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The benefits of citizenship in Grenada in 2020

Obtain citizenship in Grenada in 2020

2020-01-08
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Grenada is an island nation situated in the south-east of the Caribbean Sea. English is the official language of the country, but Patua, a French dialect is also common. The country's economy is based on the service sector.

A large share of Grenada’s income is generated with tourism. Offshore financial services have been provided in the country since the end of the 90s. The food and textile industry is the most developed one. The state is a part of the international organization of ACP countries.

Features of the citizenship program

In the late 90s, Grenada launched a programme to obtain economic citizenship through participation. In 2013, the program was updated. It is possible to obtain a passport of Grenada in a relatively short period of time - 60 days only.

The essence of the program is that an investor contributes to real estate, which can then be sold, or makes a contribution to the Fund without the possibility of receiving funds back. After depositing the money it is possible to obtain citizenship for yourself, as well as for your family - children, parents, brothers and sisters.

At reception of citizenship of the given country there are no conditions concerning knowledge of language or history of development, as well as no requirements on residing within the state. When obtaining a passport, the investor has access to visa-free regime in more than 100 countries, including EU member states. It is possible to optimize tax payments.

Pluses of participation in the program and basic requirements

By investing money, you can obtain citizenship and travel to other countries without a visa. Plus citizenship in Grenada is loyal tax law.

The main advantages:

  • An application for a visa is processed promptly, usually within two months;
  • It is possible to visit different countries;
  • There is no fee for the analysis of the identity of the spouse;
  • It is possible to register a company;
  • There is no need to pay fees for profits, which were received out of the jurisdiction, luxury goods and inherited property;
  • The investor must have reached the age of majority (18 years) and must not have a criminal record. It is obligatory to pass a security check as well as have a sufficient health condition.

Investor must be able to prove the origins of money. Not only the investor can get a passport, but also a spouse, children under 30, parents, grandparents, sisters and brothers may do so. Children over 18 years and parents must be dependent on the investor. You can learn more about the nuances of obtaining citizenship from our experts at IT-OFFSHORE.

Ways of investing

One way to obtain citizenship is to contribute money to the National Transformation Fund. It was established in 2013 to make adjustments to the state economy in order to make it more independent. The Fund promotes tourism and agriculture. The cost of participation in the program may vary depending on the number of family members.

An alternative option for obtaining a passport is to contribute to the real estate. The applicant is required to conclude a contract for the purchase of property, which costs at least 220 thousand dollars. An important condition is that the government must approve of the project. After signing the contract and transferring the funds you may apply for citizenship.

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