Sweeping Amendments to Grenada’s Citizenship by Investment Act have been Officially Published
The publication of a broad set of modifications to Grenada’s Citizen by Investment Act of 2013 have just been released for official publication.
Grenada’s citizenship by investment program has undergone a more comprehensive transformation, than any other investment program of its kind, in the last 6 months.
- Thomas Anthony, a new head for the programme’s CIU was instated in September last year.
- Widespread changes to the definition of ‘dependent’ were made in March and an announcement was made, stating that the CIP-real estate would now be available on a secondary market.
- The program opened the opportunity of co-investment in real estate. This basically reduced the minimum investment from $350,000 to $220,000, however, it also introduced stringent requirements on developers who would like to market their projects within this new price possibility.
- Strict documentation requirements for real estate transactions have been announced by the CIU boss, Thomas Anthony, in order to avoid any illegal discounting which has been experienced in the region among programs of a similar nature.
Grenada’s House of Representatives and its Senate ratified a number of amendments which formally set into law many of these new official changes.
Specific modifications are shown below:
- The requirement to achieve permanent residence, prior to citizenship, has been removed.
- The age limit for child dependents has been raised from 26 to 30 years.
- The removal of requirements for child dependents to be enrolled in an educational organisation.
- The age limitations for those qualifying as parents/grandparents have been removed
- The requirement for parents or grandparent dependents to live with the chief applicant has also been removed.
- A regulation to keep the approved investment for 5 years after naturalisation has been formally added.
- A formal regulation to allow those who manage to get citizenship through the purchase of real estate, to re-sell the same real estate to the new CIP-applicants has also been added. In this particular context, ‘Real Estate’ (as it is not otherwise specified), includes freehold, leasehold, real estate trust certificates, timeshares, fractional etc. Moreover, a new CIP investor who would like to qualify for citizenship by purchasing real estate from an already naturalised CIP-investor, can not only do so once the original CIP-investor has sustained the investment for a period of 5 years.
- Unmarried siblings who are over 18 years old, can now be treated as a qualifying dependent.
- Children of the chief applicant or spouse who were born within 12 months of approval, have now been added as a qualifying dependent.
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