As several European nations start to tighten their so-called golden visa policies, one Caribbean nation is adopting a different strategy and launching the first official “citizenship by invitation” program in history.
Grenada intends to recruit “hand-picked investors” to introduce entrepreneurial innovation to the nation when the program begins. Because most citizenship by investment schemes are exclusive by nature, interested parties must usually pay hundreds of thousands of dollars, if not more, to get citizenship or accelerated residency. Grenada’s latest offering, however, is even more impressive.
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The press release introducing the program states that “the concept of ‘citizenship by invitation’ is sure to revolutionize the way that investment is channeled into communities.” Adding, “It will empower governments such as Grenada to tailor their citizenship programs and attract hand-picked investors with the talent, experience, and capital to make an impact.”
It coincides with the end of well-liked golden visa schemes in nations like Portugal and Spain. Grenada is intensifying its efforts as those nations take steps to restrict the number of affluent investors who may get residence and eventually citizenship.
Forbes Global Talent and Arton Capital, a global citizenship financial advisory services company that created the initiative in collaboration with the Grenada government, are nominating and screening investors “who will bring the most value to the Caribbean Island.” There are several ways for investors to become citizens after being formally invited: They may use the pre-existing company or real estate investment schemes, or they could donate something non-refundable to the sovereign.
According to Armand Arton, president of Arton Capital, the initial round of invites will be sent out on February 1. According to Arton, the citizenship procedure is “extremely efficient and smooth in comparison to other investment migration programs worldwide,” and recipients should acquire their citizenship three to four months after applying.
Arton states that he has concrete plans to start a program that like in the United Arab Emirates, “We think this model is a valuable way for countries to attract the investment and expertise they require.”
According to the press release, the carefully chosen high-net-worth investors will become citizens of Grenada and constitute the Global Citizen Council, which will also advise the Grenadian government on “how to drive innovation” in various industries. An annual two-day advising session with Grenada Prime Minister Dickon Mitchell will be accessible to the investors via private plane.
Mitchell stated in the recently released statement, “The people of Grenada are set to welcome a new wave of investment and innovation to our shores.”
Getting a second (or third) passport has several advantages, and among the world’s ultra-wealthy, it is a status symbol. Citizens and residents of European Union countries are particularly valued since they can live and work in other member states.
However, other nations have taken advantage of the good thing too much: well-known travel destinations like Spain and Portugal are restricting their programs because they claim that the popularity has made homes more expensive for residents and made their housing crises worse.
Pedro Sánchez, the prime minister of Spain, declared earlier this month that he intended to impose a tax of up to 100% on properties bought by non-EU purchasers. Purchasing real estate is a common way for Americans and other rich purchasers, many of whom are Chinese or Russian citizens, to get residence in the Mediterranean nation. For 500,000 euros, they might purchase property and have the freedom to live, work, and study there. Additionally, Spain declared its intention to terminate that initiative.
When it comes to these kinds of initiatives, there are several worries regarding money laundering in addition to rising housing expenses.
