By Caribbean News Global
ST GEORGE’S, Grenada — Grenada continues to assert its leadership and value for money propositions with the first spot in the rankings for 2020, according to study by Best Citizenships (BC), due to its low pricing, powerful passport, and E-2 treaty.
The government of Grenada previously stated that its CBI program has been ranked as one of the best-run programs by the International Monetary Fund (IMF), World Bank, and other financial institutions.
Using the Points Based Scoring (PBS) model of 210 points, Grenada secured the first spot with 151.3 (PBS) points which examined 31 indicators of CBI programmes.
“Best Citizenships (BC) designed a new ranking model for Citizenship by investment (CBI) programs based on the PBS system to mathematically rank the best CBI program for clients. Our model is one of a kind in the industry, considering most indexes currently exist in the industry do not provide in-depth analysis on CBI rankings from a client’s point of perspective”, the report said.
“The empirical PBS model takes into account over 30 indicators into our model rank a CBI scheme out there. We have assigned weights to each feature such as Pricing, Visa waivers, due diligence, transparency, human development indicators and living conditions, education, healthcare, strong currency etc..”, Best Citizenships.
CBI investors are said to ask five fundamental questions of CBI programmes.
- How safe is the country? – What are the citizenship benefits? – Which CBI scheme is cheap and best?
- How many visa free countries I can travel to? – What is the standard of living in these countries?
Secondary to Grenada, according to the report “are Cyprus takes the second passport for the best citizenship by investment scheme in Europe. Montenegro at third spot, as it is an exciting new program from a future EU candidate country. Turkish citizenship by investment program recently emerged as an interesting program, as citizenship from a country with huge $2.3 trillion GDP.”
The full report is available here
A recent Investment Migration executive survey predicts Grenada Citizenship by investment will be a best-seller this year illustrate the following: “Grenada CIP – 2.5 percent 2017 actual; 5.0 percent 2018 forecast; 7.5 percent 2018 actual and 15 percent forecast for 2019 – does not come as surprise to industry professional knowledge of key undertakings.”
According to the survey, the results, “should not be interpreted as indicative of the absolute size and popularity of Residency and Citizenship by Investment (RCBI) programs. To wit: The US EB-5 program was, by far, the world’s largest program in 2018 measured in FDI but, because the vast majority of EB-5 investment is conducted via firms that focus exclusively on North American programs – and because single-focus firms are excluded from the survey – the true size of the program is not reflected in the survey results.”
Earlier this year the government of Grenada changed the definition of a “dependent” and made changes to the real-estate options, opening the possibility of co-investment and reducing the minimum investment in real-estate from US$350,000 to US$220,000, where the developer invested a minimum of 20 percent equity in the project.
Sam Bayat, Esq., of Bayat Legal Services is not surprised of Grenada’s top ranking having noted that ‘Stars align for Grenada’ on evidence “that Grenada’s CBI programmes is well position for increased high net-worth applicants and quality investments. This is a win-win situation for the development of the Caribbean,” he said.
The report model provided in-depth analysis of CBI programmes with client expectations and point of view. Using the PBS model of 210 points it also highlighted Grenada first spot ranking, due to its low pricing, powerful passport to Russia, China, and E-2 treaty.
Grenadian citizens can travel without visa restrictions to more than 130 international and Commonwealth countries. These include the United Kingdom and all other members of the European Union, and important business hubs such as Singapore and Hong Kong. Grenadian citizens enjoy unique access to the USA’s E-2 visa, privileges to Europe, Russia, Moldova, Kyrgyzstan, Schengen area, Brazil and China.
His Excellency Oleg Firer, Ambassador Extraordinary and Plenipotentiary of Grenada to the Russian Federation, previously distinguished Grenada as “one of the few with the USA’s E-2 visa, by virtue of, investing in the US economy … working in the United States, it’s a unique program. A lot of countries and professionals and business executives require this. For instance, if you are a US citizen, you require a visa to mainland China. With a Grenadian passport, you don’t need a visa to China and Russia. Visa-free to China and Russia is key. Grenada is unique and there’s a lot of business to be made… we just added Moldova and Kyrgyzstan, and we’re no done, we’re adding more,” he said.
Grenada is on the right track and open for business, supported by Range Developments’ global footprint; and Six Senses La Sagesse Grenada, wholistic and sustainable development plan.
Range Developments specializes in developing luxury resorts in the Eastern Caribbean will be working with award-winning Six Senses Hotels Resorts Spas. La Sagesse will be an incomparable master-planned development on one of the best locations in the Caribbean, just 15 minutes’ drive from Grenada’s airport. It will feature two luxury 5-star hotels, oceanfront villas, spas, retail and watersports facilities.
As with other Range Developments’ projects, investors will be able to participate in the project, and if eligible, apply for citizenship in Grenada. With a minimum investment of USD$ 220,000, investors in Six Senses La Sagesse, Grenada, will enjoy attractive citizenship privileges for their entire family, and a chance to share in a winning partnership with Range Developments, already, the most successful developer of luxury real estate projects in the Caribbean.