The concept of Citizenship by Investment (CBI) is fairly simple: an applicant obtains a second passport in return for property investment or a contribution to a government fund.

The Caribbean states, and Grenada in particular, have always been popular destinations for affluent citizens worldwide. Members of the British Commonwealth and the Caribbean countries provide their holders with a right to travel worldwide without a visa, including the EU and the UK.

A citizen of Grenada, for instance, can apply for the US E2 visa and further reside in the United States. No other Caribbean country provides such an opportunity to economic citizens. Historically, Grenada’s unique offering is due to the Treaty of trade and commerce signed after the US invaded the country back in 1983.

Grenada processes CBI applications within 3 months. If a new citizen wishes to take it further to the US, that would require 2-3 months longer.

Many African investors are interested in the Caribbean islands in terms of a second citizenship. Mobility is by no means the only reason in our difficult times, it’s a plan B to hedge a variety of risks. Regardless of the political situation at home and the COVID limitations, African HNWIs who hold Grenada passports can access high-quality education, a safe living environment and friendly taxation.

The fastest growing economy in Africa – Nigeria has a large pool of investors willing to purchase property abroad – and also make their way to the US. With the temporary ban of EB5 visas to Nigerians, the only option is to receive an E2 visa – and Grenada has just the right treaty with the States.

Nigerian applicants can obtain a Grenada passport in a timely fashion – within 90 days. Investors are required to purchase a government-approved property at a minimum cost of $220,000. The rates also hinge on the number of family members in the application. For example, a family of four would pay an extra $80,000 fee.

The investment is to be held for 5 years. After that, economic citizens retain their new nationality for life. Given the high popularity of Grenada, the investor may expect a 2% to 4% yield once the property is open.

Every candidate will go through a streamlined due diligence process – with the aid of an authorised agent. With Astons, you can rest assured that the required documents are double and triple checked and submitted correctly to the local authorities – with the guaranteed result.

Astons is a leading global immigration advisory firm with offices worldwide. For further information or to discuss your circumstances in a private consultation, please contact Astons at [email protected].