Demand for second passports is soaring globally, and there has been a significant uptake in a desire to secure a Caribbean passport lately. Let’s explore why Caribbean Citizenship by Investment (CBI) programs, particularly Grenada, became so popular in 2024 and why it has emerged as a powerful tool for entrepreneurs seeking to expand their reach globally.
Grenada’s Citizenship by Investment program has witnessed remarkable growth in 2024, making it a standout choice for those exploring dual citizenship opportunities. According to IMA Grenada, the new name for the Grenada Citizenship by Investment Unit, the CBI Grenada approved a record number of 1,583 applications and granted 5,443 passports in 2024. This is a 14% increase compared to 2023’s figure of 4749 new citizens. These numbers reflect the program’s robust due diligence measures and efficiency and underscore its appeal to global investors. Grenada’s CBI program is more attractive and accessible thanks to a productive and streamlined process.
The rising interest in Grenada’s program reflects a broader trend: second citizenship is considered a strategic move embraced by individuals and families worldwide. The concept of a “passport portfolio” — akin to financial diversification — is gaining traction as a vital tool for mitigating risks associated with single-country citizenship.
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Key Drivers Behind the Demand for Second Passports and Grenada’s CBI Program
1. Global Mobility
One of the most significant advantages of a Grenadian passport is its exceptional global mobility. Grenada provides visa-free or visa-on-arrival access to over 140 countries, including popular destinations such as the Schengen Area, the United Kingdom, China, and Russia.
2. Attractive Investment Options
Grenada’s CBI program allows investment in promising pre-approved high quality real estate projects in Grenada.
3. Tax Advantages
Grenada’s favourable tax regime includes no capital gains, inheritance, or wealth taxes, making it the perfect destination for investors.
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4. Residency in CARICOM Member States
Grenada’s membership in the Caribbean Community (CARICOM) is another advantage, as it allows its citizens to reside, work, and study in any of the 15 member states.
5. Access to Global Residence Opportunities
Grenadian passport holders are recognised as citizens of a small country, benefiting from favourable quotas compared to larger or less widely accepted countries of origin.
6. Improved Lifestyle and Security
Grenada is known for its stunning beaches and natural beauty, stable political environment, and safe environment for individuals and families.
7. Quick Processing Time
With processing times averaging three to four months, applicants can secure their second citizenship quickly.
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