Grenada: The United States has approved the legislation that inhibits the citizens buying Grenadian citizenship from getting instant access to USA E-2 Visa. As per the latest policy, the CBI passport holders need to reside in the adopted country for at least three years to be eligible to apply for E-2 Investment Visa.
As the reports state, the Grenadian Citizenship by Investment programme has been a considerable revenue generator for countries like Grenada. The estimates for revenue collection from CBI of Grenada in 2021 stood at EC Dollars 24 Million. At the same time, the revenue increased to 78 million EC Dollars in 2022.
The recently –elected government of Grenada anticipates this revenue to be 240 million EC Dollars from selling the passports in 2023, which is approximately one-fifth of the overall budget for 2023.
The decision from the US Government has come out as something they’d least want to happen. Considering the threat, it poses to the viability of the Grenada CBI Programme, the revenues of the country might slide down in the near future as Greandian Citizenship gained popularity due to its ability to provide an E-2 Visa of US.
The E-2 investor visa permits individuals to enter and work in the United States on the basis of investment in USA business. The US E-2 Visa can be extended indefinitely
and carries validity from three months to five years.
Prior to this law, Grenada stood as the sole Caribbean nation with a CBI programme enabling citizens to apply for the US E-2 visa in accordance with the treaty agreement between USA and Grenadian Government.
The eligible applicants have various benefits, i.e. the spouse and children under 21 can be included, while the spouse can also work anywhere in US, while children can get access to pre and high school education.
Grenada is the only East Caribbean state whose passport holders have application rights, but 99% of those who purchase economic citizenship do not reside there. This action effectively closes that wide-open loophole, and it is anticipated to have a great impact on future purchases of Grenada CBI citizenship & passports.