Grenada Citizenship by Investment Programme

Grenada Citizenship by Investment Programme

STEP 1

The first step in applying for citizenship is choosing an Authorised International Marketing Agent. Applications for citizenship may not be submitted directly to Grenada’s Citizenship by Investment Committee (CBIC) and must only be handled by agents.

Applicants must contact an Authorised International Marketing Agent, who in turn will liaise with an Authorised Local Agent.

An ‘Authorised International Marketing Agent’ is a trusted global marketer who is permitted to promote the Programme and who assists applicants along with the Authorised Local Agent.

An ‘Authorised Local Agent’ is someone who has been granted a Local Agent’s licence by the Minister and who is authorized to act on behalf of the main applicant with respect to his or her application.

STEP 2

The second step in an application for citizenship is preparing documents for submission to the CBIC. The applicant will need to complete official forms, attend a medical examination, and obtain certain supporting documents – all of which must be submitted in English and be appropriately legalised.

If the applicant is purchasing real estate, this will need to be reserved through a sale and purchase agreement.

The Authorised Local Agent will be able to advise the applicant on the preparation of the documents and on how to have them legalised.

STEP 3

When all forms are complete, the Authorised Local Agent submits the application to the Executive Office of the CBIC. The Authorised Local Agent then becomes responsible for liaising with the Executive Office of the  CBIC in relation to all correspondence, queries, or questions that may arise with respect to the applicant’s file.

There is currently no mandatory interview requirement for the Grenada Citizenship by Investment Programme.

STEP 4

Each application is then vetted and must clear a thorough due diligence background check.

The CBIC considers application files in light of this due diligence check and then issues a recommendation about the application.

Final approval is in the hands of the Minister, who generally follows the CBIC’s recommendation.

Upon the Minister making a decision, the applicant is issued a letter (through his or her Authorised Local Agent) detailing whether the application was successful, delayed for further processing, or rejected.

STEP 5

If the application is successful, the CBIC issues a letter instructing the applicant (through his or her Authorised Local Agent) to either make the contribution (for the NTF option) or complete the purchase of his or her real estate.

If real estate is purchased, then the applicant must demonstrate completion, as well as the execution of all necessary documents.

Upon receiving proof of payment, the CBIC issues the certificate of registration, establishing that the applicant has received Grenadian citizenship. Authorised Local Agents must use this certificate to apply for a Grenadian passport on behalf of the applicant.


National Transformation Fund (NTF)

The National Transformation Fund (NTF) was established in 2013 as a means of transforming Grenada’s economy into one that is ever more prosperous and independent.

The NTF finances various projects in Grenada for the benefit of its many industries, including tourism, agriculture, and alternative energy.

Having made a donation to the NTF, investors are left with a true sense of having contributed to their new nation’s well-being.

Applicants opting for the NTF route must contribute at least $200,000 to the Fund. The following chart highlights the costs and fees associated with this route.

NTF CONTRIBUTION

NTF DONATION Single Applicant Main Applicant + Spouse Family with 3-4 Members Family with >4 Members
Required Contribution $200,000 $200,000 $200,000 $200,000+ $25,000 each dependent after the 3rd
Application Fee $1,500 $1,500 per person $1,500 per person $1,500 per person
Due Diligence Fees $5,000 $5,000 per person $5,000 ea. if 18+; $2,000 aged 12-17 $5,000 ea. if 18+; $2,000 aged 12-17
Processing Fee $1,500 $1,500 per person $1,500 ea. if 18+; $500 if under 18 $1,500 ea. if 18+; $500 if under 18

APPROVED PROJECT (REAL ESTATE)

One of the options available for citizenship by investment in Grenada is to invest in a government-approved project.

Currently, these projects encompass real estate developments such as hotels, villas, and resorts.

Because of the growth of the tourism industry, there is rising demand for tourist housing facilities. Real estate developments are thus fantastic opportunities for investors looking for high returns.

Applicants opting for the approved project (real estate) route must invest at least $350,000, and must keep the real estate for at least three (3) years following the grant of citizenship.

