Grenada is seeing an influx of wealthy Indians looking to accelerate the process to live in the United States.
With the EB-5 immigrant investor visa to the US getting more expensive, wealthy Indians are turning to Grenada as a route to their US citizenship dreams.
Immigration lawyers said, in the past three months, interest in the Grenada Citizenship by Investment (CBI) programme has increased from India, as the Caribbean country has an investment visa treaty with the US. Mark Davies, the global chairman of immigration law firm Davies & Associates, said the been a definite drop in interest towards the EB-5 programme after the US changed the investment guidelines under it.
From November 2019, the minimum investment required under the EB-5 Immigrant Investor Program had been raised $500,000 to $900,000 from in a Targeted Employment Area (TEA) and from $1 million to $1.8 million in non-TEAs. “This, coupled with a longer wait time for Indians because of an annual country cap of 700, has led people to explore other options,” said Davies.
His firm is currently helping process a few applications for the Grenada CBI programme. There are a lot more enquiries which are likely to convert into applications over time, he said. Under the Grenada CBI programme, the applicant must make a $220,000 investment in a government-approved real estate project. What makes Grenada an attractive destination is that it has an E2 visa treaty with the US, wherein a Grenadian can apply for US citizenship and usually get it within three months. A US E-2 visa allows an investor to live and do business in the US in exchange for a minimum investment of $150,000.