Grenada December 2010

Grenada Publishes Sweeping Amendments to its Citizenship by Investment Act

Grenada’s government has just published a wide set of amendments to its Citizenship by Investment Act of 2013.

No citizenship by investment program has undergone a more comprehensive transformation in the last six months than that of Grenada:

On Friday, Grenada’s House of Representatives and its Senate ratified a host of amendments (published yesterday) that formally set into law many of the announced modifications.

Notable changes, in plain English, include:

  • The removal of the requirement to obtain permanent residence prior to citizenship.
  • Raising the age limit for child dependents from 26 to 30 years of age.
  • Removing the requirement for child dependents to be enrolled in an educational institution.
  • Removal of age restrictions for qualifying as parents or grandparents.
  • Removal of the requirement for parent/grandparent dependents to live with the main applicant.
  • Addition of a formal regulation to retain the approved investment for five years following naturalization.
  • Addition of a formal regulation to permit those who obtain citizenship by the purchase of real estate to re-sell the same real estate to new CIP-applicants. ‘Real estate’ in this context – as it is not otherwise specified – would include freehold, leasehold, real estate trust certificates, timeshare, fractionals and so on. In any case, a new CIP-investor who wishes to qualify for citizenship through the purchase of real estate from an already naturalized CIP-investor may only do so once the original CIP-investor has maintained the investment for five years.
  • Addition of unmarried siblings above the age of 18 as a qualifying dependent.
  • Addition of children of the main applicant or spouse born within 12 months of approval as a qualifying dependent.

See the original Citizenship by Investment Act from 2013 here.

Article originally published on: https://www.imidaily.com/caribbean/grenada-publishes-sweeping-amendments-to-its-citizenship-by-investment-act/

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