Immigrant investors are looking for reliable options to find residency in the US, especially as these trying times make it ever more critical for a stable and secure Plan B to be in place. We explore how Grenada offers non E2 Treaty countries an alternative route to the United States.
Considered the land of opportunity, the United States has been one of the most desired countries to relocate to by a large proportion of people around the world.
What draws them to the US?
Lucrative investment opportunities, access to top-tier education for their children and a better livelihood.
However, the with the minimum investment for a US EB-5 Green Card having increased from US$500,000 to US$900,000 (or $1.8 million in case one invests outside high unemployment areas) many affluent families found the EB 5 programme was out of their reach. Even prior to the pandemic many applicants from India, China and Vietnam were facing an uphill climb of processes and procedures to obtain their EB-5 as well as a decade long wait due to backlogs and quotas based on the country of origin of the applicant.
The IMF’s Debt Sustainability Framework in June 2020 stated:
“About half of all low-income countries were considered in debt distress or at a high risk of debt distress even before the pandemic.”
Now, as this global pandemic continues wiping out swathes of wealth from the economy, affluent families are looking for alternative routes to access the US and Grenada emerges as one such route due to its renown citizenship by investment programme.
Citizenship by Investment in Grenada
In 1983 the US invaded Grenada as a result the two states signed off a Treaty of Trade and Commerce which authorised Grenadian citizens to invest and reside in the US under the E-2 visa programme.
Ever since, immigrant investors from Grenada have been applying for E2 Visas in the US and obtaining residency and the right to engage in business there.
Read more: Leading Women in Investment Migration Featuring Angie Rupert
Obtaining Grenadian Citizenship
What is required to gain citizenship by investment in Grenada?
In order to obtain Grenadian citizenship, investors must first liaise with an Authorised International Marketing Agent to submit their application and have all documents duly legalised. If the applicant opts for the real estate route, they will reserve their real estate investment in a government approved project and submit proof of this accordingly. Each applicant then passes through a stringent due diligence process where their file is duly examined and verified. If they have been denied citizenship by another Caribbean nation, they will not be eligible for Grenadian citizenship.
The regulator then recommends the applicant to the Minister who details the final decision on the file. If approved, the applicant with then proceed with the purchase of the property and submit proof of payment to be granted Grenadian citizenship. The applicant will normally invest US$150,000+ in the National Transformation Fund or US$220,000+ in the real estate option. This will fluctuate depending on the number of family members included in the application. As Grenada is an E2 Treaty Member country, the investor may then proceed to invest in a US business to commence E2 Visa proceedings.
In recent years, Grenada has become one of the most coveted citizenship by investment programmes in the world. Moreover, Grenada does not impose any travel or residency requirements for the investor to qualify, which make it increasingly attractive to investors especially during these travel-limited times.
Requirements for an E2 Visa in the USA
To obtain an E2 Visa, applicants must be from Treaty member countries. If they are, they can undergo the process swiftly and subject to meeting all requirements, submitting a full dossier, and having a successful interview – they could be process in about 3 months.
The main applicant is offered the right to work anywhere in the United States and E2 dependent visas are offered to the applicants’ spouse and any children under the age of 21. The children are also able to avail the opportunity to study for free in public high schools and have recourse to local resident’s tuition fee rates at various tertiary institutions.
The E-2 is a non-immigrant visa, therefore the investor will not automatically fall into the remit of the US worldwide taxation system.
India, Russia, China, Vietnam and other key wealth hubs are not E2 Treaty Members, therefore they may opt to secure a second citizenship in an E2 Treaty member country such as Grenada prior to applying for their E2 Visa and living out their American Dream.
