At a conference in Hong Kong, Ms Kaisha Ince, Chairman of Grenada’s Citizenship by Investment Committee, announced that her country would soon put into law a reduction in the minimum contribution threshold required to be eligible for economic citizenship of Grenada.
Aspiring economic citizens must currently contribute at least US$200,000 to Grenada’s National Transformation Fund, a Government-run fund tasked with invigorating Grenada’s economy. The contribution applies to a family of four, including a main applicant and, where applicable, up to three qualifying dependants.
According to Ms Ince, by 2018, a single applicant will be able to receive citizenship in exchange for a US$150,000 contribution. Any person applying with dependants will still be bound by the previous US$200,000 threshold.
Grenada offers applicants unique benefits, such as visa-free travel to China
Grenada offers applicants unique benefits, such as visa-free travel to China, and the opportunity to take part in the United States’ E-2 Visa programme, an investor route to one of the world’s most prominent business markets.
In addition to providing the main applicant with a more affordable route to Grenadian citizenship, the new Programme provisions will also facilitate the inclusion of adult children. At present, such children must demonstrate both attendance at an institution of higher learning and dependence on either the main applicant or the main applicant’s spouse.
With the coming into force of the new provisions however, they will be able to apply irrespective of whether they are still students. The legislative change has been approved by Cabinet, and is now awaiting to be gazetted.