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00:00Hello, and welcome to today's special Gulf News webinar,
00:04Grenada, Citizenship by Investment and Global Mobility
00:08with the Option to Reside in the United States.
00:12As we look forward to 2021,
00:14many are determined to shake off the economic instability
00:19that has defined 2020,
00:21seeking greater global business opportunities,
00:24as well as the safety net for themselves
00:27and for their families.
00:30Well, look no further than the stunning islands
00:34of the Caribbean.
00:36Demand for second passports
00:37for the picturesque island nation of Grenada
00:41continues to soar as individuals look to make
00:44lasting investments in the security of their future
00:49and open up a world of possibilities.
00:53Grenada offers one of the top-ranked
00:55Citizenship by Investment programs
00:58that boasts tax benefits, travel advantages,
01:01a family-inclusive approach,
01:04healthcare and infrastructure,
01:06as well as the option to reside in the United States.
01:11Add to all of that the opportunity to become a citizen
01:15of one of the most beautiful countries in the world
01:19by investing in a world-renowned, award-winning resort,
01:23and it all just makes you want to pinch yourself
01:26every time you realize that this is home.
01:30My name is Sally Moosa
01:32and I'll be your moderator for today's discussion.
01:35As we're joined by two distinguished speakers
01:38who'll be taking us through the extensive advantages
01:41of Grenada's CBI program.
01:44Mohamed Azaria is Managing Director of Range Developments.
01:48Established in 2012, Range Developments
01:51is one of the world's leading
01:53Citizenship by Investment facilitators,
01:56having assisted more than 4,000 individuals
01:59to obtain citizenship in the Caribbean.
02:03We're also joined by the Honorable Peter David,
02:06Minister of Foreign Affairs
02:07and Minister of Labor in Grenada.
02:10Hello and welcome to you both.
02:14Good morning, good morning.
02:15Good to see you, good to hear you, good to be here.
02:18Yes, good morning and good afternoon.
02:20Now, before we do jump in,
02:21just to let our viewers know
02:23that if you have any questions for our speakers
02:26during the webinar, please do type those
02:29into the questions tab,
02:30which is at the bottom of your screen
02:33so that we can aim to have those answered
02:35towards the end in a Q&A.
02:39Now, Mohamed, I would love to start with you.
02:42First of all, happy birthday.
02:46Thank you very much, Sally.
02:47Appreciate the wishes and glad to be with you today.
02:50So great to have you on this auspicious occasion,
02:53but very much as you say,
02:56citizenship by investment is all about living for today
03:00and planning for tomorrow.
03:03This year, as we have all seen,
03:04it's been an incredible rollercoaster,
03:06if nothing else, with economic upheaval
03:09that's really tested social and political systems
03:13across the world.
03:15So I'd love to get your perspective
03:17on how 2020 has changed people's priorities
03:20and what makes CBI such a compelling investment.
03:26Sure, Sally, and I think you're spot on with that point.
03:302020 has really changed people's priorities
03:34and it's provided an inflection point.
03:36People have been in lockdowns
03:38and they've seen challenges
03:40that they never thought they would have experienced.
03:43And those challenges spread from social,
03:46economic, political challenges,
03:48and it varies from country to country
03:51and the intensity of those challenges varies.
03:54Grace of God, here in the UAE,
03:56we haven't wanted for anything on the healthcare side
03:59or there's been sufficient food security,
04:02but you just go three hours east to the subcontinent,
04:06there has been a public health system failure.
04:08You go into Africa, there's been people on the streets
04:12because of the aftermath of COVID.
04:14And what I foresee is that governments
04:18across the world are gonna have to raise taxes
04:21on their nationals, on their high net worth individuals,
04:25because they have to pay for all the stimulus,
04:28which has been required to put a bandage on the economy,
04:31which has resulted as a consequence of COVID.
04:33Now, when you look at these challenges,
04:36one way to alleviate some of these anxieties
04:40is to have a second citizenship
04:42or to invest and obtain second citizenship.
04:45And I've said frequently, and I'll say again,
04:48as a high net worth investor living in an emerging market,
04:51it's no longer a luxury, it's a necessity.
04:55And why do I say this?
04:56Well, I've been in this business since 2012.
05:00We've helped close to 4,000 individuals
05:02during that time obtain second citizenship.
05:05And there's been three or four reasons
05:07why individuals require a second citizenship.
05:10First is it provides a comfort blanket
05:13from some of those anxieties.
05:14If you're living in an emerging market,
05:16you might find political unrest has increased significantly
05:20and that environment doesn't work
05:21for you and your family anymore.
