How many investors received Grenada citizenship in 2022?
458 investors applied for Grenadian citizenship between October and December 2022. The Citizenship by Investment Committee has processed only 128 applications — all were approved.
The demand for Grenadian citizenship is growing for the fifth consecutive year: from July to December, the number of submitted applications tripled.
Author •Zlata Erlach
Head of the Austrian office
How many investors received Grenada citizenship in 2022?
The Grenada citizenship program has been operating for almost 10 years and been increasingly in demand among investors. This is confirmed by the program’s statistics, which are published quarterly by the Grenadian Ministry of Finance.
To get a Caribbean passport, investors choose one of two investment options:
non-refundable contribution to the state fund of at least $150,000;
purchase of real estate for at least $220,000.
How many passports has Grenada issued to investors
453 investors were granted Grenada citizenship of Grenada in 2022. This is about 12% more than last year. In total, the Committee for the program received 1,251 citizenship applications. Committee employees reviewed 461 of them: 8 applications were rejected.
453 investors
Received citizenship of Grenada in 2022
Along with the investors, Grenada citizenship was granted to their family members. A total of 1,486 passports were issued under the program.
In the second half of 2022, Grenada received 920 citizenship applications: a record number. The Committee for the program processed only a third of them so far.
The high demand is attributed to the fact that citizenship of Grenada is available to Russians, unlike other Caribbean programs. At the same time, Grenada does not publish statistics on the nationalities of applicants, so the exact reason is unknown.
How much did the program participants invest, and what they invested in
Approximately 362.5 million Eastern Caribbean dollars (≈ 134 million US dollars) were earned by Grenada through the citizenship program in 2022. This is a new record — 23% more than last year and 30% more than in 2020.
The majority of investors — 332 out of 453 — chose the option of buying real estate. Real estate projects that can be purchased under the citizenship program are approved by the Government of Grenada. These are primarily five-star hotels.
Investment in Grenada real estate is growing for the third year in a row. Before that, the non-refundable state fund contribution was the most popular option.
Return on investment is the main advantage of the real estate purchase option. The property can be sold after 5 years of maintaining the citizenship status.
Grenada real estate is a liquid asset: property prices in the Caribbean are growing by an average of 3% per year. This means that investors will be able to return the invested money and make a profit on the difference in price.
Investors also receive additional income: real estate under the citizenship program is rented out after the property starts its commercial operation. The investor’s share is specified in the contract with the management company that monitors the process. The rental yield is usually 3—5% per year.
Examples of properties in Grenada
Grenada, St. George's
$270,000 — $350,000
Share or apartments in full ownership in an oceanfront university complex
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What are the benefits of a Grenada passport?
The opportunity to travel without a visa to 146 countries, including the Schengen states, the UK, Hong Kong, Singapore and China. As for travelling to the US, citizens of Grenada receive a tourist visa already valid for 10 years.
Business visa to the US. The E‑2 visa to the US is available for investors with a Grenadian passport. This visa is nonimmigrant, but it allows moving to the States to conduct business in the country.
Tax optimization. Grenada does not tax world income, inheritance, capital gains and wages.
Opportunity to send children to foreign universities. With a Grenadian passport, it will be much easier for the children of investors to enrol in the US, UK, and universities. In some cases, no student visa will be needed. Parents can save on school fees and visit their children at any time.
Immigrant Invest is a licensed agent of citizenship programs in the Caribbean. If you want to get second citizenship in Grenada, please consult the experts in investment programs.
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