“Opportunities come infrequently. When it rains gold, put out the bucket not the thimble.”
– Warren Buffett
Life is filled with two sets of people when it comes to finances; those who keep their money and those who invest it wisely thus making money work for them instead of them working ceaselessly for money. No one achieves financial independence without taking the calculated risk of investing. Investing money requires us to commit our resources in a strategic way for a specific objective, but detailed knowledge is required before we even consider embarking on any investment. Necessary research, study and analysis not only enlighten us but also influences our investment decisions. Failure to do this will only make us crash and burn.
A rare investment opportunity that has presented itself with awesome benefits is the Citizenship by Investment (CBI) in Grenada. Grenada is an island country in the southeastern Caribbean Sea with a size of 344 square kilometers and an estimated population of 110,000 as at 2012. Grenada is also known as the Island of Spice due to its numerous locally grown spices such as nutmeg, cinnamon, gloves, ginger, mace, etc, and it is one of the world’s largest exporters of spice. With its capital as Saint George, English as its official language, the main language spoken is either of two Creole languages – Grenadian Creole English and Grenadian Creole French – which reflects the African, European and native Indian heritage. Grenada also has the breathtaking scenery of mountains, waterfalls and golden beaches surrounded by tropical rainforest which makes tourism as another main economic force.
The Citizenship by Investment Act 2013 was passed on the 2nd of August 2013 as a concept in which foreign investors can acquire citizenship passport offering visa-free travel to over 110 countries including the UK and residence just by investing in the country within 60 days. It serves as a fast and legal means for foreign investors to obtain citizenship in a country with an amazing international image. The minimum investment by law is US$350,000 and these investments can be made through the buying of shares in one of the country’s most exclusive resort that is real estate. Property can be sold by choice after being operated and owned for a period of five years but your citizenship, no matter your choice, would be for a lifetime.
The second tier of investment is a non-refundable contribution to the National Transformation Fund (NTF), a government held fund established as a means of transforming the economy of Grenada through financing of projects, helping its diversification and benefiting industries including tourism, agriculture and alternative energy solutions.
The CBI concept requires applicants to be of outstanding character, in good health, have no criminal record and have a high personal net worth. Other benefits includes
- Fast processing within four months.
- Inclusion of dependent children under 25.
- Inclusion of dependent parents over 65.
- No physical residency requirements.
- No requirement to travel to Grenada during the application process.
- No interview, education or management experience required.
- Visa-free travel to over 100 countries, including Europe’s Schengen zone.
- E-2 Visa Program signed between Grenada and the United States allows citizens of Grenada to operate a substantial business in the U.S. and reside therein.
- No tax on worldwide income.
This sort of opportunity, albeit for wealthy individuals, can be a very good opportunity for diversifying investment while gaining citizenship of an exotic country with strong recognition worldwide.
Image from GSACBI.com.