Power of a Grenada Second Passport: Key Benefits
By TOI Desk Report
May 26, 2023
Update on : May 26, 2023
Grenada offers to obtain a second passport and many benefits with it. These include travel in the Schengen area, Britain, and China visa-free. In addition, it is possible to obtain a business visa in the USA. However, it does not provide the opportunity to move to Britain or the EU. The speed of processing documents is an important aspect that attracts new investors.
Key benefits of Grenada citizenship
The Grenada CBI program gives a person specific pros, which open up new opportunities and perspectives. In addition to developed tourism, a favorable climate and social security, and a small list of documents, there are many other positive aspects. Let us take a closer look at what Grenada citizenship benefits.
Visa-free travel to numerous countries
An essential advantage of the Grenada passport is that you can quickly get access to 146 countries. These states are visited for tourism or business purposes. In addition, the countries of the EU and the United Kingdom are included in the visa-free zone, so once you obtain a second identity document, you are free to visit new countries.
A maximum stay of 90 days is allowed in the Schengen Area and up to 180 days in the United Kingdom.
A maximum of 30 days may be allowed in China. In addition, citizens of Grenada may visit Singapore for up to 30 days and Hong Kong for a maximum of 90 days.
Tax advantages
A loyal tax payment system is the key that opens up prospects for businesspeople. In addition, the optimization of taxation does not involve interest charges. Similarly, there are no capital gains taxes, which is very advantageous to doing business.
The income tax is 28%. It is only imposed on funds earned in Grenada. Real estate is taxed at 0-0.5%.
Tax residents are those who live in Grenada for most of the year. Dividends received outside the state are not taxable. Non-residents pay tax on dividends – 15%.
Business and investment opportunities
Grenada residency makes it possible to obtain a business visa. It is available to people with a passport of countries with which the US has signed a trade and shipping agreement. There is no minimum amount for investment. However, by law, a decent amount must be deposited in your business. As a rule, a deposit of $200,000 is sufficient.
There are good prospects for doing business in other countries. For example, its citizens can expand their business in the Asian market by freely visiting Singapore, Hong Kong, and China.
The visa is issued for five years with the possibility of an extension. The period of obtaining is up to 5 months.
Security and political stability
The Government of Grenada provides a social security package to an indigenous resident. The investment in the economy is protected. Moreover, it can then offer many benefits to future generations of the investor.
The policy is not against the development of businesses and investors. On the contrary, stability and legal certainty create favorable conditions for the development of the financial and banking sector.
Access to high-quality healthcare and education
The resident and each of his members have the right to benefit from the country’s quality health care services. In addition, many choose Grenada citizenship for children’s education.
State residents can be educated in the US and the UK, as their economies and histories are closely linked. Students have the right to study at any university and to undertake internships in either country. Grenada’s diploma is recognized in 47 states, providing tremendous opportunities for high-paying careers.
Family inclusion and generational benefits
The second citizenship program is an excellent way to obtain full family residency. With this option, your first investment includes children under 30 and persons in your care, including parents, regardless of their age.
Accelerated application process
Obtaining a second identity document in Grenada involves a quick procedure. According to specialist Immigrant Invest Zlata Erlach (Zlata Erlach), there are no obstacles in the process, and the approval period is up to 120 days, provided the investment is in real estate.
Conclusion
As it has become clear, the benefit of Grenada citizenship is an excellent environment that provides opportunities for developing your own business, educating your children, a social package, and security. Moreover, the speedy process and simplicity of the residency procedure leave no room for doubt.
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