There may be a political power struggle between the current president, there may be corruption, or there may be a realization about the Citizen Investment options altogether.
The reason may actually be rooted in the controversial Citizenship through Investment program used to get around US visa restrictions. Here is how Grenada advertises its Citizen for Sale program in India.
A steep hike in fees and prolonged waiting time have made the US-EB5 Visa almost unattainable in recent times.
With the suspension of a whole host of other US visa categories; the popularity of the Grenadian E-2 Visa, which can be easily obtained via the Citizenship-by-investment (CBI) programs, has risen tremendously in the last few years. CBI programs are also a terrific channel for high net-income (HNI) holders from developing countries looking to bolster and diversify their investment portfolio. They offer greater migration options along with the freedom to travel visa-free to over 143 countries, including the UK, Schengen, Russia & China.
Sản phẩm Park Hyatt, St. Kitts, Các Cabrits Resort & Spa Kempinski in Dominica, the Six Senses La Sagesse in Grenada, and now the Kimpton Kawana Bay, a luxury resort/residence is funded by investors through a Citizenship by Investment program.
Investors are in for US$220,000.00 Getting the Grenada citizenship means as a citizen of Grenada, an investor has access to work and reside in the United States as an investor under the US exclusive E2 Visa Program.
Grenada citizenship also means visa free travel to 143 countries including Europe, Singapore, Russia,China. Investors can become a full citizen of Grenada, still reside in countries like India. If this is not convincing enough children and grandchildren, now all have the option to become citizens of Grenada as well.
They all have a right to live and work in Grenada, but this is never a requirement. Grenada is a small island, and if all foreign citizens would want to reside in this country, it would generate an overcrowding issue of course.
Similar perks are available for citizens of Malta, Cyprus – and they only have to invest. Does this sound fair or safe? Many think no.
Such passports are often referred to as Golden Passports. Such passports are available sometimes in less than 30 days and for just $100,000 in countries that include Antigua and Barbuda, Cyprus, Grenada, Jordan, Malta, St. Kitts and Nevis or Vanuatu for example.
A major hospitality developer for the True Blue Development Limited has filed claims against the Government of Grenada at the International Centre for Settlement of Investment Disputes (ICSID) asserting that the government of Grenada has blocked their efforts to complete the five-star luxury Kimpton Kawana Bay resort on the island. Washington-based ICSID is an arm of the World Bank devoted to resolving international investment disputes against sovereign state.
In TBDL’s notice of arbitration, they allege that the Grenada Government began “squeezing” the resort development. “In December 2020, Grenada withdrew the August re-confirmation of the US$99m budget. Grenada left it unclear whether that withdrawal impacted the earlier budget but, after True Blue attempted to negotiate a solution, Grenada’s Prime Minister Mitchell made clear that True Blue would not be allowed a US$99m budget.”
eTurboNews talked to the attorney in charge for True Blue Development Ltd. , Mr. Cymrot, Mark of Bakerlaw in Washington DC. eTurboNews tried to speak to someone in charge of the Grenada Tourism Board or the Ministry of Tourism, but without success.
Gần đây eTurboNews published an article about the easiest countries to buy citizenship.
Afterall, should citizenship be for sale? Detractors say no.
In 2017 two US, two senators, Dianne Feinstein and Chuck Grassley, giới thiệu một hóa đơn to get rid of the EB-5 program, arguing that it is too flawed to continue.
“It is wrong to have a special pathway to citizenship for the wealthy while millions wait in line for visas,” Feinstein said.
Detractors also argue these programs unfairly favor the rich and are unattainable for everyone else. They also cite concerns about money laundering, criminal activity, and backdoor access to countries that circumvent normal immigration systems.
Indeed, the intersection of large sums of money and international real estate deals is ripe for fraud. Voices are louder to give more value to the privilege of citizenship for a country.
Một người phát ngôn cho World Tourism Network says: “Citizenship is a privilege and should never be for sale. The fact that a country offers passports as merchandise is nothing more than weakness, desperation, and corruption. Legitimate countries should not honor passports by citizens that had bought a passport on the investment market.”
