Harvey Law Group Director of Business Development SAMUEL HARVEY offers an interesting option in Grenada for those who wish to easily access more of the world while benefitting from Six Senses’ premier hospitality.
Where is Grenada?
Grenada is part of the Commonwealth so it is not to be confused with Granada in Spain. It is a sovereign tri-island nation consisting of the islands of Grenada, Carriacou, and Petite Martinique, located in the Eastern Caribbean Sea. It’s north of Trinidad-and-Tobago, and it’s part of the Lesser Antilles chain of islands. The country has decent airlift and is easily accessible from the United States, Canada and Europe.
Why Grenada for a second passport?
The choice of country for a second (or third) passport is subjective. Grenada is one of that few countries successfully operating a Citizenship-by-Investment Program (CIP) and it enjoys a solid reputation with a robust and effective due diligence process.
Furthermore, the applicant and qualifying family members are not required to reside or to visit Grenada. Once the application is approved and passports are in hand, a Grenadian passport grants access to over 140 countries without a visa, including the United Kingdom, the European Union and China, along with other intrinsic benefits of being a Commonwealth passport holder.
How does one get a Grenada passport?
Grenada’s CIP currently has two options. The applicant can choose which stream they prefer to qualify for.
The first option is a contribution of at least USD 150,000 for a single applicant, with the amount increasing depending on the family composition. This directly benefits the economy and therefore helps to finance projects in renewable energy, agriculture, infrastructure and tourism.
The second option is an investment into a government-approved real estate project of at least USD 220,000. Tthis amount is fixed, regardless of the family composition, and most investments are into hotels, villas or resorts.
What is so attractive about Grenada?
Grenada is known as the Spice Island of the Caribbean. It’s a hidden gem offering unspoiled beauty and it’s famous for its aromatic spices and organic chocolate.
For those considering living in Grenada it is considered one of the safest places in the world. It also lies outside of the main hurricane belt. Grenada also boasts of white sandy beaches including the world-famous Grand Anse Beach, breathtaking waterfalls, chocolate factories and rum distilleries, and world-class dive sites.
The latter includes “Bianca C,” the largest shipwreck in the Caribbean, and the World’s First Underwater Sculpture Park. We currently operate an office in Grenada and can consequently advise and accommodate applicants who wish to make the move.
Among my clients who actually decided to visit and explore Grenada, I can confirm that every single one of them was pleasantly surprised by the country. Grenada also has one of the best and most highly-praised medical universities in the world. The St. George’s University (SGU) has over 6,000 students from 140 countries and a 93% US residency placement rate for its graduates.
What are the disadvantages of a Grenada passport?
All Citizenship-by-Investment Programs currently operational worldwide come with a cost, so this is a situation not unique to Grenada alone. In addition to the investment amount, the applicant will have to pay professional fees and various government fees.
When it comes to managing our client’s expectations, I am extremely straightforward by disclosing right away that the main benefits of those CIPs are the citizenship and passport acquired through the investment. It is not the other way around.
Tell us about the Six Senses investment. I understand it’s down to the last few unsold units. Why has it sold so well?
Investing into the new Six Senses La Sagesse Grenada is indeed a qualifying investment under Grenada’s CIP program. A single share of the resort costs USD 220,000.
From a practical stand-point, it is no secret that real estate developments associated with CIP – both in the Caribbean and in Europe – are often overpriced and in many cases are never actually completed. There are rare exceptions and this project is one of them.
Six Senses, being one of the best hotel brands in the world, has also attracted lifestyle buyers and not only investors interested in the citizenship program. As such the value of this brand – and therefore theinvestment – cannot be underestimated, especially considering that this will be the first Six Senses resort in the region, hence a flagship property.
Six Senses La Sagesse Grenada is being built by the same developer who completed the internationally-acclaimed Park Hyatt St. Kitts and Kempinski Dominica. So they have an outstanding track record in successfully completing luxury resort projects. At the time of writing this article, there were less than 30 shares left in the whole project.
What other perks are investors entitled to?
The most obvious benefit is the citizenship and passport of Grenada. The investment itself into Six Senses entitles the investor to dividends currently conservatively estimated at 2-5% per annum paid in USD. There are no yearly maintenance or service fees. The returns will be based on the hotel operation after the project is completed in 2022.
What is the total outlay if I choose the Six Senses investment option?
This will vary depending on the family composition. As a tentative overview, an investor applying alone can expect a total outlay of around USD 325,000 while a family of four would be spending approximately USD 346,000. We will of course provide an exhaustive breakdown to each family based on their unique composition.
Can you sell your investment?
Yes. However, the law prescribes that investors in the Grenada CIP must hold their investment for at least five years, after which they may sell their investment. For lifestyle investors, there is no holding period.
Please describe the application process.
When a client inquires about any program with us, we first determine whether the client is likely to qualify or not. At this stage, the client will be required to make an initial deposit as our compliance department performs due diligence checks. This step takes two to three weeks. Once this is completed, we will advise the client whether to move forward or not based on our findings.
In case we determine that the client should not move forward, we will refund the deposit to the client and their journey ends there. On the other hand, and assuming we determine they are likely to qualify, then we start gathering the prerequisite documents under the proper format, liaise, in the case of Grenada, with our office in Grenada and the Government, and then once the application is ready, we submit the application.
How long is the whole process?
From the moment we submit an application, it will take an average of two to three months for the Government of Grenada to take a decision on an application. Occasionally we do have applications that may take up to eight months to process due to the complexity of the case or a delay in the submission of documents. However the latter are exceptions.
When do I need to pay the investment?
The investment is paid in two different stages. An initial deposit will be paid upon submission of the citizenship application. Once the application is approved, then the balance should be paid. Grenada will issue the passports shortly afterwards.
A tailored and detailed checklist is given to all our clients based on their own situation.
Personal documentation requirements include but are not limited to:
• All pages of current passport
• ID Card
• Birth Certificate
• Marriage Certificate
• Passport-sized photos
• Police clearance(s)
• Diploma of highest education
• Proof of address
• Medical report
• Affidavits of Support for the accompanying dependents
Professional documentation requirements include:
• Reference letters from a bank and a professional
• Bank statements
• Source of funds documents
What make the Grenada passport unique?
Grenada is one of the very few passports in the world that grants visa-free access to the UK (180 days), all EU countries (90 days), Russia and Mainland China (30 days). In addition, it is the only Caribbean CIP nation that is a USA E-2 treaty country. This means that successful applicants will become eligible to apply for a USA E-2 visa that will enable the investor and family members to establish a business in the United States and to lawfully reside in the United States.