Grenada has announced 2018 changes to its Citizenship by investment programme, including lowering of NTF fund to USD 150,000 in an article published in the IMC website.
Grenada’s Prime Minister and Minister of Finance in presenting the country’s 2018 Budget, noted
- Grenada’s Citizenship-by-Investment (CBI) Programme, which commenced in 2014, has exceeded all expectations in 2017 and is now regarded as one of the highest-rated CBI programmes in the world.
- 50% increase in applications received in 2017, yielding receipts of $128.4 million as at the end of October 2017.
- IMF lauded our Government for setting up a legal framework to prudently manage the inflows from the CBI Programme, and declared the Programme to be the gold standard amongst the other regional programmes for transparency.
- Henley and Partners’ “Global Residence and Citizenship Programme Report,” published earlier this month, rated Grenada’s investment migration programme as the first in the world for the residency requirement, investment requirement and physical visit requirement.
The following changes apply to applications submitted and approved under Section 10 National Transformation Fund ONLY. No changes proposed under real estate investment category which stands at USD 350,000.
1. Differentiation of individual applicants from family applicants under Section 10 and lowering the required contribution of such Individuals
Individual applicants — only under Section 10 (contribution to the National Transformation Fund) — would now make a reduced contribution of USD 150,000.00. All other charges and fees remain unchanged.
2. Increase in Age of Dependent Children
In November 2017, Government amended the legislation to increase the age of dependent children from 26 years to 30 years. The definition of dependent child now includes a child up to the age of 30 and who is otherwise dependent on the main applicant or his or spouse.
3. Child born within 12 months of application may granted citizenship
A child born to the main applicant within 12 months of filing the original application with CBI may be included in the application if the main applicant makes application within six months of the birth of the child and pays the applicable fee.
4. Age of dependent parent or grandparent decreased from 65 years to 55 years
Parents or grandparents of the main applicant or his or her spouse are now considered from above age 55 years living with and fully supported by the main applicant.
