Demand for ‘golden passports’ rises in Grenada as restrictions on Russians are lifted

Applications for golden passports in Grenada have quadrupled after the island nation effectively removed ban to apply for Russians. Citizenship of Grenada is granted in exchange for an investment of $150,000 in the country’s economy.

Grenadian Visa Program Advisor Richard Hallam told Bloombergthat in 2022 the majority of citizenship applications are likely to come from Russians. He stressed that before the lifting of the ban in June, all submitted applications were in “suspense”.

“It’s the same as first closing the tap and then opening it again,” Mr. Hallam spoke metaphorically about the changes in Grenada’s visa policy. The country’s finance ministry has reported about 200 applications for “golden passports” since June.

To obtain citizenship of Grenada, investors can either make a one-time contribution to the state fund in the amount of $150,000, or buy real estate in the country in the amount of $220,000 or more. One of the main advantages of a Grenadian passport is visa-free access to 144 countries, including the Schengen zone states , UK and China. Citizens of Grenada can also obtain an E-2 business visa in the United States.

Andrey Sapozhnikov