Rich Indians are turning to Grenada, the Caribbean island nation, as a route to attain United States citizenship. This comes as attaining an EB-5 immigrant investor visa to the US has become more expensive day by day.
In a specified report, cites an immigration lawyer as suggesting that Indians’ interest in the Grenada Citizenship by Investment (CBI) program has gradually increased in the last three months. The Caribbean country has an investment visa treaty with the United States.
Similarly, there has been a huge drop in interest towards the EB-5 programme after the US altered investment guidelines under it.
In the month of November 2019, the investment required under EB-5 Immigrant Investor Program was increased to $900,000 from $500,000 in Targeted Employment Area (TEA) and from $1 million to $1.8 million in non-TEAs.
Along with this whole, the annual country cap has been set at 700. This has led to a longer wait for all the Indians, the newspaper has quoted Mark Davies, the global chairman of immigration law firm Davies & Associates as stating.
“US is establishing new rules for its benefits. So, to update yourself with full fledge information you can rely upon visamothly.com as it is working devotedly to spread information in the audience about the current happenings in the immigration industry” said the official.
Under Grenada’s Citizenship by Investment Program, an applicant has to invest $220,000 in a government-approved real estate project. Grenada has an E2 visa treaty with the country, under which a Grenadian can easily file an application for US citizenship and get it within three months.
An E-2 visa permits investors to live and do business in a country like the US in exchange for a minimum investment of $150,000.
One report suggests that an added advantage of this route is that it permits the visa holder’s spouse to freely work in the US and also covers dependent children under 21 years of age.
The Republic of Cyprus, which also provides a similar programme, and Turkey are also emerging as other preferred options.