Whether you plan to become a citizen of Grenada or not, consider a few critical factors. For starters, you need to know how much tax you will have to pay on your earnings in Grenada. Also, you need to be aware that you cannot get a green card from the country if you live in the country on an E-2 visa.
Real estate investment
Investing in Grenada citizenship by real estate has been a popular option among investors since the program was initiated in 2013. Grenada citizenship by investment allows you to buy an approved real estate asset, which can be rented out, allowing you to generate income for yourself. You can then apply for citizenship, and the passport can be issued in as little as 60 days.
There are two ways to invest in Grenada real estate: buy the property yourself or purchase the property through a developer. Either way, you must have a registered agent to help you through the process. A registered agent will advise you on which properties to buy and can even advise on how to resell the property after you have acquired citizenship.
Another option is to buy shares in a Grenada real estate project. For example, you can purchase a stake in a resort or apartment. The return on the claim depends on the project.
You must hold on to the property for at least five years. This allows you to take advantage of the rental income, which can help cover the property’s maintenance costs.
Six Senses hotel brand
Purchasing a Citizenship by Investment property in Grenada is a great way to secure your family’s future. A Grenadian passport allows you to travel to 135 countries, including the United States, without a visa. Also, you can apply for an E-2 visa, which will enable you to live in the United States.
Grenada’s citizenship-by-investment program. This program has been a boon to the economy. As of January 2019, revenue from the CBI program has reached a record high of $61 million. Typically, the process takes between 90 to 120 days.
The Grenada CBI program has tightened security in recent years. Applicants must have a current passport, proof of address, a birth certificate, and proof of source of funds. In addition, the applicant must provide a police clearance certificate.
The minimum contribution for this program is USD150,000 for a single applicant. This contribution is designed to help the government finance infrastructure and renewable energy projects. In addition, it helps finance tourism projects.
The Grenada Six Senses La Sagesse Citizenship by Investment Program is the right choice for second citizenship. The resort will be located on La Sagesse Beach in Grenada. A limited partnership owns the project. The project is slated to be completed in the second half of 2022.
Taxes on salaries earned in Grenada
Known as a ‘Tax Haven,’ Grenada charges low taxes per international standards. In addition, the island is situated just 200 km from Venezuela, making it an ideal place for foreign investors.
Due to its tax regime, the island has become popular with high-net-worth individuals and corporations. In addition, the country’s low tax rates have attracted an influx of investors in its Citizenship by Investment scheme.
Aside from low taxes, the island offers other benefits to investors. For instance, purchasing real estate comes with a host of benefits. You’ll receive a physical address, and you’ll be able to sell your property later.
There is also a zero percent tax rate on some goods and services. However, you’ll still need to pay taxes on other income.
Aside from the tax on local income, the island also charges a property tax. The tax rate on real estate is based on the percentage of the assessed market value. You’ll also have to pay a transfer tax if you sell your property.
The island also charges Value Added Tax (VAT) on certain goods. Its standard VAT rate is 15%. However, it is reduced to 10% in the tourism sector.
In addition to taxes, Grenada offers tax credits for Commonwealth members. Furthermore, the country shares tax information with other countries under the CRS. Moreover, there are double taxation treaties with the UK and CARICOM.
An e-2 visa does not allow you to get a green card.
Obtaining an E-2 visa allows you to work in the United States and travel to other countries without a permit. For example, Grenada is a Caribbean nation with a bilateral E-2 treaty with the United States. You must follow a few simple steps to get an E-2 visa to work in the United States.
First, you need to have a good business in the United States that is operating and earning income. You also need to prove that you are committed to investing in a commercial enterprise in the United States.
Once established in the US, you can also apply for a green card. Obtaining a green card is similar to getting an E-2 visa. The main difference is that a green card gives you permanent residency in the US.
There are other options for obtaining a green card, but you can also apply for a visa through a program called Grenada Citizenship by Investment (CBI). This program allows you to earn a return on your investment and obtain citizenship.
This program requires you to invest at least $220,000 in a real estate project. In addition, to become a citizen, you must also contribute to a national transformation fund. This fund was established in 2013 to encourage investors and help Grenada become a more sustainable economy.