SPOILER ALERT!
Detailed analysis on step by step process get Grenada citizenship-by-investment
Content written by-Jessen Tarp
The benefits of Grenada citizenship are many, but there are also some drawbacks. People considering purchasing real estate in Grenada should know the truth about Grenada's laws regarding citizenship status and their own personal situation. Understanding what it takes to acquire Grenada citizenship may help anyone looking to purchase a home in this Caribbean nation.
First, there is no universal law on Grenada citizenship, or residence status. The law varies depending on the status of each Grenada citizen. Dual citizenship or citizenship in multiple countries can be recognized by Grenada authorities. However, Grenada does not recognize dual citizenship status as a passport for travel abroad. Even if grenada citizenship buy property real estate purchase are a Grenada citizen by birth, you cannot obtain citizenship by choice without a special process. Some people do have a different citizenship status due to genealogy or immigration reasons, but these situations are not recognized by the government of Grenada.
Grenada laws are specific as to where a Grenada citizen can purchase property in Grenada. Property purchased by a Grenada citizen does not entitle that person to reside permanently in Grenada. Nor does an individual who acquired Grenada citizenship wish to change their nationality to Grenada. Even if a person later wishes to resettle in Grenada they still must first become a resident of the country.
People considering investing in Grenada should be aware of ownership rights and responsibilities. Grenada is a colony of England and technically still part of the British Empire. Because of this ownership of property by the English, a Grenada citizen is considered an English national. That means they are entitled to all property rights on behalf of the England Crown, whether they bought the property or not. This includes all ownership rights to buildings, plantations, financial instruments, and other properties owned by the Crown.
In terms of ownership rights to property, Grenada's property laws and tax systems are very similar to those in the rest of the Caribbean. There are taxes on many items including property, income, services, and foreign investment. However, unlike most other countries, the Grenada government has implemented a system in place that grants certain benefits to its citizens regardless of their ownership rights to the property. The government encourages citizens to invest in property and holds property ownership seminars to help them learn about owning and managing their own properties.
Taxes on overseas property are very high in Grenada. According to estimates, up to 75 percent of the Grenada's Gross Domestic Product (GDP) is spent on property taxes. https://s3.us-east-2.amazonaws.com/gd1/grenada-citizenship.html of these taxes go directly to the taxation of overseas property, while others are indirectly provided for the purposes of infrastructure, education, healthcare, and many other public services. Despite being required to pay property taxes on goods imported into the country, Grenada citizens are not required to pay any income tax on any property, goods, or services brought into the country.
Because the Grenada government limits citizenship applications to local inhabitants, there are a few types of foreigners who can easily obtain citizenship in Grenada. These include: married couples with children, Grenada birth mothers, foreigners who have been stationed with the British Grenadian Army (BGA), and some college students who live and study at British institutions in Grenada. However, there are many restrictions placed on citizens of the Grenada in terms of obtaining citizenship. Foreigners who intend on settling permanently in Grenada need to follow the law of Grenada and not work in the country without the permission of the Grenada authorities.
Grenada has maintained its freedom from British colonial rule since independence and is ruled by a constitution which guarantees its social rights and privileges to its citizens. A number of tourists from foreign countries also arrive in Grenada to take advantage of its fantastic weather and all the amenities available. Many of these foreigners may not be aware of the laws regarding citizenship and paying taxes. However, they may still be able to enjoy the advantages of citizenship, such as the right to vote and serve on juries, as well as exemption from local taxes, if not otherwise required.
The benefits of Grenada citizenship are many, but there are also some drawbacks. People considering purchasing real estate in Grenada should know the truth about Grenada's laws regarding citizenship status and their own personal situation. Understanding what it takes to acquire Grenada citizenship may help anyone looking to purchase a home in this Caribbean nation.
First, there is no universal law on Grenada citizenship, or residence status. The law varies depending on the status of each Grenada citizen. Dual citizenship or citizenship in multiple countries can be recognized by Grenada authorities. However, Grenada does not recognize dual citizenship status as a passport for travel abroad. Even if grenada citizenship buy property real estate purchase are a Grenada citizen by birth, you cannot obtain citizenship by choice without a special process. Some people do have a different citizenship status due to genealogy or immigration reasons, but these situations are not recognized by the government of Grenada.
Grenada laws are specific as to where a Grenada citizen can purchase property in Grenada. Property purchased by a Grenada citizen does not entitle that person to reside permanently in Grenada. Nor does an individual who acquired Grenada citizenship wish to change their nationality to Grenada. Even if a person later wishes to resettle in Grenada they still must first become a resident of the country.
People considering investing in Grenada should be aware of ownership rights and responsibilities. Grenada is a colony of England and technically still part of the British Empire. Because of this ownership of property by the English, a Grenada citizen is considered an English national. That means they are entitled to all property rights on behalf of the England Crown, whether they bought the property or not. This includes all ownership rights to buildings, plantations, financial instruments, and other properties owned by the Crown.
In terms of ownership rights to property, Grenada's property laws and tax systems are very similar to those in the rest of the Caribbean. There are taxes on many items including property, income, services, and foreign investment. However, unlike most other countries, the Grenada government has implemented a system in place that grants certain benefits to its citizens regardless of their ownership rights to the property. The government encourages citizens to invest in property and holds property ownership seminars to help them learn about owning and managing their own properties.
Taxes on overseas property are very high in Grenada. According to estimates, up to 75 percent of the Grenada's Gross Domestic Product (GDP) is spent on property taxes. https://s3.us-east-2.amazonaws.com/gd1/grenada-citizenship.html of these taxes go directly to the taxation of overseas property, while others are indirectly provided for the purposes of infrastructure, education, healthcare, and many other public services. Despite being required to pay property taxes on goods imported into the country, Grenada citizens are not required to pay any income tax on any property, goods, or services brought into the country.
Because the Grenada government limits citizenship applications to local inhabitants, there are a few types of foreigners who can easily obtain citizenship in Grenada. These include: married couples with children, Grenada birth mothers, foreigners who have been stationed with the British Grenadian Army (BGA), and some college students who live and study at British institutions in Grenada. However, there are many restrictions placed on citizens of the Grenada in terms of obtaining citizenship. Foreigners who intend on settling permanently in Grenada need to follow the law of Grenada and not work in the country without the permission of the Grenada authorities.
Grenada has maintained its freedom from British colonial rule since independence and is ruled by a constitution which guarantees its social rights and privileges to its citizens. A number of tourists from foreign countries also arrive in Grenada to take advantage of its fantastic weather and all the amenities available. Many of these foreigners may not be aware of the laws regarding citizenship and paying taxes. However, they may still be able to enjoy the advantages of citizenship, such as the right to vote and serve on juries, as well as exemption from local taxes, if not otherwise required.
