Grenadian Citizenship: Zero Tax on Worldwide Income for a Russian Businessman

In June 2020, businessman Sergey R. from Russia, owner of a large IT company with offices in Moscow and Kyiv, reached out to optimize taxes and obtain freedom of movement by acquiring second citizenship in Grenada for Russians. Sergey was an avid sailing enthusiast and owned a small yacht.

Grenada was suitable for the client based on several factors:

• 0% tax on worldwide income;
• Visa-free travel to 130+ countries;
• Remote citizenship acquisition;
• Opportunity to pursue his hobby.

This option was chosen.

An unusual aspect of this case was that the client involved his lawyer in the process. The lawyer conducted a background check on our company and later participated in the citizenship application process. This extended the timeline initially, but the final result satisfied all parties.

Within two months, all necessary documents were collected, and a deal was completed to purchase a share in the SIX SENSES hotel in Grenada. Sergey made a down payment of 10% of the property’s value and paid for the Due Diligence service. The background check was completed.

Next steps

Documents were submitted to Grenada’s Citizenship Committee through a licensed agent. The request was approved within two weeks. In August, Sergey made the remaining investment. He took the citizenship oath online (in English).

In September, the licensed agent received the passport and naturalization certificate and couriered them to the applicant's place of residence.

To obtain a driver's license, Sergey flew to Grenada for three days. During this time, we arranged the following additional services:

• Helped the client remotely obtain a tax ID and local registration;
• Arranged a SIM card;
• Hired a local accountant to manage all of the client’s tax matters.

Thus, the main goals were achieved. Sergey’s ability to travel was significantly expanded. His yacht is now docked in a cozy bay in Grenada. With our assistance, he successfully obtained Grenadian citizenship and may be planning to become a tax resident of the country.