Citizenship by Investment is fast becoming a necessity for increased global mobility and even a future “Plan B” option.
There has been increased demand from High Net Worth Individuals (HNWIs) in South Africa seeking secondary citizenship. Citizenship by Investment is a way of legitimately acquiring a second passport from a different country, thus increasing your global mobility, diversifying your investment portfolio and also providing a “Plan B” option for your family to hedge against political, economic, and social volatility in your home country.
Obtaining dual citizenship provides many benefits and security for hard-earned wealth and even a new home if necessary. A secondary citizenship importantly provides for easier business and leisure travel with a stronger passport, as a South African passport affords only limited international visa-free travel.
Grenada, One of the World’s Best Citizenship by Investment Programmes
The beautiful Caribbean island country of Grenada, and it’s Citizenship by Investment (CBI) programme is seeing increased interest from South Africans as it is a cost effective and straightforward application process, taking as little as 60-90 days for citizenship to be granted.
For investors wanting to acquire Grenadian citizenship, an investment in a Government-approved real estate project is required at the minimum investment amount of US$220,000 plus government fees. Compared to traditionally popular residency programmes like Mauritius and Portugal, Grenada comes at a substantially lower investment, and in many ways, offers more advantages.
Grenadian citizenship provides many benefits, including visa-free travel to 143 countries including the EU Schengen area, UK, China, Singapore and Hong Kong. There is no tax on worldwide income and no wealth, gift, inheritance or capital gains tax. There is no interview, travel requirement or management experience needed, and dual citizenship is permitted.
For those wanting to live the American dream, Grenada has an E-2 visa treaty with the USA, meaning approved E-2 visa applicants are eligible to start a business and live in the USA with their family. The spouse of the applicant has open market employment opportunity and children are eligible for in-state tuition, in most states. Processing time for the E-2 visa is usually only two months and can be done at a consulate.
“With no need to visit Grenada during the application process, no physical residency requirement and the current ZAR / US$ exchange rate as strong as it is, South African investors are finding Grenadian Citizenship by Investment a very appealing option”, says Chris Immelman, who heads up Pam Golding International.
Kimpton Kawana Bay Resort, The Real Estate Investment of Choice
Ideally located on the world-famous Grand Anse beach, with magnificent views over the Caribbean Sea, Kimpton Kawana Bay is the newest 5-Star luxury resort in Grenada, and the leading CBI real estate project on the island.
Title-deeded studios and suites are for sale from US$220 000. With a projected rental income of 3-5% through a transparent revenue-sharing model, hassle-free ownership, once-off personal accommodation usage of up to 2 weeks and no annual out of pocket fees, purchasing at Kimpton Kawana Bay resort is a financially sound investment. Investors can also sell after five years and recoup their initial property investment.
‘’In 2020, Kimpton Kawana Bay accounted for 57% of all Grenada CBI real estate applications, illustrating the confidence investors have in our project. We have continued seeing high levels of interest in 2021, especially from our South African clients”, says Tom Scott, Managing Director of Kimpton Kawana Bay.
The project is 80% sold out and 584 individuals have been approved for citizenship to date. Currently under advanced construction and set for completion in 2022, the resort features an infinity-edge pool, state-of-the-art gym and spa facilities, exquisite fine dining restaurant, roof-top bar, beach bar, lounge with terrace and water sports facilities. The resort will be run by the boutique operator Kimpton® Hotels & Restaurants, part of IHG (Intercontinental Hotels Group), one of the world’s largest hotel chains. Grenada’s newest luxury getaway will offer the ideal destination for the youthful, high-end traveller wanting the best the Caribbean has to offer.
Grenada is a safe, unspoilt tropical island which enjoys a growing economy and stable democracy. Its English-speaking population are amongst the happiest and most well educated in the Caribbean. Citizens have access to top schools including 90% tuition fee discounts at Grenada’s, St. George’s University, the world’s largest offshore American accredited medical school. Flying to Grenada is a breeze with a modern international airport and direct flights from a number of major US and European cities.
Thinking of investing?
Kimpton Kawana Bay offers interested investors an opportunity to acquire Grenadian Citizenship by Investment through a financially sound, title-deeded real estate investment starting at only US$220,000. Investors will receive a share of hotel revenue each year, personal usage and citizenship approval in 60-90 days, which includes numerous benefits including visa-free travel to over 140 countries.
Our in-house team will assist applicants with the entire process from start to finish, providing investors with a seamless and stress-free service.