Grenada has closed its doors to Russians seeking its “golden passport” apparently in response to US demands.
In a meeting earlier in February, the US convinced several Caribbean countries that offer citizenship by investment (CBI) not to consider Russian applications, saying that could allow Russian citizens to circumvent sanctions.
Five countries quickly banned Russian applications, including Grenada. Nevertheless, the country reversed the ban in June, taking a case-by-case approach.
The number of Russians seeking Caribbean citizenship skyrocketed soon after their country’s invasion of Ukraine. In the first quarter of 2022, for example, applications from Russian citizens increased by 500% in Antigua and Barbuda, 300% in Dominica and 200% in Saint Kitts and Nevis.
There is no data as to how many Russians have gained citizenship in the past couple of years. Grenada offers two investment options: a US$150,000 donation to the country’s National Transformation Fund, or a US$ 220,000 minimum investment into real-estate development.
Grenadian citizens can travel to more than 100 countries, including members of the European Union, without visa restrictions. In addition, Grenadians are also entitled to United States E-2 visa, which lasts five years and can be renewed indefinitely.
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