Grenada passport – Renewal, Incentives, Citizens’ rights & duties

The Grenada passport offers several benefits, including visa-free travel to more than 140 nations and the ability to get an E-2 business visa from the United States with the right to remain there.

In addition to the advantages, there are duties. For instance, adherence to the investment program’s guidelines is required.

How to renew Grenada passport

Passports gained under Grenada’s investment-based citizenship are issued for life, much as those obtained through birthright citizenship.

A Grenada passport needs to be renewed every five years after being issued. Any passport holder must comply with this obligation, regardless of age, and submit the necessary paperwork to the immigration agency. There is no need to travel to Grenada because the renewal process may be done entirely online.

The following papers are required of the investor for the Grenada passport renewal:

1. Valid passport.
2. Naturalization certificate.
3. Two passport-size photos no more than 6 months old.
4. When a child under the age of 16 applies for a passport, their parent or legal guardian must give written authorization.
5. If the applicant is married, their original marriage certificate must be provided. Please include the original divorce decree if divorced.
6. Application form.

No visible hair bands, spectacles, or large earrings are required in photographs. Hair must be pulled back from the face and not obscure the forehead, and ears must be visible.

A new passport will be sent along with all documentation. The investor’s given address will get a courier delivery of the new Grenada passport. The passport renewal process takes 2 to 4 weeks.

The cost of renewing a passport is $105. Document transmission, bank commissions, and legal services are all paid individually.

When a valid passport is misplaced, or stolen, or the holder’s name has changed, a new Grenada passport must be obtained.

Additional responsibilities for investors with Grenada citizenship

The citizenship by investment programme requires precise information to be provided as a condition of participation. As a result, during due diligence, documents are examined for legitimacy. The Grenadan government has the right to suspend the investor’s passport in the future if they provide incorrect information about themselves.

Following the rules of the programme. The investor is prohibited from selling the property he purchases via the Grenada CBI programme for 5 years.

A second citizenship warning. The investor may need to legally inform about acquiring a second passport depending on the citizenship regulations of their native country.

Taxes must be paid. Grenada requires tax payments for all purchases of real estate, boat registrations, commercial operations, and other forms of revenue.

Business and taxes in the Caribbean countries

Only income received in Grenada is subject to income tax. 10% of the first $24,000 in EC is taxed, and 28% of income beyond that is taxed.

The dividends are subject to a 15% withholding tax if the investor does not reside in Grenada but receives income from a business that is registered there. In this instance, income tax is not necessary.

Investors who hold a passport from Grenada are eligible to apply for a US E-2 Business Visa, which allows them to minimize taxes and enter other countries without a visa.

Reasons to get a Grenada passport

1. Living in Grenada: Even if the borders are locked, the investor and their family are still welcome to enter the nation. But being a citizen of a country is a privilege, not a need. Without traveling to Grenada before or after the application is approved, the investor can obtain a passport online. The investor can take a holiday there or use Grenada as a “safe haven” in case of emergencies or adverse circumstances in their own country.
2. Visa-free Travel: The Schengen region, the UK, China, Hong Kong, and Singapore are among the 144 nations that the investor can travel to without a visa.
3. UK incentives: Grenada was formerly a British colony. Even after earning its independence, the nation was still ruled by a British king. The king is represented on the island by a Governor-General. Grenada is a Commonwealth of Nations member. As a result, visitors from that nation may stay in the UK for up to 180 days straight. Additionally, Grenada nationals are subject to favorable requirements for enrolling in British colleges, such as Commonwealth citizenship scholarships.
4. The E-2 business visa to the USA: The only Caribbean nation in which residents can apply for an E-2 business visa to the USA is Grenada, which offers citizenship by investment. Citizens of Grenada are issued a 5-year E-2 visa. If the company continues to run smoothly and turn a profit after the visa’s expiration date, it may be renewed an infinite number of times. Holders of business visas are free to reside in the United States or visit at any time. The investor is permitted to operate a business, and their spouse is permitted to work. Children under the age of 21 may also attend American colleges and universities.
5. 10-year tourist visas to the USA:Citizens of Grenada can get a 10-year B-1/B-2 visa for the USA. Visa holders are permitted to visit friends and family, travel throughout the nation, receive medical care locally, attend conferences, and conduct business meetings for up to 180 days per year.
6. Reduced tax rates in Grenada: Capital gains, inheritance, or international income are not taxed in Grenada. Additionally, several taxes have lower rates for the nation’s citizens. For instance, a Grenada person selling real estate is required to pay a property transfer tax of 5% of the sale price. Foreigners are subject to the same 15% tax.
7. Incentives in the Caribbean countries: Grenada is a member of the Caribbean Community (CARICOM) and the Organization of Eastern Caribbean States (OECS). The nation’s citizens are not required to get a visa in order to visit any association member state. The duty-free status of the Caribbean nations makes doing business there profitable.
8. Retaining dual citizenship: Grenada permits its residents to have dual citizenship. Therefore, the investor does not have to give up their citizenship in other countries in order to get a passport.

Contact FlyingColour Immigration for professional guidance on citizenship and residence programs for many nations and to determine which choice is best for your needs. We provide assistance with global residency, citizenship, and investment migration programmes. For more information, contact our experts at +971 529933135, send an email at op2@flyingcolour.com, or visit our website at https://flyingcolourimmigration.com/