How about moving to a tropical paradise and starting a new life there? Or, how about gaining a new passport, and the ability to travel visa-free to a bunch of new countries? It is possible, and it’s not all that hard. Have you heard about citizenship by investment programs? They are quite a handy way of attaining a new passport. All you need to do is to invest a little bit of money into the host nation. These programs are quite popular in the countries of the Caribbean archipelago.
So, investing a little bit of money can give you a new passport, citizenship, and a new home in a tropical paradise. Sounds like a dream, but is it? Let’s say you want to go through a CBI program in Grenada. There are many things you need to do before it becomes a reality. Also, there are many myths surrounding the whole idea. Before you start the process you need to learn a few things about the whole ordeal. The best route to take is to go with us through some of the harsh realities of Grenada citizenship by investment. Check out what we’re talking about.
It’s a New Program
Citizenship by investment programs has been around for a while. But, that doesn’t mean that Grenada has a long history in this domain. Instead, their program is rather new. It was launched back in 2013. It is only one decade old making it the youngest of its kind in the Caribbean. But, being new and young is not necessarily a bad thing. Grenada’s program is as good as any other. Considering that it was late to come to the scene many investors decided to choose this program precisely due to the lack of established business on the island. This might be appealing to you too, so applying to one of the newest programs of this kind in the Caribbean might not be such a bad idea.
It’s Not Cheap
Many young investors believe that Caribbean islands are weeping for their investments. That’s a naive take. CBI programs exist to benefit both the home country and the person investing funds. So, there is no place for jokes. Instead, all of them are serious programs. If you want to gain citizenship through investment you’ll need to invest a pretty penny into Grenada. The starting amount is $150,000. That’s nothing to scoff at. It will also take a while before they access your application and this can take up to four months. The return on investment period is estimated to be three years, which is not all that bad.
It’s a Ticket to The World
You might think so, and you won’t be too far from what’s true. When you get the Grenada passport, the doors of the world will be open for you. Depending on the part of the world from where you’re coming, this could expand the sheer amount of countries you’re now visa-free to visit vastly. A Grenada travel document will give you access to more than 140 countries. Most people enjoy this newly found free access they get to China, Europe, Singapore, and Hong Kong. The biggest perk is that with the named passport, you are free to apply for the prestigious US E-2 visa. Many nations do not have this perk.
There Are Requirements to be Met
Let’s be clear here. Money is not the only requirement you’ll have. As we said, these programs are serious and the Caribbean countries take themselves seriously. So, there are certain requirements you’ll need to meet. Your application will not even be considered without these requirements. First of all, every investor must be of at least 18 years of age. If you’re applying for both yourself and any person, member of the family, or a spouse that is older than 16, you will need to have clear papers for everyone. What this means is that there are no criminal charges or any ongoing investigation tied to yourself or the dependent’s name. Also, you mustn’t have committed any immigration breach both in your country or abroad. Furthermore, you are in need to be in excellent health, as your medical record is also part of the due diligence the home country will undertake. Last, but not least you need to provide proof that our funds are acquired by legal means and that you will go through with your investment. Also, you must have proof of enough funds to finance both yourself and any person you’ll put on your application too.
You Don’t Have to Move to Grenada
In the introduction part of this article, we talked about moving to a tropical paradise. This is a dream for many, but maybe it is not for you. If that’s the case, you should know that you are not in need or obligated to move to Grenada if you become a citizen by investment. Instead, your application will be accessed remotely. All of the files and the money tied to the investment funds will be wired electronically. If your application is accepted your passport will be sent to you at your home address. So, for those people who only want to enjoy the perks a Grenada passport brings your way, you’ll be glad to hear that there is no visitation requirement tied to Grenada citizenship by investment program.
There is a Property Way Around
Another way, and if you ask us, an even better option of gaining a Grenada passport and citizenship is by buying a property in this Caribbean country. This is the option many investors explore and even find more viable than a classic investment. The only downside is that it is more expensive than the basic road. If you’re working on a joint project with several investors the amount you are needed to invest amounts to $220,000. This number goes way up if you’re investing alone and it stands at $350,000. What’s good news with this approach is that you will have a three-year period in which your property will have to be owned by you. After three years you will be free to sell your new real estate and even earn money in the process.