Grenada Citizenship by Investment 2023: A Record Year for Applications and Investment
May 15, 2024 · Grenada · 11 min read
When the latest figures for Grenada’s citizenship by investment program were released, industry experts and the media were all but certain that 2023 would be the program’s strongest year yet.
Investing to obtain Caribbean citizenship is an increasingly popular choice. One of the region’s island nations has just reported its strongest results on record for 2023.
In late 2023, when third-quarter figures for the Grenada citizenship by investment program were published, industry experts and the media were all but certain that 2023 would be the program’s strongest year. The full-year Grenada citizenship by investment 2023 results not only confirmed that forecast but exceeded it.
Record applications and investment in 2023
Grenada’s citizenship by investment program closed 2023 with a surge in applications, lifting total capital raised to the highest level in its history: EC$1.13 billion. That figure broke every previous record and represented growth of 311% over the previous year. Remarkably, capital raised in 2023 alone exceeded the combined total of the previous 5 years.
Real estate remained the route chosen by most investors. It accounted for EC$170 million in the fourth quarter alone and EC$672 million for the full year 2023. These results show that demand for Grenada citizenship by investment has yet to cool.
Grenada’s record-setting 2023 at a glance:
- New applications received: 2,297 (up 84% from 2022).
- Applications approved: 1,503 (up 232% from 2022).
- Passports issued: 4,794 (up 223% from 2022).
- Total capital raised: EC$1.13 billion, approximately US$419 million (up 311% from 2022).
Applications to Grenada’s citizenship by investment program (Source: Grenada Ministry of Finance and IMI Daily)
Total capital raised by Grenada’s citizenship by investment program (EC$ million) (Source: Grenada Ministry of Finance and IMI Daily)
Why Grenada stands out among Caribbean citizenship programs
Grenada’s citizenship program was established in 2013 to attract foreign investment and support the island nation’s economic development. Its advantages — including processing times of around 10–12 months, no age, education, work experience, or language requirements for the applicant, and greater global mobility — have attracted investors from around the world.
There are currently 2 ways to participate in the program:
- A non-refundable contribution to the National Transformation Fund (NTF) starting from US$235,000, or
- An investment in an approved resort real estate project, with a minimum investment of US$270,000 under the program rules, held for 5 years.
In return, you and your eligible family members receive a Grenada passport with a range of benefits:
- Grenada citizenship is permanent, and dual citizenship is permitted.
- The Grenada passport offers visa-free or visa-on-arrival access to 147 destinations, including the United Kingdom and the 29 Schengen Area countries (Germany, Italy, France, Finland, and others). Holders can stay in the Schengen Area for up to 90 days in any 180-day period and in the UK for up to 180 days per year.
- With Grenada citizenship, investors and their families may become eligible to apply for a U.S. E-2 Treaty Investor visa once they have been domiciled in Grenada for a continuous period of at least 3 years.
- Access to education and healthcare in Grenada. Leading universities in Grenada often have partnerships with universities in the United States and the United Kingdom. Notably, Grenada is home to St. George’s University (SGU), described as the third-largest source of physicians for the United States.
- For some investors, Caribbean citizenship can also support tax planning. These countries generally do not tax the worldwide personal or corporate income of citizens who are not tax resident there, and they do not levy inheritance or gift taxes.
These benefits also appeal to permanent residents of the United States, Australia, and Canada, a trend that continues to grow. Rather than waiting several years to naturalize in those countries, they can obtain Grenada citizenship in a shorter time frame and enjoy greater freedom and flexibility to travel internationally in the meantime.
Several Caribbean governments recently signed a memorandum of agreement that, among other measures, raises the minimum investment for their citizenship programs, effective July 1, 2024. Offering substantial benefits for a reasonable investment, the Grenada citizenship program is a strong route to a second citizenship. At the time of writing (May 2024), investors still had a limited window to apply at the lower investment levels before the increase took effect.
Grenada citizenship and global mobility through the InterContinental Grenada Resort
Caribbean governments such as Grenada authorize only firms that meet their legal, financial, transparency, and integrity requirements to market their citizenship programs. Firms without this authorization can operate only as sub-agents. IMM Group is the first and only Vietnam-based firm authorized by the Government of Grenada as an International Marketing Agent for its citizenship by investment program.
Given the program’s appeal, the Six Senses La Sagesse resort project drew strong interest from the moment it launched and quickly sold out, attracting investors from around the world. Building on that success, the InterContinental resort is now being built next to Six Senses La Sagesse, creating further opportunities for investors to participate in Grenada’s citizenship by investment program.
IMM Group is currently presenting the InterContinental Grenada Resort to investors. The resort sits on La Sagesse beach, one of the most scenic in the Caribbean, and is planned with 150 rooms, including 30 premium private suites, along with a range of luxury amenities. Its design immerses guests in the island’s traditional character and unspoiled natural beauty while offering complete relaxation. The resort is a 30-minute drive from Maurice Bishop International Airport and the capital, St. George’s, and is expected to be completed and open by late 2026.
The project is offered as shares, at US$220,000 per investor, with a minimum holding period of 5 years under the program rules. In addition to the benefits of Grenada citizenship, investors may receive an annual share of room rental income once the resort is operating, along with investor-only privileges such as 7 complimentary nights at the resort.
If you are interested in the Grenada citizenship by investment program, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s prospects of success. We are committed to keeping your personal data confidential and will use the information you provide only to advise on your family’s application.
IMM Group
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