Grenada’s Citizenship by Investment unit has again reiterated that its new USD$220,00 real estate co-investment solution is only available to developers who have received written approval from the government in advance.
Any developer or agent who promotes the new price and doesn’t have permission to do so may be penalised and will be subject to review, the government warned.
This latest warning comes after the Grenadian government announced on March 18 that the minimum investment amount would be cut from USD$350,000 to USD$220,000. However, the new price only applies when Citizenship by Investment (CBI) applicants co-invest in a real estate unit at a total of USD$440,000 each.
Amendments to Grenada’s CBI Program
The announcement comes after Grenada changed the laws governing its CBI program on March 10 by expanding the definition of dependents. Parents and grand parents younger than 55, unmarried siblings of the main applicant and their spouse and children born within 12 months of the granting of citizenship will all be included in a CBI program.
The new laws also do away with the requirement to be a permanent resident of the island and for children of dependents between the ages of 18 and 30 to be enrolled at a higher education institution.
The legal amendments also now make it possible for investors to get citizenship from investing in CBI approved real estate from the secondary market, opening the market to CBI approved properties that have been resold.
Edward has been a news reporter in Moscow and has written features for the Sunday Times and the Moscow Times.
Some of the places he has worked at include RT (Russia Today) and BBC World.As well as Russia and the former CIS, Edward specialises on the environment and has directed a half hour film on the consequences of the Chernobyl disaster.
At Belong, Edward has developed a strong environmental slant for the magazine, including a series of features focussing on environmental problems. The environment affects all of us and Belong is a magazine with an international outlook, with stories from all around the world.
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