As from April 2019, a new price option for the Grenada Citizenship by Investment programme under real estate will be introduced. Although the option reduces the investment amount, it has also added new requirements.
The Grenada Citizenship by Investment Unit has announced a new price option for investment in approved real estate projects. Following this announcement, the citizenship unit will start accepting applications under this new investment option from the beginning of April 2019. By virtue of this amendment to Act 15 of 2013 a new price option for investment in qualified approved projects will apply. The amendment reduces the investment needed from USD 350,000 to USD 220,000. This new option applies only upon investment in the tourism accommodation sector. Another requirement is that two or more applicants must apply together with a purchase price of no less than USD 220,000.
The investment options in approved real estate projects are thus the following:
1. An applicant becomes a co-owner of a single unit with another main applicant. Each of the applicants must invest at least USD 220,000 in a government approved tourism accommodation project.
2. An applicant invests USD 350,000 in government approved projects which are not in the tourism accommodation sector.
Moreover, subsequent to the introduction of the new price option, on the Grenada Citizenship by Investment Unit (CIU), announced that the new price option applies only to those developers which have obtained an advance written approval. Furthermore, the CIU will refuse applications in the absence of a prior written approval by the Citizenship Committee.
Grenada Citizenship by Investment
The Grenada Citizenship by Investment Programme launched during 2013, has recently been amended in order to offer a wider range of benefits. The amendments were announced on the 18th of March 2018 and became effective on the 1st of April 2019. By acquiring the Grenada citizenship within just 3 months, one will enjoy access to more than 120 countries visa-free. Grenada is also the only country in the Caribbean which provides visa-free access to China. The accessibility to acquire an E2 visa is one of the factors which renders the Grenada Citizenship by Investment Programme appealing, as Grenadian citizens are given the possibility to both reside and operate business within the U.S.
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