REAL ESTATE OPTION

REAL ESTATE Single Applicant Applicant + Spouse Family with 3-4 Members Family with >4 Members
Min. Value $350,000 $350,000 $350,000 $350,000
Government Fee $50,000 $50,000 $50,000 $50,000 + $25,000 each dependant after the 3rd
Application Fee $1,500 $1,500 per person $1,500 per person $1,500 per person
Due Diligence Fees $5,000 $5,000 per person $5,000 ea. if 18+; $2,000 aged 12-17 $5,000 ea. if 18+; $2,000 aged 12-17
Processing Fee $1,500 $1,500 per person $1,500 ea. if 18+; $500 if  under 18 $1,500 ea. if 18+; $500 if under 18

Saint Kitts and Nevis Citizenship by Investment Program

St. Kitts Citizenship by Investment Program

HURRICANE RELIEF FUND

Single applicant: a non-refundable contribution of $150,000 is required

Main applicant with up to three dependents (for example, main applicant, a spouse and two children): a non-refundable contribution of $150,000 is required

Additional dependents, regardless of age: $25,000

Upon submission of an application, non-refundable due diligence and processing fees must be also paid. These fees amount to $7,500 for the main applicant, and $4,000 for each dependent of the main application who is over the age of 16 years.

The HRF option will be available for a six (6) months period ending on March 30th 2018.


SUGAR INDUSTRY DIVERSIFICATION FOUNDATION (SIDF)

Applicants may qualify for citizenship through a contribution to the Sugar Industry Diversification Foundation (SIDF). The SIDF is a public charity tasked with diversifying St Kitts and Nevis’ economy.

  • Single applicant: a non-refundable contribution of $250,000 is required
  • Main applicant with up to three dependents (for example, a spouse and two children): a non-refundable contribution of $300,000 is required
  • Additional dependents, regardless of Age: $25,000

Upon submission of an application, non-refundable due diligence and processing fees must be also paid. These fees amount to $7,500 for the main applicant, and $4,000 for each dependent of the main application who is over the age of 16 years.

Unmarried dependent children who are older than 18 but younger than 30 can also be included in the application. Similarly, dependent parents aged 55 or above may also be included.

The SIDF option is the most straightforward means of obtaining citizenship in St Kitts and Nevis.

For further information about the SIDF, visit www.sknsidf.org


REAL ESTATE INVESTMENT

Applicants may qualify for citizenship through an investment in a pre-approved real estate project, which may include hotel shares, villas, and condominium units. The minimum real estate investment required by law is $400,000 for each main applicant.

Upon submission of an application, non-refundable due diligence and processing fees must also be paid. These fees amount to $7,500 for the main applicant, and $4,000 for each dependent of the main applicant who is over the age of 16 years.

On approval in principle of an application made through a real estate investment, a Government fee applies, as follows:

  • Main applicant: $50,047
  • Spouse of the main applicant: $25,047
  • Dependent child of the main applicant under 18 years of age: $25,047
  • Dependent child of the main applicant above the age of 18 years or dependent parent aged 55 and above: $50,047

In addition to these fees, real estate buyers should be aware of purchase costs (mainly compulsory insurance fund contributions and conveyance fees).

Real estate can be resold 5 years after the purchase and may not qualify the next buyer for citizenship.


St. Kitts & Nevis 60-day Accelerated Process

The Accelerated Application Process (AAP) approved by the Government of St. Kitts and Nevis in October 2016 allows applications with the Citizenship by Investment Program to be accelerated to a 60 day processing period.

Interested persons applying utilizing the AAP will still be required to meet all mandatory criteria and submit the necessary supporting documents to apply for citizenship by investment.

Applications will be given an accelerated treatment from the Citizenship by Investment Unit, Due Diligence Providers and the St. Kitts and Nevis Passport Office. As a bonus this process also includes the application and processing of the St. Christopher (St. Kitts) and Nevis passport.

Applying using the AAP can see an application completed within 60 days with some applications completed in as early as 45 days.

AAP Process Fees (inclusive of Due Diligence Fees)

  • Main Applicant: $25,000
  • Dependent above 16 years: $20,000

In addition to the $25,000 and $20,000 AAP processing fees, an additional fee of $500.00 per person will be applicable for the processing of the St. Kitts and Nevis Passport for any dependents under the age of 16 years.


