As one of the most famous islands of the colonial spice trade, Granada made a name for itself as the “spice island.” It has gorgeous natural resources, and picturesque Caribbean beaches, as well as a deep cultural flare that blends old Spanish culture with modern Caribbean charm. Granada has long been a hot-spot for luxury tourism, and now (thanks to citizenship by investment) it’s become a hot-spot for high net worth investors as well.
Why you should invest in Granada
Granada’s citizenship by investment program offers the benefit of recognizing dual citizenship. This means that investors can take advantage of simultaneous benefits from their home countries as well as the island without sacrificing one or the other. Granada processes second citizenship applications in just four months, which is extremely fast and efficient compared to other places. There is no physical residency requirement, and no requirement to physically travel to Granada during the application process.
If you plan on including your family, you are permitted to include dependent children under 30, as well as dependent parents if needed. It’s important to note, however, that if any of these dependents have severe mental or physical illness, it could disqualify them. You are also allowed to include any dependent parents, and a sibling, if they are at least 18 years of age and have no children. Once granted citizenship by investment in Granada, you can travel to over 125 countries, including the EU Schengen zone. You may also travel to, or do business in the United States with a special E-2 visa program provision. There is no tax on worldwide income in Granada.
How to qualify
To qualify for Granada’s citizenship by investment program, you’ll need to show the following:
- Proof of good character.
- A clean, and current bill of good health.
- No criminal record.
- A high net worth.
Due to a surge in tourism, the government of Granada is looking to get most of its foreign investments put into the tourism and hospitality sector of the country. They are actively doing the same for agriculture and manufacturing, so these areas will tend to have more qualified investment opportunities than others. Most of this foreign investment capital is done through financial stakes in real estate projects that fit the above sectors and criteria.
Options for investment
1. Real Estate Investment
Since Granada’s economy has shifted greatly into service-dominant industries, real estate is now the #1 targeted investment area for foreign capital. Any real estate investment must be done with a pre-approved government project, such as Mount Cinnamon.
This beautiful resort is situated on about two miles of the lush Grand Anse Beach. Grand Anse is a highly coveted area of land, and stretches from the sea to the hillside, providing incredible views and diverse property options all in one. This is a true luxury beach hideaway that allows residents access to the best of Granada, with the serenity and privacy one would expect for a high end development, or investment.
To qualify for Mount Cinnamon, you must invest a minimum of $350,000 and maintain the property for a minimum of four years. This is a very reasonable minimal investment for a property project of this scale, and has great value and minimum risk for the investor. To own shares of Mount Cinnamon that exceed the main applicant, spouse, and two dependents, you must pay an extra $25,000 per excess dependent. Applications for parents under 50 are an additional contribution of $50,000 and $75,000 extra for a sibling.
2. Donation to the National Transformation Fund
Another way to gain your citizenship by investment is to donate a minimum of $150,000 to the National Transformation Fund of Granada. This amount covers the main application only. The requirement goes up to $200,000 for a family of four, with an additional fee of $25,000 for any dependent over that. Additionally, applications for parents under 50 are an additional contribution of $50,000 and $75,000 extra for a sibling.
Note: Granada has removed the permanent residence status from the citizen by investment process entirely at this time. This means that no permanent resident cards or certificates will be issued, nor will they be valid for the same benefits of citizenship by investment.