There is no better way to invest your funds than by investing a certain amount of money in some foreign country and, as an additional benefit, getting a passport to that country. Yes, the citizenship by investment program offers various benefits, especially when you invest and get a passport from some of the countries that have a no-Visa agreement with almost all countries in the world. It makes traveling much easier and more convenient, but that’s just one of the basic benefits, so let’s create a pros and cons list of Grenada citizenship by investment program.
Pros
It makes traveling easier
As you might already know, there are a lot of benefits of having a second passport, especially when that second passport is by a country that has great relationships and loose rules and regulations regarding traveling with other countries in the world. One of those countries that have such great connections with European and Asian countries is Grenada, which is one the biggest reasons why the citizenship by investment program of this country is so popular. Namely, traveling to the UK, US, Australia, China, Singapore, etc., is much more convenient because when you have a passport from Grenada, there is no need to apply and wait for Visa. It’s needless to say how important this is, especially for those who travel a lot, regardless of whether it’s for work or pleasure. Of course, those who travel a lot because of work are in an even better position, as in most cases, they don’t know whether they will have to travel, meaning that once they get that info, they can just book a flight and voila, which will not be possible if they would have to apply for Visa.
No need to be situated in Grenada
Almost all countries that have this program offer relatively similar things and benefits, but understandably, they also have different rules and regulations. One of the rules that differs a lot from one country to another is whether one needs to reside in or even go to that country in order to be eligible for citizenship. This is where Grenada citizenship by investment program is much better as there are no requirements for investors to reside in Grenada before or after their citizenship is granted. All of this makes the entire process faster and easier because even if one cannot get there but have the desire to invest a certain amount of money can do so without any problems, and the fact they haven’t been to Grenada would not affect their application. Besides this, the entire process is highly confidential, meaning that no third party can access that info because there is no exchange of information or disclosure of information with other parties.
Citizenship can be extended to family members
We have already mentioned that the rules regarding this program are genuine, but every country has some specific rules, and one of those rules is regarding who can be eligible for citizenship in that country. Namely, for most citizenship by investment programs, only those who invest are eligible and can apply and get a passport of that country without an option to extend it to family members. That’s not the case with Grenada and this country allows individuals to have dual citizenship, and more importantly, that it can be extended to family members. Of course, it’s not like some distant cousin will be eligible, but children, spouses, and dependent parents can apply and get Grenada citizenship.
Better job opportunities
Grenada is the perfect location for new companies, and owning their passport makes opening them much easier than being a foreign citizen. It has a great system that supports new businesses, so if you want to open a company, it can be the best decision to open it there. Besides that, it gives the owner the opportunity to cooperate with various countries and make the company grow much faster. The taxation system is excellent for small companies, as it allows them to grow without paying too much for taxes and fees, and they can use that money for their operations.
Cons
The limited time of staying in the UK and Schengen Area
It is almost impossible to find a disadvantage of owning a Grenada passport, but if we must find something, we will mention that staying in the UK and Schengen Area is limited and cannot be longer than six months in the UK and 180 days in Schengen Area. Although it might be a slight disadvantage, it is still an advantage, as you can travel to those countries without dealing with the long procedures of getting a visa and staying as long as people with visas.
Getting other documents
Many people think that once they get the passport, they have finished everything, but it is not over. Namely, the passport truly is the most important document, but in order to enjoy all the benefits, it is crucial to get other documents as well. For example, if you try to open a bank account, you will need to provide the bank with the address in Grenada, driver’s license, or tax identification number (TIN). Of course, it is not complicated, but it is necessary to stay in Grenada if you want to get this information, as it is impossible to get a TIN or address if you are outside the country.
To summarize
As you can see, the cons of owning a Granada passport are negligible, and, on the other side, there are too many pros, which makes it one of the best decisions for people who want to invest and do not know where. It would make traveling much easier, give you more business opportunities, and help you bring the entire family with you if you want to live in Grenada, thanks to the extended citizenship that your family can get. Besides that, investing in the property means safe money, as you can always rent or sell the property and buy another one that suits your needs more.
