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Why Grenada is a popular South African ‘citizenship destination’

By January 25, 2018July 25th, 2020FinGlobal

Why Grenada is a popular South African ‘citizenship destination’

January 25, 2018

Grenada-island-popular-South African-emigration- destination

More and more South Africans are looking at Grenada as a country to move to in order to gain a foreign passport. Grenada is a Caribbean country, consisting of the main island called Grenada and smaller surrounding islands. Known as the ‘spice isle’ of the Caribbean, it combines beautiful untouched landscapes with warm people – and an easy route to citizenship!

The benefits of a Grenadian citizenship

As a citizen of Grenada you’ll be able to live and work in the country and have a valid passport for the UK, China and Schengen countries as well as visa-free travel to 120 countries and business-linked residency opportunities in the USA via its E2 visa treaty.

As a citizen of Grenada, you’ll also be able to send your child to St George’s University if they are interested in a career in medicine or veterinary science. St George’s University is recognised as one of the top 10 medical universities by the USA and graduation from this prestigious university, together with Grenadian citizenship, will offer South African graduates many global work opportunities. Graduates from St George’s are licensed in 50 states in the USA and Canada and practice in more than 50 countries around the world. As an added bonus, the university offers generous scholarships and your child could even qualify for 100% bursary.

A stable country with a secure economy

Aside from the pristine beauty of Grenada and the authentic quality of life it offers its citizens, the country offers plenty of other benefits. Grenada is an English-speaking nation, making immigration relatively easily, it is also economically stable with a burgeoning modern economy.  As part of the Eastern Caribbean bank and currency system, Grenada’s currency – the Eastern Caribbean Dollar is tied directly to the US dollar and is secure. There are also no exchange control restrictions on the inward or outward transfer of US dollars.

 

How to gain Grenadian citizenship

Citizenship via investment is relatively uncomplicated and can be achieved in as little as four months provided your papers and affairs are all in order. Applicants must also be of outstanding character, hold no criminal record, have excellent health and a high personal net worth.

For a family of four to qualify for citizenship, they must fulfill one of these investment options:

  • A non-refundable government donation of US$200 000 to Grenada’s National Transformation Fund. This minimum amount includes the main applicant, the applicant’s spouse and qualifying dependents. An extra US$25 000 is required for each additional dependent.
  • Another route to citizenship includes the investment of around US$ 350 000 in Mount Cinnamon, an exclusive hotel complex, facilitates citizenship for the same family, at the end of four years, this investment can be sold on. An extra US$25 000 is required for each additional dependent.

Citizenship via Grenada’s investment programme also means no income, capital gains or inheritance taxes are applicable and South Africans are not required to renounce their South African citizenship.

For more information about transferring South African retirement savings, foreign exchange services and claiming tax refunds, contact FinGlobal today.

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