Today Grenada has the No.1 citizenship by investment program in the World, but do you know Grenada also operated an economic citizenship scheme, going back in history some twenty years ago?
Grenada operated a passport for sale or Economic citizenship scheme between 1997-2001.
Economic Citizenship Program
Grenada passed the Citizenship (Amendment) Act, 1997 was passed to make economic citizenship scheme more attractive to persons who make an economic investment in Grenada for passport.
The prices for Grenada passport was only $39,000 going back to 1997. The breakdown of this investment is below
- US$ 22,000.00 to the Treasury
- US$ 17,000.00 to a Government Approved Project (agriculture, tourism)
- Agent application fee: US$ 11,000.00
- Total: $50,000
Grenada was considered the least expensive jurisdiction world-wide, for a second passport with the best Visa free travel. Grenadian passport offered travel to over a hundred Visa-free countries including Canada, United Kingdom, those located in the British Commonwealth, Latin America and Scandinavia.
Economic citizens received full citizenship – which is revocable only if there has been fraud or misrepresentation on the application. Purchaser of Economic Citizenship must be resident in Grenada for six years to obtain the right to vote or hold public office.
The scheme operated pretty much similar to Grenada CBI program today
Personal visit: None
Residency Requirements: None.
Military Service Requirements: None.
Taxes Based on Citizenship: None.
Income & capital Gains Taxes: None on income from non-Grenadian sources.
Gift & Inheritance Taxes: None.
A review in early 2001 by the Grenada International Financial Services Authority found that a total of 545 passports were issued over the previous two years under the Economic Citizenship program.
When the economic citizenship scheme was suspended in 2001, the government at the time estimated that approximately US$1.8 to US$2.1 million in revenue would be lost.
During that same time, St. Kitts and Nevis processed approximately 1000 – 1500 applications in 2011, adding an estimated US$150 – 200 million to the country’s coffers.
9/11 changed everything. After pressure from US and Canadian authorities Grenada had to suspend the economic citizenship scheme in Oct 2001.
Canada Visa Waiver
By Dec 2001, Canada revoked visa waiver agreement with Grenada citing security concerns with passports in circulation issued under Economic citizenship program (ECP). Canada imposed new visa requirements on citizens from eight countries, including Grenada, partly harmonizing its policies with the stricter protocols of the United States.
As of today in 2019, despite Grenada lobbying several times, Canada has not reinstated the visa waiver for Grenadian nationals.