he parliament in Grenada last week passed the Grenada Citizen by Investment Act 2013, which offers passports in exchange for a certain level of investment in the country.
Prime minister, Dr Keith Mitchell, who tabled the bill, said the move would “provide tremendous job opportunities for Grenadians who, for years, have not been able to get a chance to ‘earn a bread.’”
The island now joins Dominica and St. Kitts which offer similar programs. However, the Grenadian law is different in that it will have a residency requirement.
Officials say this is to protect the image of Grenada.
“In all of those countries they do not insist on a residency requirement, but here in Grenada, because we are so concerned about the protection of the image of our country, we have gone the extra mile to insist that those who apply for permanent residence should reside in our country,” Education Minister, Anthony Boatswain, said.
During his budget presentation last month prime minister, Roosevelt Skerrit, announced that his administration will expand the existing program to target investors who prefer fixed investments, such as real estate, and/or a local address.
Attorney general, Levi Peter, has projected that Dominica will earn “in excess of $60-million” from the program for the 2013-2014 financial year.