As the world fully embraces globalization and cross-continental trades, the need for a powerful passport that provides greater travel mobility has never been more apparent. And as Nigerian investors and high net worth individuals will attest, the limitations of the Nigerian passport as a standalone travel document simply does not match up with the ambition and requirements of this elite class.
Citizenship By Investment programmes (CBI) were specifically created to solve this travel problem, by providing a means for wealthy foreign individuals to acquire a stronger passport in exchange for investment in the host country’s real estate market. These programmes have become increasingly popular across Africa as HNWIs look to hedge against political and economic uncertainty, improve global travel access and give their wards and families a chance at a much-improved quality of life.
The Caribbean country of Grenada has emerged as a particular favourite, with its most elite CBI project, Kimpton Kawana Bay accounting for more than 59% of all the 2020 CBI real estate investments in the territory.
Now selling its final units of title deeded suites and studios from $220,000, Kimpton Kawana Bay is a new beachfront 5-star luxury resort concluding construction by True Blue Developments—a company with an impressive 20-year record in development.
Read More: This Kimpton Kawana Bay offers African investors the key to global domination
The resort, which is 84% sold out, is ideally positioned on Grand Anse Beach, voted by CNN and Condé Nast Traveller as one of the world’s best beaches. It will feature an infinity-edge pool overlooking the Caribbean Sea, state-of-the-art gym and spa facilities, exquisite fine dining restaurant, roof-top bar, beach bar, lounge with terrace, and water sports facilities. Described by Forbes as one of the most anticipated openings in the world, it is set to open in 2022 and will come under the operation of the internationally recognised hotel brand—Kimpton Hotels & Restaurants, part of the InterContinental Hotels Group, one of the largest in the world.
Benefits of the Grenadian Passport to the Nigerian HNWI.
From non-residency requirements to quick processing times, for the Nigerian HNWI in particular, there’s so much to love about Grenadian citizenship. Including the most outstanding benefits:
Visa-Free Travel to 150+ countries including UK, EU and China
According to La Vida’s Passport Value report, the Grenada passport offers visa-free travel to over 153 countries and territories including the United Kingdom, European Union Schengen Zone, Russia, Singapore and uniquely, China. In comparison to the Nigerian passport which provides visa-free access to just 2.1% of the world’s GDP as a standalone, the combination of the Nigerian and Grenadian passport provides a much improved visa-free access to 58.7% of the world’s GDP as both countries allow dual-citizenship. Also, Grenada’s position as a part of the commonwealth allows citizens to visit the UK for up to six months every year.
Access to the US
Grenada’s unique E-2 visa treaty with the US would allow the Nigerian investor a route via the E-2 visa category to start a business and live in the United States with their family. The E-2 visa application requires an investment into a new or existing US business, starting from $120,000 and takes up to two months to process. Besides its speed, this option provides the African HNWI with a five-year visa, along with unlimited renewals. This application also provides benefits for the family of the applicant and provides employment opportunities and in-state tuition in most states for the spouse and children of the applicant respectively.
Unlimited number of dependents in a single application
Grenadian citizenship also allows for the main investor to include their spouse, dependent children, unmarried siblings, parents, grandparents and as many dependents as they require across 4 generations under a single family application. This makes the investment supportive of larger family sizes, whose members, upon acquiring citizenship will be granted access to top schools and provided a 90% tuition discount at Grenada’s St. George’s University—the world’s largest offshore American accredited medical school. The Grenada passport also guarantees permanence in the face of political inconsistencies and changes in foreign policy. Once acquired, this citizenship programme will be benefited from for a lifetime.
Read More: 3 Reasons Nigerian HNIs must Invest in Grenada’s Kimpton Kawana Bay Resort
Fast Processing
Citizenship by Investment in Grenada is a fast, efficient and straightforward process, taking as little as 60-90 days to process.
Tax Benefits and Non-Residency Requirements
Holders of the Grenadian passport enjoy 100% tax exemptions on worldwide income, wealth, gift, inheritance or capital gains taxes and Grenada does not have any residency requirements, meaning that African investors do not need to live in Grenada.
Nature of the investment
The nature of the real estate investment also allows for personal accommodation usage for up to 2 weeks annually, while generating a projected rental income of 3-5% through the transparent revenue-sharing model. The investment also provides the option of recouping the initial investment after 5 years without any effect on the acquired Grenadian citizenship.
CBI index
Lastly, the available citizenship by investment programmes in the world are ranked by the CBI index, which takes into consideration several pillars; including freedom of movement, the standard of living, minimum investment outlay, citizenship timeline, ease of processing and family. All the pillars of this index accumulate to 90 possible points and the Grenadian CBI scores highly on the various pillars employed in the ranking, cumulating into an impressive 79 points.
Conclusion
Investing in Grenadian CBI comes as a quick and straightforward process. The application process can also be completed remotely and does not require an interview, language or educational tests.
African HNWIs and Investors looking to acquire a powerful second passport can reach out to, La Vida Golden Visas for free counselling.
