Grenada To Launch Citizenship By Investment Program

By ExpatBriefing.com Editorial 26 December, 2013

The government of Grenada passed legislation earlier this year to enable the launch of the Citizenship by Investment Program.

Now, according to the Budget 2014 statement, which was presented to parliament on December 10, 2013, the Cabinet has issued an initial list of approved projects and investments for the Program. Once due diligence checks are completed, interested persons can invest in any of the following priority areas: health, wellness and education services; green/renewable energy; agribusiness; hotel development; or information communications technology (including call centers). The specific projects approved by the Cabinet include the development of Port Louis, and a new hospital, among others.

An investor must place at least USD500,000 in an approved project or investment in order to take advantage of the program. Of this sum, the government will receive USD50,000.

Alternatively, an investor can elect to contribute directly to the National Transformation Fund. Subject to due diligence, an investor will pay USD75,000 at the time of application and will be eligible to become a permanent resident. One year later, such an investor will pay an additional USD125,000 if the application for citizenship is approved thereby bringing his total payment to USD200,000. The government will receive USD25,000 of each payment, and the remaining USD150,000 will be deposited in the National Transformation Fund.

The program will become fully operational in January, 2014, and is expected to generate about XCD30m (USD11m).

Tags: Citizenship | Investment | Business | Grenada | Education | Legislation | Services | Expats | Investment | Invest | Investment |

 





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