Grenada remains a desirable option for those immigrants seeking a secondary passport

By Varun Singh

In recent years, the concept of obtaining a secondary passport has gained significant traction among global citizens. A secondary passport offers not just an alternative nationality but also enhanced global mobility and financial benefits. Grenada, in particular, has emerged as a highly attractive option due to its Citizenship by Investment (CBI) program.

This program allows applicants to obtain a Grenadian passport, which offers visa-free or visa-on-arrival access to over 140 countries, including the Schengen Area and the United Kingdom. Additionally, Grenada’s unique E-2 Visa Treaty with the United States allows citizens to apply for a non-immigrant visa to live and work in the U.S., further boosting its appeal. The rising popularity of Grenada’s CBI program among investors is driven by these unparalleled advantages, positioning it as a top choice for those seeking a secondary passport to enhance their global reach.

Why Are Grenada’s Passport Fees Increasing?

The recent increase in fees for Grenada’s CBI program can be attributed to several factors. Firstly, rising administrative costs and global inflation have necessitated a revision of the fee structure to ensure the program’s continued viability.

The Grenadian government has also noted a significant uptick in demand for the CBI program, particularly from high-net-worth individuals seeking the benefits of Grenadian citizenship, such as visa-free travel and access to the U.S. E-2 visa.

To maintain the program’s integrity and high standards, the government has emphasized the need for thorough due diligence checks, which are resource-intensive. These checks are crucial in safeguarding the program from potential misuse, thereby ensuring its sustainability. As a result, the fee increase is seen as a necessary measure to balance the growing operational costs with the need to uphold the quality and reliability of Grenada’s CBI program.

Impact on Indian Applicants: What to Expect

The increase in Grenada’s CBI program has significant cost implications for applicants, particularly those applying as families. The new fee structure includes higher government fees, due diligence costs, and other associated expenses. For instance, the government fee for the main applicant is now USD 50,000, while additional dependents, such as children or parents, incur further costs ranging from USD 25,000 to USD 50,000 per person. Due diligence fees for applicants over 17 years are set at USD 5,000 each.

For families, these increased costs can add up significantly, making the process more expensive than before. Moreover, investment requirements, such as contributions to the National Transformation Fund or real estate purchases, remain a substantial financial commitment, now even more so with the revised fees. These changes emphasize the need for applicants to carefully consider the financial aspects before proceeding with their applications.

Is Grenada Still Worth the Investment?

Despite the increase in fees, Grenada remains a desirable option for those seeking a secondary passport. The key benefits of Grenadian citizenship continue to include visa-free or visa-on-arrival access to over 140 countries, favorable tax policies with no taxes on global income, capital gains, or inheritance, and the absence of physical residency requirements.

These features make Grenada particularly appealing for applicants looking for global mobility and financial advantages. Additionally, Grenada allows both spouse and parents along with siblings under 21 to be included in the application.

When compared to other Caribbean CBI programs, Grenada stands out due to its unique E-2 Visa Treaty with the United States, which allows its citizens to apply for a non-immigrant visa to live and work in the U.S. While other Caribbean nations offer similar programs, Grenada’s combination of benefits, including its stable political environment and straightforward application process, often makes it a superior choice for those seeking a reliable and valuable second citizenship.

Future Outlook: What Applicants Should Consider

With the recent hike, prospective applicants need to weigh their options carefully. One strategic consideration is whether to apply sooner rather than later, as fees could rise further due to increasing demand and inflationary pressures. Rushing an application now might save on costs, especially if the trend of fee hikes continues.

However, it’s also worth considering the possibility of future incentives or adjustments to the program that could make it more attractive. Staying informed and consulting with experts could help applicants time their investments more effectively.

In the long term, holding a Grenadian passport remains a valuable asset, offering extensive global mobility and financial planning advantages. The visa-free access to over 140 countries and favorable tax policies continue to make Grenada a strong option for those looking to secure a second citizenship, offering peace of mind in an increasingly uncertain global environment.

(Author is MD, XIPHIAS Immigration)

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