The Allure of the Golden Passport
Grenada is carving a unique niche for itself in the global landscape, offering a pathway to citizenship through investment. According to a recent report by Business Insider, this Caribbean nation is among five others offering a so-called “golden passport.”
A contribution of $150,000 to Grenada’s National Transformation Fund or a minimum investment of $220,000 in real estate qualifies individuals for this citizenship opportunity. This initiative, known as the Citizenship by Investment (CBI) program, aims to invigorate key sectors such as tourism and agriculture.
The Russia-Ukraine Conflict and the Surge in Applications
A notable uptick in applications to the CBI program has been observed following the Russia-Ukraine conflict in 2022. With an 87 per cent increase in submissions compared to 2020, the program reached a new high of 1,251 applications in 2022.
This upward trend continued into the first quarter of 2023, as detailed in Grenada’s Ministry of Finance data. Notably, the “Isle of Spice” welcomed 980 new citizens in this period, significantly more than the 391 during the same quarter in 2022.
The Appeal of Grenadian Passport
The attractiveness of Grenada’s golden passport lies in its visa-free access to over 100 countries, including all EU member states and the UK. This has proved especially appealing to wealthy Russians looking to escape the ongoing conflict in Ukraine.
Furthermore, the application process, which maintains anonymity and necessitates no interview, education, or management experience, only adds to its allure. There is also no requirement for residency in Grenada before or after citizenship is granted.
The Pathway to the US
The Grenadian passport enables individuals to apply for the E-2 visa, a nonimmigrant visa to the US that’s renewable indefinitely and valid for up to five years. This opportunity is especially pertinent for Russians who are currently restricted from this route.
Grenada’s Inconsistent Policies
However, Grenada’s policy regarding Russian participation has been fluctuating. While initially barring Russian nationals from applying, it revoked the ban in June 2022, only to reportedly reinstate it in April 2023.
This wavering stance might affect the application rate temporarily, but the combination of tax benefits and global mobility associated with Grenada’s passport is expected to sustain its attractiveness.
