Newsletter May 2019

CSL monthly Industry Updates

May 2019


Click on the bullet point to read the full article:

Grenada: Real Estate Investment Minimum Reduced

The Grenada Citizenship by Investment (CBI) Unit is delighted to present news of an enhancement of the Grenada CBI program. An amendment to Grenada Citizenship by Investment Act No. 15 of 2013 has been based, which permits developers with an Approved Real Estate Project within the Tourism sector to sell each unit to multiple applicants with each applicant paying a purchase price of no less than US$220,000.

Hence, the revised qualifying Real Estate investment is as follows:

  • Full Ownership: US$350,000 investment qualifies 1 principle applicant with family.
  • Joint Ownership: US$440,000 investment qualifies 2 principle applicants with families (must apply together).
  • Real Estate can be resold in 3-5 years and qualify new purchaser for citizenship.

In addition to the RE investment, Government Fee applies:

  • $50,000 main applicant with up to 3 dependents
  • $25,000 per each additional qualifying dependent

The CBI Unit accepts applications with the main applicant electing the new price option with immediate effect.

Grenada: Siblings Permitted as Dependent Family Members
Grenada’s CBI Committee has expanded the categories of “dependents” to include the following:
  1. Siblings of the main applicant (and of the spouse of the main applicant) who are not married and do not have any children may be included as a dependent of the main applicant.
  2. Parents of the main applicant (or his/her spouse) will not be required to be financially dependent on the main applicant.
  3. Dependent children over the age of 18 will not be required to be enrolled in college or university.

Applicable government fees, due upon approval in principle:

  • $50,000 Parents under 55, per person
  • $75,000 Siblings, per person

These exciting developments make Grenada one of the most attractive CBI program in the Caribbean.

A full list of investment requirements and fees can be viewed here: Grenada Requirements.

Grenada No Longer Requires CBI Clients to Apply for Permanent Residency
The Cabinet has reached a decision to eliminate the permanent residency requirement as prerequisite before granting citizenship. Therefore, as of April 2019 economic citizens will no longer receive Grenadian permanent residence cards.
A correspondent fee of US$1,000 for the cards issue has been subsequently removed from the Citizenship by Investment application cost.
Grenada: Real Estate Can be Resold under CBI

Taking the opportunity, we would like to remind our valued partners and clients, that secondary purchasers of real estate units in CBI Approved Projects are eligible to obtain citizenship in accordance will all applicable regulatory requirements subject to the payment of the minimum investment amount plus the required government contribution.

This means that once the mandatory RE hold period is over the owner can resell his/her investment and the next buyer will also qualify for Grenadian citizenship under the Citizenship by Investment program. The next buyer will be required to invest a minimum of USD $350,000, therefore your initial RE investment is now secured against depreciation.

A full list of investment requirements and fees can be viewed here: Grenada Requirements.

St Kitts & Nevis: National Bank Imposes Due Diligence Fees on all CBI Transfers

St. Kitts-Nevis-Anguilla National Bank wishes to inform that as of April 1, 2019 it has implemented an obligatory due-diligence levy on all incoming wires in favor of Citizenship by Investment Program. This measure is arriving as the next step in strengthening the Program’s security measures and guaranteeing its platinum standard among the relevant programs worldwide.

Bank due-diligence fees, per person:

  • US$200 for main applicant
  • US$100 for dependent 16+ years
  • US$50 for child 10 – 15 years
  • US$0 for child 1 – 9 years

Please note:

  • Payments received for the same customer(s) within a six (6) month timeframe would only attract the subject due diligence fee on the first incoming wire/deposit. Any payments after the 6 month timeframe would be charged.
  • The fee would not be applied for children under ten (10) years of age.

To view the full list of fees and requirements visit St Kitts & Nevis Requirements.

For free all inclusive estimates contact CSL citizenship advisors now: Request a Quotation

Why a Second Passport?
Caribbean Second Citizenship Programs are the easiest, fastest and least expensive way to becoming a Global Citizen.
If you are not a UK, US, Canada or EU-passport holder, crossing borders has always been a rather irritating ritual. Even the most respected and wealthy individuals have to go through immense bureaucratic paper work and lose time at immigration interviews just to visit a foreign country. The good news is, a qualifying individual can treat themselves to a second citizenship with one of the Caribbean Citizenship-by-Investment Programs and enjoy all of its immediate benefits. Caribbean passport brings an unrivaled freedom of travel to over 140 countries visa-free, including places such as the U.K, Schengen countries, Singapore, Russia and China so you no longer have the burden of applying for countless business and leisure travel visas.
In the modern fast paced business world an hour saved is an hour earned. What better investment can one make if not in one’s freedom and quality of life? Better yet, this opportunity is open not only to investors but also for their family members and future generations, who will always have a second home to move to during political crisis or instability, thus seeking safety and privacy.
How much does it cost to become a Global Citizen?

To request a free 30-minute consultation you can simply send us a message advising your preferred contact number and availability. CSL representative in your region will give you a call back to explain the fees, procedures and answer your remaining questions.

Our multinational team speaks English, Mandarin, Russian and French.

We look forward to assisting you and your family in becoming Global Citizens.

If you would like to receive more information or assistance preparing your Citizenship by Investment application, please feel free to contact us directly for a complimentary 30-minute consultation.