The world today has more active citizenship by investment programs (CIPs) than it has ever had, giving the globe’s elite a large array of options to choose from. While having a multitude of choices is indeed a great thing, it can be disorienting at times and lead to what the experts call analysis paralysis; a phenomenon in which giving someone too many options leaves them too confused to actually make a choice.
This issue is apparent when considering which CIP to choose, as even if you narrow it down to the most popular contingent of Caribbean CIPs, you still have to choose between five seemingly similar options. The truth, however, is that the smallest of details can make the largest of differences when it comes to choosing a suitable CIP for you and your family.
It all depends on your needs, objectives, and budget. But when it comes to those looking to enhance their global business prospects, one option is ahead of the pack – Grenada’s CIP.
This piece will highlight why Grenada’s CIP is the ultimate option for businesspersons looking to unlock their full potential, but first, a quick overview of the CIP itself.
Grenada citizenship by investment program
The premise of the Grenadian CIP is simple; if a foreign applicant who has a clean criminal background makes a qualified investment in real estate for 350,000 USD or makes a contribution to the Caribbean country’s National Transformation Fund starting at 150,000, they are eligible to obtain citizenship within 3-6 months.
The program is quick, straightforward, and does not require applicants to live or even visit Grenada in order to become citizens. They can also add their spouse, dependent children, parents, siblings, and grandparents to the same application.
This simplicity and cost-effectiveness have made Grenada’s CIP one of the most popular in the world, but it is the hidden perks of becoming a Grenadian that really speak to the savvy investor.
What makes Grenada the ultimate business passport option
There is an abundance of reasons to invest in a Grenadian passport, but what really makes it shine is its ability to elevate your global commerce footprint. Here are just some of the perks that come with Grenadian citizenship that make it the ultimate business passport.
Visa-free entry into highly desirable economic hubs
The Grenadian passport offers its holders a staggering 144 visa-free destinations to roam hassle-free. But the officials of the Grenadian government know that it is about quality and not just about quantity, and they have been extremely intelligent when it comes to signing visa-free waivers with foreign nations.
Grenada now boasts one of the most impressive visa-free destination lists within an international business perspective. For example, Grenada’s illustrious passport offers visa-free access to the entire EU. And if the Union’s robust market is not enough to quench an investor’s thirst, they can also access the UK without applying for a visa, getting the best of both worlds in a post-Brexit landscape.
But it is on Asian soil where the Grenadian passport really shines, offering visa-free access to global economic powerhouses such as China, Hong Kong, Malaysia, Singapore, South Korea, and many more.
Most of South America’s nations also make the list, including major hubs such as Brazil and Argentina. Intricate planning has allowed Grenadians to obtain visa-free access to taxation hotspots such as the Cayman Islands and Mauritius, among others.
The E2 visa
One notable absentee from the Grenadian visa-free list in the USA, but fret not, as Grenada makes up for that in more ways than one. Grenadian citizens can apply for a 10-year, multiple-entry visit visa (B Visa), which allows them to remain six months within US soil at a time. But wait, there’s more.
Grenadians are eligible for the US E2 Treaty Visa, which is a residency route open to a few select nations around the world. The E2 offers investors who establish a business within American borders the chance to get US residency for themselves and their families. There is no minimum capital investment amount, and the processing time is three months, but it can be expedited to 3 weeks for a small priority processing fee, meaning you can become a Grenadian citizen as well as a US resident in less than half a year and for the amount less than a Bentley Mulsanne.
Of course, other nations qualify for the E2 Visa, but out of those select few, Grenada remains superior. As most countries on the E2 list qualify for a one-year, single entry visa, while Grenadians qualify for a five-year, multiple entry visa, making it easier for its holder to move about freely attending to their global business.
Registering a company in Grenada
This part is wonderfully brief. Starting a business in Grenada takes four procedures, eight days, and a total of 14 USD. It can also be done remotely through a power of attorney. The required steps to start a business are:
- Registering a business name (4 USD)
- Registering the business (10 USD and including info such as shareholders, formation, etc.
- Tax registration
- Social security registration
Taxes in Grenada
Now comes the fun part, taxes. Now fun and taxes rarely come together in a sentence, but Grenada makes it so.
The Caribbean nation does not tax worldwide income, and non-residents get a 50% tax cut on local income (derived from within Grenada). But it gets even better when it comes to businesses.
Offshore corporations in Grenada can apply for a 20-year tax exemption on local and international income. This is one of the longest tax exemption periods in the entire world.
Doing business right
Grenada offers its passport holders the chance to roam the globe conducting business as they please while also allowing them to register their companies in Grenada and enjoy a lax tax regime. Its close proximity to the US makes it a great place for a business HQ, and that fact is bolstered by the eligibility of Grenadian citizens for the E2 visa.
There are many CIP options out there, and not all of them may meet your direct needs. But if you are looking to do better business, then the Grenadian program is the one for you. To know more about it, all you have to do is contact us today for a comprehensive and free consultation.