Grenada – Requirements and details

 Some information about Grenada

Grenada is an island country in the West Indies, and consisting of Grenada itself, the most southerly of the Windward Islands, and the group of small islands of the Southern Grenadines.

Grenada is located northwest of Trinidad and Tobago, northeast of Venezuela, and southwest of Saint Vincent and the Grenadines. All the boundaries are maritime. The total length of the coastline is 121 km (75 miles), from the West bordering the Caribbean Sea, on the East by the Atlantic Ocean.

The islands are volcanic in origin with a rugged coastline, coral reefs, convenient bays and plenty of secluded beaches. Grenada’s interior is very mountainous with Mount St. Catherine being the highest at 840 m (2 760 ft). Several small rivers with beautiful waterfalls ow into the sea from these mountains.

The size of the island of Grenada is small – just 18 km (11 mi) wide and 34 km (21 mi) in length, a square of about 310 sq km (120 sq mi). Carriacou, located 27 km (17 mi) northeast of Grenada, is smaller – about 32 sq km (12 sq mi), and Petit Martinique only 2,5 sq km (0,96 sq mi), about 5 km (3 mi) northeast of Carriacou is also part of the State. It has a population of 110 000 (almost 90% lives on the island of Grenada). Saint-George’s is a capital city. English is the official language of Grenada. The East Caribbean Dollar is the island’s currency.

Economy

Organization of Eastern Caribbean States (OECS) is a regional group of island economies, consisting of Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. OECS members have highly integrated economies and financial sectors, a common currency within the Eastern Caribbean Currency Union and the common central bank – the Eastern Caribbean Central Bank (ECCB). The mission of this Monetary Authority is to maintain the stability of the EC dollar and the integrity of the banking system in order to facilitate the balanced growth and development of member states. The conservative policy of the Bank has led to the stability of the currencies of the participating countries and made the East Caribbean dollar one of the strongest currencies in the region.

In 1996 the Government of Grenada has adopted several legal documents regulating o shore banking (The O shore Banking Act, The International Business Companies Act and others), and in 1997 started providing offshore financial services. This sector is constantly evolving and is one of the foundations of the economy. The activities of o shore banks are regulated by the Grenada International Financial Services Authority (GIFSA), which monitors and controls the offshore financial operations.

The legal system of Grenada, as a former British colony, is based on common law. However, to meet the specific needs of the state in the financial, social and fiscal policy was adopted by a number of local laws. A set of laws has also been adopted to ensure the functioning of the state as a tax haven, when creating the system of o shore services and products in Grenada. Such steps have been taken to ensure that the o shore service providers operated in accordance with both local and international standards. As an o shore island Grenada offers numerous opportunities to reduce the tax burden through participation in o shore companies and corporate structures, which are exempt from local taxes and have the tools for asset protection. This is a regulated o shore jurisdiction, which adheres to international standards for the provision of offshore financial services.

Citizenship details

The citizenship by investment program of Grenada was founded in 1990 and operated until 2001. The reason for closing the program was the terrorist attacks in USA in 2001. The Government of Grenada found that there is a risk of buying the passports by terrorists that would compromise the country’s reputation and discredits the program. The updated version of the program was launched in May 2013 and offers the opportunity to obtain the citizenship of Grenada, by making a financial contribution to the state’s economy. Grenada passport holders have visa-free or simplified entrance to many countries of the world. The program is aimed at supporting the national economy and closely cooperates with the enterprises of the local economy to improve the welfare of the population.

Applicants must be good people, have good health and the opportunity to invest in one of the Government approved projects. The main applicant must be over eighteen years of age, meet the requirements of the program and to choose one of two investment options: a donation to the National Transformation Fund (NTF) or the purchase of real estate.

Benefits of Citizenship

√ Grenada without limitation recognizes dual citizenship. You can have dual citizenship, without renouncing their native.

√ There is no requirement to be in Grenada before or after obtaining citizenship, while you have the same rights as other citizens of the country

√ The investment in one of the approved projects provides an opportunity not only to obtain a second citizenship, but also to make pro table investments in the business and gain a financial return on invested capital.

√ Between Granada and the United States signed an agreement that allows the citizens of Grenada to receive E-2 visa (this type of visa allows business immigration in the US and is available for a limited number of countries).

√ The process of obtaining citizenship of Grenada is confidential and does not include the exchange of information with anyone. Grenada does not disclose information about their citizens and residents and does not notify the state of the original nationality of the applicant.

√ Among the core benefits of being a Citizen of Grenada is the ability to travel freely to over one hundred and twenty (120) countries and territories, as well as the option to live in and work in any of the fifteen (15) Caribbean Community and Common Market (CARICOM) member states.

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