Grenada Citizenship (as we had time to file in March before the program closed)

Friends, today’s case is unusual for two reasons: it’s not yet fully concluded, and the citizenship-by-investment program it involved is no longer active. We’re going to discuss Grenada’s citizenship-by-investment program. In March of this year, the authorities in Grenada stopped accepting applications from Russian citizens. The GARANT.IN agency has repeatedly covered this topic in its publications.

Oleg (65) and Olga Golovanov (63) contacted us in early March 2023, right after they heard about the program closure. Oleg owns a chain of car washes, and his wife is a retired homemaker. The couple had long dreamed of not only traveling abroad freely but also spending winters in a warm climate. They wanted a second citizenship to allow them to live and travel abroad with ease.

Why Grenada?

• A Caribbean passport allows visa-free travel to over 140 countries.
• Eligibility to apply for a U.S. E-2 business visa.
• Reduced tax burden due to Grenada’s advantageous policies, with no inheritance tax, capital gains tax, or global income tax.
• A relatively low investment threshold for program participation.

Steps for Obtaining Grenadian Citizenship

Our task was challenging—to complete as much as possible within a month: gather and prepare documents, pass initial checks, and select an investment option. As a licensed agency, our lawyers conduct preliminary background checks on investors, which helps identify potential risks within one day.

The family’s financial record was clean. The head of the family regularly pays taxes and has no criminal record. Next, we prepared the documents needed for the program application:

• applicant’s questionnaire,
• copies of husband’s and wife’s passports,
• marriage certificate,
• income statements,
• health insurance policy,
• photos.

A bank statement is one of the key components. If the bank issues a positive report on the primary applicant’s sources of wealth, the program department proceeds with due diligence. Without this bank verification, Grenadian citizenship cannot be obtained.

Last spring, Grenadian authorities approved a new form for the bank verification process, where applicants disclose all income sources and assets. Our client provided all necessary documents to substantiate income sources and assets. GARANT.IN lawyers completed the forms, translated the documents, prepared affidavits, and filled out government forms. The document package was submitted to Grenada’s citizenship program department.

The client is currently undergoing due diligence, which can take around six months. Bank clearance terms are unspecified. The program department forwards the investor’s documents to the bank, receives the clearance report, and then initiates due diligence. The family is expected to complete the check by late summer. After passing, they will have 30 days to make their investment payment. The couple chose the refundable investment option, and we are currently seeking a suitable investment property. Two locations have already been selected, and a third is in progress.

Once the investment payment is made, certificates and passports will be issued within a month. On average, the entire citizenship application process takes 7-8 months. This time, it may take a bit longer due to the high volume of applications submitted in March.

We’ll keep you updated on this case and share the final results. For now, our lawyers are tracking positive progress and are generally pleased with the way the verification process is proceeding.

If you’re considering relocating, purchasing property, or changing your status, don’t wait. Book a consultation with the licensed agents at GARANT.IN and make your dreams a reality.