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Citizenship by Investment Grenada
The Grenada Citizenship by Investment Program was initiated in 2013. Grenada Citizenship by Investment Programme was established in August 2013, when the Grenadian legislature approved the Citizenship by Investment Act 2013. In 2015, the Government of Grenada formally renewed, improved, and reintroduced the plan internationally.
Grenada Citizenship by Investment
The main benefits that the Grenada Citizenship by Investment Program include the following:
Way to Grenadian Citizenship
It is a requirement that the Grenada Citizenship by Investment Program will require applicants to contribute a significant amount of money to the country or purchase a qualifying asset that the government approves. In exchange, after undergoing a strict screening and due diligence process, which includes extensive background checks, candidates and the families of applicants are granted citizenship. To be eligible for citizenship, the applicant must be 18 or older of age, fulfil the eligibility requirements and fulfil one of two main eligibility criteria:
Time Frame and Procedures in Grenada Citizenship by Investment Program
The process of applying for Grenadian citizenship is fast and straightforward. The applicant can travel to Grenada for the procedure to be completed.
TEG Group will send the Grenadian citizenship application for the investment package directly to your home by TEG Group. The pack will include all necessary documentation, as well as specific instructions. When we receive everything, we’ll double-check the application for accuracy and completeness to reduce the chance of rejection.
After an application has been submitted, The government will respond in 90 days. Passports issued to successful applicants are given within ten business days. The applicants are not required to take their passports to the passport collection point in person. TEG Group will collect and forward their passport(s) directly to the applicant.
In the case of real estate, the timeline may differ based on the specific project. This is why it is crucial to choose a real estate project that will supply the required paperwork by the developers. TEG Group will guide you through this process.
income tax rate on annual income up to XCD 24,000. For income above XCD 24,000, the tax rate increases to 30%. The tax rate that is flat for corporations is 30 percent. A tax withholding of 15% must be deducted from any payments made to non-residents for interest (except through bank accounts) as well as salaries, rent, lease premiums, lease payments licensing, royalties, commissions, management costs, and other fees.
The VAT rate in Grenada in Grenada is 15 percent, and the property transfer taxes for residents are 5% and must be paid by the seller/vendor. The annual taxes for Grenada comprise property taxes which are 0.2 percent of the market value of a residential property, and the stamp tax for business receipts which is 0.75 percent if your gross revenues exceed XCD 300,000. and 0.5 percent for any amount below the threshold. First, XCD 36,000 is exempt from stamp tax for the year.
CITIZENSHIP BY INVESTMENT - CHECK YOUR ELIGEBILITY
Our Clients Questions
The minimum contribution amount for the program is $150,000.