The Way Forward for Grenada’s Citizenship Programme in 2018
Grenada’s Prime Minister and Minister of Finance in presenting the country’s 2018 Budget, noted that Grenada’s Citizenship-by-Investment (CBI) Programme has exceeded all expectations in 2017 and is now regarded as one of the highest-rated CBI programmes in the world. An impressive performance is projected for 2018 not only because of increasing recognition of Grenada’s CBI programme, but because of changes in policy and amendments to the principal legislation.
New Marketing Commission Structure for Section 10 Applications
A change in government’s policy is targeted to marketing agents in order to stimulate promotion of the destination and to encourage investment in the Section 10 option whereby the applicant chooses to invest in Grenada by making a contribution to the National Transformation fund.
This new policy allows top performing marketing agents to earn an incremental marketing agent commission as follows:
- Once an agent achieves 60 approved Section 10 National Transformation Fund (NTF) applications within a 12-month period, this agent will receive an additional commission of USD 10,000 per approved Section 10 NTF application, the difference being paid at the point of achievement of the target.
- Once an agent achieves 100 approved Section 10 NTF applications within a 12-month period (January to December of any year), this agent will receive a further USD 10,000, the difference being paid at the point of achievement of the target.
This incentive applies to applications submitted and approved under Section 10 (National Transformation Fund) ONLY.
Increase in Age of Dependent Children
In November 2017, Government amended the legislation to increase the age of dependent children from 26 years to 30 years. The definition of dependent child now includes a child up to the age of 30 and who is otherwise dependent on the main applicant or his or spouse.
Child born within 12 months of application may granted citizenship
A child born to the main applicant within 12 months of filing the original application with CBI may be included in the application if the main applicant makes application within six months of the birth of the child and pays the applicable fee.
Age of dependent parent or grandparent decreased from 65 years to 55 years
Parents or grandparents of the main applicant or his or her spouse are now considered from above age 55 years living with and fully supported by the main applicant.
Differentiation of individual applicants from family applicants under Section 10 and lowering the required contribution of such Individuals
Individual applicants — only under Section 10 (contribution to the National Transformation Fund) — would now make a reduced contribution of USD 150,000.00. All other charges and fees remain unchanged.
Author: Marion Suite, Local Agent for Grenada Citizenship by Investment, Grenada