of a non-refundable contribution. In that case, they must prove the legality of the origin of the money and the fact that the money was not credited to the account from a sanctioned bank.
Diji provided Immigrant Invest lawyers with documents confirming his income sources and assets' availability.
Immigrant Invest lawyers filled out the bank form, translated documents, certified copies, drafted affidavits and filled out government forms. After that, the package of documents was sent to the Grenada CBI Unit.
The form is required only for the main applicant. If the sponsor pays for participation in the program, then the form is filled out for the sponsor
Due Diligence in the Grenada CBI Unit
Due Diligence usually takes six months. The timing of bank clearance is not established: it takes from a couple of weeks to several months. The CBI Unit transfers the investor’s documents to the bank, receives an opinion and then conducts its own Due Diligence.
Diji chose the option of a non-refundable contribution to a state fund to get Grenada citizenship. Immigrant Invest received a notice of approval for Diji’s application five months later. No additional questions arose during the check.
Fulfilment of the investment condition and obtaining passports
After the Due Diligence check, the investor was given 30 days to transfer the investment to the state fund of Grenada. Diji made the payment within two days.
The total investment for the spouses was $200,000.
Documents are prepared within four weeks of the transfer of investments. On October 19th, 2022, Diji and Bimpe received their naturalisation certificates and Grenada passports. Participation in the citizenship program took seven months.
7 months and $217,650 were spent by the spouses to obtain Grenada citizenship
Diji contacted Immigrant Invest
Preliminary Due Diligence
Signing an agreement with Immigrant Invest
Preparation of documents
Applying for Grenada citizenship, paying fees
$6,000
Due Diligence by the Grenada CBI Unit
$10,000
Immigrant Invest received a notice of approval for Diji's application
Diji contributed to the Grenada state fund
$200,000
Preparation of documents for the investor and his family
$1,650
Spouses received their naturalisation certificates and Grenada passports
Spouses’ life with Grenada citizenship
As soon as Diji and Bimpe received Grenada passports, they went to Italy. They also plan to visit Austria and Germany for ski resorts and health checkups. While holding Caribbean passports, they can stay in the Schengen countries for 90 days within 180 without visas.
Another desirable destination for the couple is the USA. As Nigerian citizens, they could get only 2-year visitor visas. But Grenada passports have allowed them to qualify for 10-year B‑1/B‑2 visas.
Suppose Diji and Bimpe decide to apply for US visas as Caribbean citizens. In that case, they will most likely do it in Barbados — and visit Grenada afterwards to spend some time on a beach vacation or go on a cruise trip.
New opportunities for Igor's family with Grenada passports
Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.
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