Acquiring citizenship by investment: now simpler in Grenada and cheaper in Antigua
In the times of the coronavirus crisis, the Grenadian Government offers the opportunity to apply for citizenship by investment via an online platform. This will simplify the application process and make it even faster. Antigua and Barbuda, in its turn, lowers the citizenship acquisition cost for investors with families. The additional investment amount that is required for every dependent applicant is now US$ 5,000 to US$ 15,000 smaller than before. The Grenadian offer is timeless while the Antiguan discount will remain in place until November 2020.
A second passport in exchange for an investment is turning into a more a more popular instrument of risk hedging. The demand for this product is growing especially rapidly against the background of the epidemic development. Border closures, the fall of the stock exchanges, the vastly increased burden on the healthcare systems in the best-developed western countries make wealthier people take urgent measures to protect their future.
Unfortunately, a great volume of contradictory information from various sources and some blatant disinformation can confuse even the most sensible people. In particular, far from everybody realizes that is it possible to acquire citizenship of a foreign country remotely, without the need to leave home and violate the self-isolation requirements. Five Caribbean states offer such an opportunity.
Only recently, two of these five countries have made their offers even more attractive. Here is what they have done.
Grenada will provide for an opportunity to apply for its citizenship online in a few days
In order to slow down the proliferation of the coronavirus COVID-19 the Grenadian authorities announced a limited state of emergency on March 25, 2020 that will be in effect during 21 days since this date.
Earlier this week, local medical experts confirmed that there was one person infected with the virus in the country. After that, the Grenadian airports were closed for ALL commercial passenger flights starting from 23:59 March 22 and until further notice. Cargo flights and planes carrying medical personnel will be allowed to land if necessary.
In line with these measures, the Grenada Citizenship by Investment Unit has announced that it suspends accepting paper-based applications for citizenship. However, not to have to suspend the issuance of passports to foreign investors, the Unit plans to launch a new online platform before the end of this month. The applications for citizenship of Grenada in exchange for investment can be filed via this platform. Please find a copy of the official letter below:
As a reminder: you can acquire citizenship of Grenada and a second passport if you are prepared to invest at least US$ 150,000 into the country’s economy.
Antigua and Barbuda make a limited-time discount on the citizenship acquisition price
Grenadians make the application process simpler by introducing the possibility to apply for citizenship via an online platform. Their colleagues in Antigua and Barbuda use a different kind of incentive that is able to attract more foreign investors to the country during the crisis times. They offer discounts on the overall cost of family applications. Main applicant’s dependent children now cost less to bring to Antigua and Barbuda than they did before. The Antigua Citizenship by Investment Unit puts emphasis on the fact that it is a limited-time offer. Please find a copy of the official letter below:
Previously, including a child into the application for citizenship cost US$ 25,000 regardless of the child’s age.
Our office has not been closed down and we continue providing services to those who would like to diversify their assets thus protecting their future. The current turmoil clearly shows that it is never too early to do that, as you never know what crisis can break out some time later, after the coronavirus epidemic is over. We will be happy to assist you in becoming a citizen of a Caribbean country or in purchasing the passport of any other national state that runs a citizenship-by-investment program. Please send you queries and service requests to email@example.com. We always reply promptly.
Is the price of a second passport fixed in each country that runs a citizenship-by-investment program?
Generally, the cost of acquiring citizenship of a foreign country remains the same for every country offering such an opportunity over an extended period. However, in the times of crises, some national states introduce additional incentives that are aimed at sustaining the falling number of applicants for their citizenship. One of such incentives is offering some discounts to prospective economic citizens. Normally, the required donation amount will not be reduced but the payable state duties, for example, can become lower.
Does the coronavirus pandemic affect countries that run citizenship-by-investment programs?
The pandemic affects all countries and the Caribbean states are not an exception. Moreover, they suffer more than some other national states as they depend upon tourists to a large extent while the tourist industry has come to a standstill currently. The COVID-19 pandemic has also affected the number of foreign nationals applying for Caribbean citizenship. Hence the new incentives being introduced.
Should I apply for citizenship of a Caribbean state during the times of the pandemic?
This may sound odd but you must apply for a second passport now if you can afford it. The current situation clearly shows that anything can happen in the future. The COVID-19 crisis is not the last crisis that we are witnessing in our lifetime! There will be others to break out and you had better be well armed against them.