The Turkish and Grenada CBI programmes are currently considered to be the gold standard. But the Turkish program has become the world’s most popular CBI programme.
Grenada previously enjoyed a virtual monopoly over the Citizenship by Investment to E2 Visa market, driven by a demand for alternatives to the EB-5 scheme following the retrogression roadblock in 2015.
Many industry observers were surprised that a country even without Schengen access could take the mantle. None more so than the Grenadians, who are suddenly finding their cozy corner of the market contested.
| Country | Turkey | Greneda |
|---|---|---|
| Minimum Investment Requirement | Real Estate Option – $250,000 USD Bank Deposit Option – $500,000 USD Share Capital Option – $500,000 USD Retention of only 3 years R.O.I Opportunity Clear exit strategy No additional investment for spouse and children | Non Refundable Donation Option: $150,000 USD (1 person) $200,000 USD (family of 4) $25,000 USD (per additional child) $75,000 USD (per other family member) Real estate Option: $350,000 USD (private title deed, 4 year retention) $220,000 USD (joint ownership, 5 year retention) |
| Approved Property | Full ownership of any type of land, residential or commercial property | A fractional share in specific hotels and resorts |
| Passport Processing | 45 days to 6 months. | 4 to 6 months. |
| Passport Benefits | Access to 115+ countries including some of Europe’s countries Includes the South America, Africa and Hong Kong, Japan, South Korea, Singapore. Cannot access the European Union (Schengen) without visa. | Access to 140+ countries Including the European Union (Schengen). Includes United Kingdom, China, Singapore, and Hong Kong. |
| Global Passport Mobility Ranking | 23 | 36 |
| Ease of Doing Business Global Ranking 2020 | 23 | 23 |
| E-2 Visa Treaty Country | Yes | Yes |
| Ankara Agreement | Yes | No |
| Dual Nationality Allowed | Yes | Yes |
| Class of Citizenship | First-Class Citizenship for life that can be passed to descendants | First-Class Citizenship for life that can be passed to descendants |
| Application Method | Embassy application | On-line application for countries such as Canada – Australia – United Arab Emirates – and the US E-2 Treaty Visa |
| Family Members | Can include a spouse and the children under the age of 18 | Can include a spouse and children up to the age of 30. Can also include parents, grandparents and brothers and sisters. |
| Fees for Family Members | Simple fees for adding family members to the same application. | High fees for adding family members to the same application. |
| Taxation | Average rates Free access to European Customs Union for trade with EU. | Free to select the appropriate country with lower tax rate. Beneficial tax regime – you will not be liable to any income tax, capital gains tax or inheritance tax. |
| Best For | Stability and business. | Freedom of work and movement |
| Language Requirements | None | None |
| Residency Requirements | None | None |
| Criminal Record Check | Basic Internal Check | Enhanced International Check |
| Currency | $1 US Dollar equals 7 Turkish Lira (variable) But Euro is widely used | $1 US dollar is fixed at $2.7 Eastern Caribbean Dollar |
Whether Grenada or Turkey is the better option comes down to the personal motives and circumstances of the individual applicant; investors must therefore consider the following:
- Which country offers me the greatest return on investment?
- Which property market am I more confident in investing into?
- Which location would be better for business continuity and the protection of health and wealth?
- How important is mobility beyond access to the US?
- Will I actually be residing in Turkey or Grenada?
- Which country has a clearer exit strategy?