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Cyprus Citizenship By Investment

Cyprus Citizenship By Investment

Non-EU investors and their families may gain citizenship in Cyprus through a programme called ‘Naturalisation by Exception’, which is one of few citizenship by investment programmes allowing a rapid entry in the European Union. Applicants must first purchase Cypriot real estate, which is declared as their permanent residence. They must then make an investment in the Cypriot economy, such as an investment in Government bonds. Finally, before obtaining their passport, they must visit Cyprus to provide their biometrics.


How to apply for Cypriot citizenship

Applicants must be over 18 years old and be of good character without any criminal convictions. They may apply with their spouse and children up to the age of 18. Children between the ages of 18 and 28 may be included in the application if they are financially dependent on the main applicant.

The process of applying for citizenship is rigorous and requires diligent preparation in order to gather all the information needed. Application timelines can vary and be difficult to predict, although they usually depend on how easily an applicant can access the required documentation, as well as the complexity of the application as a whole. We generally advise clients that it will take between 4 to 6 months to obtain citizenship after an application for citizenship is submitted to the Government of Cyprus.

The process may be simplified into the following steps:

Step 1: Application preparation and pre-approval by your registered agent.

Step 2: Purchase of real estate.

Step 3: Citizenship application submission and qualifying investment made in an escrow account.

Step 4: Government processing of the application.

Step 5: Approval in principle.

Step 6: Government fees paid and investment released.

Step 7: Citizenship certificate issued.

Step 8: Passport application, biometrics, and passport issuance.


Investment Options

1. An investment of €2 million in residential real estate in Cyprus

The investment in residential real estate must be retained for a minimum period of 3 years. At the end of 3-year period the investment can be reduced to a €500,000 residential property which should be held indefinitely.

The applicant can make multiple property purchases, so long as the total value of €2 million is retained for 3 years, and as the total value of the residential property owned indefinitely in Cyprus remain equal to or above €500,000.

2. €2.5 million (combination of real estate and/or investments)

A 3-year investment of €2 million in one or more of the following:

  • Interest bearing Cypriot government bonds, provided the investment does not exceed €500,000.
  • An investment, of €2 million in “eligible real estate” situated in Cyprus, namely:
    a. Residential;
    b. Commercial;
    c. Infrastructure;
    d. Land, provided there is a development plan in place
  • Creation, acquisition or participation in a Cypriot company or business where the applicant is a majority shareholder, with activities in Cyprus, and employing 5 Cypriot or EU nationals, who have been resident in Cyprus for a duration of 5 years prior to the filing of the citizenship application.
  • The alternative Investment Fund or financial assets of a Cypriot entity licensed by the Cyprus Securities and Exchange Commission (CySec), with activities in Cyprus.
  • A €500,000 investment in residential property, which must be held indefinitely.

Benefits

Cypriot citizens may take advantage of a range of benefits, including:
  • The option to establish oneself in any one of the 28 European Union member states, as well as Switzerland.
  • Visa-free access to almost 160 countries, subject to change
  • The opportunity to maintain dual citizenship if so desired
  • A low tax regime, including no inheritance tax
  • Low cost of living, coupled with a high standard of living
  • A low tax regime, safeguarding citizens from, for example, worldwide income, inheritance, and gift tax
  • Excellent education and healthcare systems, and advanced infrastructure
 The benefits of Cyprus’ Naturalisation by Exception Programmes include:
  • The ability to include family members in the application
  • Fast processing time; 4-6 months to citizenship
  • No interview requirement
  • No minimum level of English requirement
  • No physical presence or residency requirement, except that applicants must travel to Cyprus at least once
  • Excellent education and healthcare systems, and advanced infrastructure
  • All nationalities eligible

Our Services

  •  A dedicated relationship manager as your single point of contact throughout your application.
  • Professional guidance on the application procedure and support throughout the process.
  • Documentation preparation and validation.
  • Representation on your behalf before the Government.
  • Management and resolution of any legal queries related to the application.
  • Additional services available on request for clients wishing to utilise our partner network to support their application, including the following:
    • Concierge services
    • Property investment and advice
    • Notary Public services
    • Relocation assistance
    • Translation services
    • Tax planning
    • Medical services
    • Trust planning
    • Banking services
    • Fiduciary services

The Law

Cyprus’ Naturalisation by Exception Programme was established pursuant to a 2013 decision by Cyprus’ Council of Ministers, contained in Section 111A(2) of the Civil Registry Laws of 2002-2013. The Cypriot Government then revised the Programme in March 2014.


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