05:23So it provides you a plan B, a comfort blanket,
05:27if the winds of political power change
05:30and you find yourself persecuted
05:32against the borders across the world
05:35are as high as they've ever been.
05:37And I foresee they'll stay like that into 21, 22, and 23.
05:42And visa-free travel becomes very necessary
05:45for the high net worth individual
05:47who's looking to manage his affairs
05:49and manage his business.
05:53And then where Grenada really comes into its own,
05:56not only does it provide a comfort blanket,
05:58not only does it provide the ability to travel the world,
06:02but it also provides the ability to relocate
06:05to the mature economy of the United States,
06:09which a number of individuals find
06:12as a very attractive proposition at the moment.
06:15Absolutely.
06:16And when we are talking citizenship by investment,
06:20Grenada consistently ranks
06:21as one of the best destinations in the world.
06:24So do talk us through why that is
06:27and some of the fantastic advantages
06:29that the country does offer.
06:32Sure, and Sally, let's look at the competitive landscape
06:34when you say it ranks as one of the best.
06:37I would go as far as saying today it is the best
06:39because if you look at the citizenship
06:41by investment industry,
06:43you have the European programs of Malta and Cyprus
06:45being put on boards, which were very attractive programs.
06:49So in terms of citizenship by investment programs,
06:52it's really the domain of the Caribbean today.
06:54Out of the five Caribbean jurisdictions
06:56which offer second citizenship solutions,
06:59Grenada is the only one which permits the ability
07:03to go and live in the United States
07:04under their E2 visa waiver program,
07:07which the minister can talk about the history
07:10and how Grenada obtained this benefit.
07:13But it really has become a viable solution,
07:16not only for the high net worth individual
07:18who wishes to obtain a second citizenship,
07:20who can travel the world,
07:22whether that's the United Kingdom, Schengen, Russia,
07:25and uniquely China, but also you have the ability
07:29to go and live in the United States
07:31by investing in your own business.
07:33There's no minimum and it can be done
07:35within six to eight weeks.
07:36So that is a really valuable benefit,
07:39especially given President Trump
07:41seems to have made redundant all the other sorts
07:44of ways into the US in an expeditious fashion.
07:47But really where I will dwell on a little bit more
07:50is that a second citizenship today
07:53can provide a very unique opportunity
07:56for a high net worth individual to manage his affairs
07:59in a tax efficient manner.
08:01So Sally, if you look at it,
08:03there's concern from people from the subcontinent
08:06that there's gonna be a citizenship based taxation
08:09being introduced in 2021.
08:12Murmurs if it already came into the last Indian budget.
08:14So a number of high net worth individuals in the UAE,
08:17NRIs, non-resident Indians,
08:20are looking to change their citizenship
08:22from their country of birth, which is India,
08:24to Grenada, surrender their Indian citizenship
08:26so they're not caught in the trap of global taxation.
08:30And because the trap of global taxation
08:34also comes with the additional trapdoor of an exit tax,
08:37which means if you wait till a certain time,
08:41you have to pay a fee to actually give up
08:44your citizenship of your country of birth,
08:47which is what the US system is.
08:49So there's three or four reasons,
08:51whether that's travel, security, taxation,
08:55general family planning,
08:57why Grenada has become so popular
09:00in the past three to six months.
09:02And that all coincides with all the various changes
09:05that the government made,
09:06which the good minister can talk about
09:08at the end of 2019,
09:09to enhance the acceptability of the program.
09:13And coming to you now, Honorable Minister Peter David,
09:18for those who are not familiar with your beautiful country,
09:21talk us through those advantages that Grenada,
09:25as a destination, offers investments and their families.
09:31Thank you for having me again.
09:32And Mohammed, I want to wish you a happy birthday.
09:34Hope you have a wonderful day.
09:36And I look forward to working with you.
09:38Now, thanks for having me here.
09:40I'm always quite excited to talk about Grenada,
09:43because myself, I've lived in several countries,
09:45lived in the US, lived in Canada, lived in London,
09:47but it's always Grenada I'm coming back to.
09:51For those who don't know Grenada, of course,
09:53we're quite close to the United States,
09:55three hours flight away from New York,
09:58from Miami, four hours away from New York.
10:01We have access through British Airways to London,
10:04Virgin Atlantic, we have American Airlines,
10:07JetBlue, so there's a very close relation,
10:09a physical relationship between Grenada and United States,
10:13being located in that part of the world.
10:16We have a very stable economy.
10:17In fact, before COVID, we were experiencing growth
10:22every year, 5%, 6% growth,
10:24and one of the best economies in the Caribbean region.
10:28Of course, COVID has come and COVID has had an impact,
10:31particularly because of tourism,
10:33but we expect that to be back on stream sometime
10:37next year, we are preparing for it.
