Grenada Attracts More Nigerians with Citizenship by Investment Program
/Since 2013, Grenada has been offering foreigners to invest in the country and obtain citizenship in return through the Citizenship by Investment program. The money received from investors goes to the development of tourism, agriculture, hotels, manufacturing, and services.
“Our biggest challenge is hotels. And that is why we welcome investors since we need more rooms,” said Peter David, Minister of foreign affairs, labor and investment, Grenada.
“Our manufacturing and service as well as our agricultural sector are not well developed. In those sectors, we are seeking investors. The CBI has helped in bringing some of our best investors hence, we continue to encourage more investors in all of those sectors,” said David.
Wealthy Nigerians have been hit hard by the pandemic. Market volatility and falling oil prices led to the devaluation of the naira. That is why investors are now trying to diversify their investment portfolio as much as possible and hedge currency risks.
Grenada is one of the most sought-after options due to the benefits of Grenada citizenship and the E2 visa, which allows the investor and his family to enter the United States.
To obtain Grenadian citizenship, investors must first invest US$220,000 (plus government fees based on family composition) in a government-approved real estate project and apply for Grenadian citizenship.
