Caribbean citizenship: a ticket to the world
June 24th 2020
For those who spend a lot of time traveling around the globe, find that the process and expense of visas is not only a major drawback, but time consuming. However, it has been found that instead of applying each time for visas, a second passport may help with the process. Through the dual nationally process, a second passport may make travel a lot less difficult and time-consuming.
There are not many passports that could actually help in this process. If one attempted to gain a second passport from the United States, this could take lots of time and money to achieve. The same can be said for an EU passport. However, to qualify for an EU passport, the cost is extremely high and an individual would have to make this investment into the local economy. The process is also not only one of the most expensive, it is also quite difficult to qualify for an EU passport. For individuals who have invested in EU visas, they have found that the money invested in the process is nearly impossible to recover. However, there are much more affordable options for a passport that is able to provide as much freedom as an EU or American passport.
After the Caribbean Islands decolonized, they joined the Commonwealth. This allowed them to create a strong economy and good relationships with other countries around the world. Their political power enabled them to create special trade deals with countries such as the United States. Today, Caribbean countries offer citizenship through investments to foreign nationals around the world. A number of investors have found that obtaining a second passport from one of theses Caribbean countries can provide the ability to travel and do business much easier than their own passports.
Perhaps the most popular country of all the Caribbean that offers a second passport to investors is the country of Grenada. The citizenship of this country provides foreign investors with not only a second citizenship and passport, but several other advantages. One advantage that the process allows is that it is highly confidential. Applicants can apply for citizenship for themselves and members of their family from their own home. Grenadian passport holders are also able to obtain a number of tax benefits. These tax benefits include Grenadian passport holders do not have to pay taxes on wealth that is accumulated from other countries. This includes foreign income, gifts, inheritance or other types of capital gain.
Other advantages of the Grenada passport
Due to the country’s good relationship with others around the world, the Grenadian passport is accepted without requiring visas in many countries. Nearly 127 different countries around the world allow for Grenadian citizens to enter their country without first applying for visas. This includes countries like the European Union, China and the United Kingdom. This one benefit is most popular with entrepreneurs that are constantly traveling and need a much easier approach to entering countries to do business.
Another popular use of the Grenadian passport is that it is a key to entering the United States and developing a business. Because of a special trade agreement signed in the late 1980s, holders of Grenadian passports are eligible to obtain an E-2 work visa for the United States. The entire process of obtaining a Grenadian passport and your E-2 work visa may take as little as six months under normal conditions. This benefit alone has increased the popularity of Grenadian citizenship in the past few decades.
If investors decide that they would like to obtain their Grenadian passports through investing in real estate, they are able to reclaim their costs in a short period of time. When compared to other Caribbean countries that demand an investor to wait up to five years, Grenada only requires investors to wait only three years. This would allow the investor to recover their cost of the investment is a short time period.