If you have clients that would like to
invest in a business in the United States but are not from E treaty countries,
there is a creative solution: Citizenship by investment in Grenada. Grenada has
both treaties of trade (E-1) and investment (E-2) with the US, unlike countries
such as Venezuela, India, China, Brazil, Russia, Vietnam Nam, Dubai, and Saudi.
But what many practitioners do not know is that Grenada citizenship can be
acquired by investment in a relatively short period of time. Thus, once a
client has made the right investment in Grenada, the client might then qualify
for an E visa. This article outlines some of the basic requirements for
Grenadian citizenship by investment – and investment that can lead to E visa
eligibility.
The
Citizenship Investment
Grenadian citizenship appears to be
surprisingly easy to acquire. There are two paths to acquiring citizenship in
Grenada.
-
The
second path is a real estate investment program. This requires an investment of
$350,000 in one of currently 14 government-approved real estate projects, plus
an additional non-refundable $50,000 payment to the Grenadian government. The
property must be held for at least three years. Beware, as there is no
guaranteed buyer for the property.
Whichever path a client elects, the
client should be prepared for other additional administrative expenses.
Moreover, the non-refundable payments must be paid before any serious vetting of the
application takes place. And the Grenada government has numerous layers of
vetting that occur concurrently.
E visas
for Grenada Citizens
Whether your client is interested in an
E-1 visa or an E-2 visa, the advantages of this country’s E visa are several.
First, the reciprocity schedule for the E visa with Grenada is 60 months. Thus,
your client can get the generous grant of a 5-year visa not offered by all
treaty countries. Be sure to prepare your clients thoroughly for the E visa
application interview.
Other
Advantages of Grenada Citizenship
Recently, the travel bans have caused a
great deal of consternation for people from the banned countries. The travel
bans do not apply to those traveling on third country passports, so even
citizens of the six named countries could travel without being banned.
Grenada citizenship also offers the
traveler the option of using another more user friendly passport to travel to
the Middle East. Even U.S. citizens could obtain Grenada citizenship and use an
alternate passport when traveling to the Middle East. Indeed, Grenada
citizenship allows visa free travel throughout the EU and a host of other
countries. Perhaps, more importantly, there are many wealthy families facing
removal because of denied asylum applications. Grenada offers a nice life style
with a wonderful university, medical school and veterinary school.
Acquiring
Grenada Citizenship
While acquiring citizenship in any
country is never an easy task, Grenadian citizenship is at the low end of the
complexity scale. First, there is no requirement of residence in Grenada and no
Grenada tax on worldwide income. Second, the citizenship application can
include spouse, parents and dependent children under 26. And there’s another
advantage that children are “protected” until age 26. This makes Grenada citizenship
one of the least expensive programs for families.
Third, the applicant can acquire a
residential address, especially if the applicant is using the real estate
investment option. A residential address can be obtained with the donation
option at a minimal additional cost. For an additional minimal fee, the Grenada
government will provide a residence card with the applicant’s address on it
(assuming the applicant has a residence), verifying that the applicant has a
residence in Grenada Anecdotally, it appears that some EU countries are asking
Grenada passport holders whether they have ever been to Grenada in order to
allow them visa free entry into the EU. .It also appears that E issuance at the
American Embassy in Barbados may be contingent upon having a residential
address in Grenada and the Embassy would prefer that there be an entry into
Grenada, but E issuance will be on a case by case basis.
And Finally
There is a strict vetting process for
citizenship and those declined citizenship in other Caribbean islands are
ineligible for Grenada citizenship. Agents represent the investor and the
investor will need to complete a detailed questionnaire. Failure to fully and
properly respond to the questions will delay the application process. We are awaiting
additional guidance on E visa issuance from the American Embassy in Barbados.
CLE in
Dominican Republic
To learn more about options in Grenada
and third country citizenship, attend the LACC CLE in Casa de Campo on Nov. 2
& 3, 2017.
To register click on the link below or
cut and paste the link below into your browser
http://www.latinamericanandcaribbeanchapterofaila.com/Events/tabid/105/Default.aspx?
ev=36&evt=23.
Any questions, contact Tammy Fox-Isicoff
at Tfox@rifkinfox.com