By Joanna Zhang
Professional Wealth Management (PWM), a publication from the Financial Times, has released its latest CBI Index assessing the CBI programs of 14 countries through nine indicators including freedom of movement, due diligence, minimum investment, timeline, and so on. Grenada CBI ranked in the top three in total and became one of the most popular CBI programs.
Why you should obtain Grenadian citizenship:
1) Fast relocation route to the US
As the only Caribbean country to hold the coveted E-2 visa treaty with the US, Grenada citizens can apply for a non-immigrant visa to the US, meaning they can then both operate a substantial business in the US and reside there. Also, your spouse will have work authorization there and your children will be able to attend the school of their choice, with many US states offering in-state tuition at State Universities up until age 21. As many countries worldwide including China, India, and many of the Gulf countries do not have an E2 treaty with the US, citizenship of Grenada is an alternative route to this.
2) Ease of global travel
Grenadian citizenship gives you and your family visa-free or visa-on-arrival access to 144 destinations, including China (the only CBI Programme to offer this), Hong Kong, Singapore, the UK, and Europe’s Schengen Area.
3) A safe haven for the entire family
Grenada is considered to offer the most family-friendly CBI program, as it allows for the Inclusion of spouses, children, parents, grandparents, and siblings. Grenada is also just one of three CBI countries to allow unmarried siblings to form part of its application, and siblings must be aged at least 18 years.
4) Affordable university access
Grenada is home to the internationally accredited St George’s University, deemed one of the most highly regarded universities in the Caribbean, specializing in Medicine and Veterinary Science. New citizens to Grenada, who take up residence, after one year, can benefit from up to 90% discount for undergrad courses at St George’s University.
5) Vantageous territorial tax system
Grenada’s territorial tax regime is a massive benefit to many investors and business owners. Grenada does not tax foreign income, capital gains, inheritance, or wealth tax on worldwide income or assets. To attract businesses, the country offers corporate tax incentives, exempts all import taxes, and has no limit on the flow of capital and profits back home.
6) A quick and easy way of obtaining citizenship
Grenada scores full points, according to the CBI Index 2020, for offering a straightforward, streamlined process to gaining citizenship. Granting of Grenadian citizenship is speedy with an average turnaround time of 60-90 days.
7) Gain good income from investing in tourism property
The country offers good-quality investable property opportunities and via its CBI Programme, you can obtain citizenship by investing US$350,000 in a government-approved real estate project, mainly luxury hotels, resorts, and villas. Or, applicants can invest in a government-approved tourism development to which the developer has already committed 20% of the total expected costs. A minimum investment of $220,000 is necessary and the investment must be held for five years.
Take Kimpton Kawana Bay, a new five-star luxury resort that is ideally positioned on the world-famous Grand Anse Beach. In Q1 and Q2 of 2020, Kimpton Kawana Bay accounted for 57% of all Grenada section 11 (real estate) CBI applications, making it the leading CBI project in Grenada. The construction work on the Kiawah building, the final phase at the award-winning Kimpton Kawana Bay project, is progressing very well. The hotel, once open (official opening is likely to be in 2022) will deliver 133 studios and 31 suites, as well as an infinity-edge pool overlooking the beach, a state-of-the-art gym and spa facilities, a fine-dining restaurant, rooftop bar, beach bar, lounge with terrace, and water sports facilities.
Dr. the Right Honourable Keith Mitchell, the Prime Minister of Grenada, has visited the site several time and he commended the project for its impressive progress and positive contribution to the country particularly in the context of the addition hurdles which continue to exist with mandatory Covid-19 protocols.
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