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Some key benefits of Grenada citizenship for Nigerians include:
- No residence requirements
- Visa-free travel to over 140 destinations
- Fast processing time – approval in 60-90 days
- Dual citizenship allowed – retain your Nigerian passport
- No requirement to visit Grenada during application
- Tax-free worldwide income, capital gains, and inheritance
Overview of Grenada’s Citizenship by Investment Program (CBI)
Grenada launched its citizenship by investment program in 2013 as a way to attract foreign investment and spur economic growth.
Investors can acquire Grenadian citizenship by:
- Making a minimum real estate investment of $200,000
- Contributing to the National Transformation Fund (minimum $150,000)
Other requirements include:
- Being over 18 years old
- Having a clean criminal and health record
- Passing background checks
For Nigerians, Grenada offers excellent benefits like:
- Fast processing – approval in just 2-3 months
- No residence requirement before or after citizenship
- Visa-free access to UK, Europe, China for easy travel
- Ability to retain Nigerian citizenship and passport
- No need to visit Grenada during the application
Key Benefits of Grenada Citizenship for Nigerians
One of the top advantages of Grenada citizenship for Nigerians is the extensive visa-free and visa-on-arrival access that comes with a Grenadian passport:
- Visa-free entry to the United Kingdom and Europe’s Schengen area
- Visa-free access to China – a key destination for Nigerian business owners
- No visa required for traveling to Hong Kong, Singapore, Russia, and many South American countries
- Eligibility for E-2 investor visa for the United States
In total, the Grenadian passport allows visa-free or visa-on-arrival access to over 140 countries – far more than the Nigerian passport.
Other key benefits include:
- Dual citizenship allowed – You can keep your Nigerian passport
- Citizenship for life and can be passed down to future generations
- Tax optimization – No worldwide taxes on income, capital gains, inheritance, etc.
Eligibility Criteria for Grenada’s Citizenship Program
The main eligibility requirements for Grenada’s CBI program are:
- Being at least 18 years old
- Having a clean criminal and health record
- Making the required real estate investment or NTF donation
- Paying all government processing and due diligence fees
- Providing supporting documents like birth certificate, passport, bank statements etc.
- Passing background checks for potential security risks
As long as you meet these criteria, the application process can be completed entirely remotely in 2-3 months.
Real Estate Investment Options
The most popular route to Grenada citizenship is through real estate investment:
- Minimum investment of $200,000
- Gives partial ownership shares in government-approved hotel projects
- Most investors purchase shares in luxury hotels like Silversands Grenada
You do not need to manage or visit the property as hotels are run professionally. As an investor you receive rental income from room revenues.
The investment is held for 5 years after which it can be sold if desired.
Alternative Option – National Transformation Fund
Instead of real estate, applicants can also obtain Grenada citizenship by contributing $150,000 (single applicant) or $200,000 (family of 4) to the National Transformation Fund.
The main benefit is avoiding tying up funds in an illiquid real estate asset. However, most Nigerian investors still prefer the real estate option.
|Investment Route||Single Applicant||Family of 4|
|National Transformation Fund||$150,000||$200,000|
Step-by-Step Application Process
The detailed application process involves:
- Hiring an authorized marketing agent to guide you and liaise with the government.
- Selecting your investment option – real estate or NTF contribution.
- Completing and submitting the application forms with your personal details.
- Undergoing background checks conducted by Grenada.
- Providing supporting documents like passport, bank statements, medical certificates etc.
- Making the investment and paying government fees after application acceptance.
- Getting biometric data collected – fingerprints and facial photo.
- Receiving approval decision in 60-90 days from the government.
- Taking the oath of allegiance in front of a consular officer or notary public.
- Obtaining citizenship documents – passport and certificate of naturalization.
The entire process takes around 2-3 months from start to finish.
Costs for Grenada Citizenship by Investment
For the real estate investment route, the total costs will be $220,000 – $240,000 including:
- Real estate purchase ($200,000 minimum)
- Government application fees
- Due diligence and processing fees
- Legal and professional services
With the NTF contribution option, the total investment is lower at around $155,000 – $165,000.
In exchange, you get a second passport and citizenship for life along with global mobility benefits.
Why Nigerian Investors Choose Grenada
In summary, here are the key reasons Grenada has become a top choice for Nigerians:
- Fast processing time – citizenship in 2-3 months
- No residence requirements make it very convenient
- Visa-free access to UK, Europe, China with Grenada passport
- Reputable program with globally recognized citizenship
- Allows dual nationality – retain your Nigerian passport
- Real estate investment options starting at $200,000
- No taxes on worldwide income, capital gains, or inheritance
- Can pass citizenship down to future generations
While St. Kitts and Nevis used to be popular, more Nigerians are now opting for Grenada due to its strong benefits and reasonable investment thresholds.