Getting dual citizenship is becoming more popular in recent years. Some of the most popular options are Caribbean countries. Grenada is on that list as well. The best thing is that you have a chance to get a passport and travel to a tropical paradise whenever you want.
Also, acquiring a second citizenship in this place is now quite simple with an option to get Grenada citizenship by investment. We will discuss more about the main features and steps to get a second passport in the following article.
Table of Contents
Main Features
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The first thing to learn about this solution is related to the technical specs of the process. There are two ways to get it: donating or buying real estate. The amount for donation is $150k, while you will have to buy a property valued at a minimum of $200k.
If you are wondering why this option is available, the answer is quite simple to understand. Grenada is a developing country popular for beautiful beaches and great weather. However, they lack infrastructure and development in other areas.
Therefore, this is a great way to attract investors from abroad that will come to spend time here, or even decide to more permanently. Some investors might open their companies. Increased diversity is also important for development since it can bring the best from different cultures and help this country improve areas like healthcare, education, and more.
The process is not complicated, but be aware that only a well-known and licensed agency can help you. You can find a lot of misconceptions, and contacting a legit company will help you understand the steps and advantages.
How to Apply?
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The main requirements are to be at least 18 years old to prove that you will represent a well-behaving citizen, to not have a criminal record, and to have enough funds to complete the donation or buy real estate. The great benefit is that you can bring your family with you.
As mentioned, the first step is to contact a legit agency to find more details about the procedure. After that, you can apply for your first due diligence. Also, hiring a lawyer is always recommended since there will be a lot of documents that you will need to collect.
The officials will check your background during the process to make sure that you are not facing any criminal charges. When you complete all these steps, you will have to wait for the officials to review your profile and then to call you for the final interview. The whole process typically lasts between 3 and 6 months.
Main Benefits
Besides the fact that you will have a chance to spend a lot of time there and bring your family, we also have to mention that it can be a perfect business opportunity. Grenada is known as a tax haven. Taxes are very low, and there is no income tax for people who receive it from other countries. This is especially attractive for remote workers.
Another great detail is that the education here is free. While some people might think that it is a third-world country, it is far from being true. They have a great educational system, free healthcare, and provides perfect conditions for people to live there.
Moreover, we have to mention that it has great relations with many other countries, and you can travel to over 140 without a visa. Another interesting detail is that you don’t need a visa for the UK, Canada, and EU. Also, even though you still need a visa for the US, the process of getting it is much easier when you have this passport.
When it comes to investing, buying real estate is a much better solution. That is especially the case because the values are rising each year. The country is actively working on improvements in many areas. Therefore, your property will surely get a higher value over time. Besides that, you can rent it while not there, which is a decent way of getting passive income.
Common Misconceptions
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We can find a lot of misconceptions related to different Caribbean countries. One that you can find on many places is related to the low tax features. Keep in mind that these countries are promoting lower taxes or getting no taxes only to attract more people to move there, and open their businesses. That is the fastest way to boost the economy and improve all aspects of the country.
Another myth is that you can escape from criminal charges simply by buying this passport online. As you can see, there is a clear process where you will have to pass the background check, and there is no way to simply buy the passport.
Furthermore, you don’t need to resign your current citizenship to gain this one. That is another myth where people think they must move to Grenada permanently if they want the passport. The situation is much easier. Everything can be done online, and you can spend time there only one week in a year if you want.
The Bottom Line
As you can see, there are many reasons to considering making this choice. Keep in mind that choosing a legit agency should be your first step. They will provide valuable information and you can even hire a lawyer working with the agency to help you collect all required documents, and make the whole process even easier.
When it comes to conditions in Grenada, it is a peaceful country without any risks. It is known for amazing beaches, but recent actions can already be seen regarding improvements in infrastructure and other areas of the country.
In that matter, this option can be a great solution for your business to expand on the worldwide market, especially due to the fact that it has great relations with many countries, including the Commonwealth and EU. Also, it can be perfect for remote workers to enjoy more during their free time since the climate is perfect during most parts of the year.