10:38That is why we're building hotels.
10:40That is why Mohammed is in Grenada,
10:42building a new, beautiful new 6th Sense Hotel.
10:44So the Grenada economy is largely based on tourism,
10:49but also agriculture as one of the traditional sectors.
10:54Very stable economy, experiencing growth every year.
10:57For the COVID period, we have had no deaths.
11:00We've had maybe 30 something cases.
11:04All of the cases we got were imported,
11:08because tourism, of course, as I say,
11:09is our biggest economic driver.
11:14But with respect to where we are with COVID,
11:17we're quite good, and that has caused even more people
11:20to become interested in coming to Grenada.
11:23We have a British colonial history,
11:25which means we have a judiciary
11:27that's largely based on the British system.
11:29The Privy Council in London is our highest court of appeal.
11:33We have a very stable political environment.
11:37We have a political stability.
11:40Every five years, we have elections,
11:41and we have stable transitions
11:44from one government to the other.
11:46Judicial system, very predictable.
11:48So Grenada is a place that are dependent to a large extent
11:52on foreign direct investment.
11:54Therefore, our economy is oriented in that direction.
11:59It therefore means that we have a regime
12:03for foreign investors that is quite attractive.
12:06Our government relies on foreign direct investment,
12:09and therefore, we have a Grenada
12:11Industrial Development Corporation
12:12that is consistently working towards improving
12:16the investment environment.
12:18And I must say that over the last six months,
12:22as Mohammed has indicated, we've been doing more.
12:25But over the last several years,
12:27the government has been doing everything possible
12:29to ensure the stability of investments.
12:34So while we attract investments through CBI,
12:38we generally attract a lot of foreign investment
12:42from Canada, from the US, from Europe, from Dubai,
12:46from China, all over the world,
12:47Grenada is receiving these investments.
12:50So Grenada, apart from wanting to get citizenship,
12:53as Mohammed outlined, we welcome persons
12:58to invest in Grenada and stay in Grenada.
13:00We believe that our population,
13:01there's a lot of room for expansion of our population.
13:04Even if you do not want to live,
13:06I quite frankly encourage you.
13:08It's a beautiful place.
13:09Social stability of a prime rate
13:11is the lowest in this part of the world.
13:14People are very safe, and that is why,
13:17apart from your investments being safe
13:19because of the judicial system and political system,
13:22you are also going to be safe
13:24because of the social stability
13:26and the fact that we've kept our crime rate very, very low.
13:30To the extent that one of the things,
13:33I served as tourism minister many years ago,
13:35and I was absolutely surprised because I took the beauty,
13:39I took the stability, I took everything for granted
13:41because I grew up here.
13:43And I was amazed at the comments
13:45that people consistently made about coming to Grenada,
13:48about investing in Grenada,
13:50but importantly for me, about living in Grenada.
13:53So, yes, it's quite stable generally for investments.
13:57Which is fantastic to see and to hear.
14:02But interestingly, you're the only country in the Caribbean
14:05which has a very special visa
14:07that allows people to go and reside
14:09and work in the United States.
14:12Tell us a bit more about that.
14:14Yes, the E2 visa has an interesting history.
14:17Persons who are students of history in Grenada,
14:20we had a small issue with the United States
14:25and the government existing at the time in 1983,
14:28President Ronald Reagan decided to come in,
14:31intervene, remove the government
14:33and establish what we call a special relationship.
14:36As a result of that, we've had this E2 visa,
14:40which allows persons, Grenadians,
14:43enjoying that special relationship with the United States,
14:46are able to apply for E2 visa to the United States,
14:50where they can reside and it's a path to permanent residence.
14:54Mohammed knows much more about the details than I do,
14:57him being working in that area every day.
14:59What I do know on the political side,
15:02that E2 is quite stable, there is no threat to E2 visa.
15:05It's been there since 1983.
15:07We anticipate it'd be there for many, many more years to come.
15:11In fact, we see no threat to E2.
15:13The relationship we enjoy with the United States
15:16continues to be quite good.
15:18We have as many Grenadians living in the US as live in Grenada.
15:23So that's one of the benefits that we find,
15:27apart from what Mohammed pointed out,
15:29the visa-free travel to China, visa-free travel to Russia,
15:33visa-free travel to many countries throughout the world.
15:37We believe that to be also attractive proposition,
15:40but also with respect to CBI.
15:45We had decided years ago that CBI is a pillar of our economy,
15:49meaning it's extremely important to us.
15:52So that is why we pay much attention to one pricing to make sure
15:55it's in the right price range.
15:57But I think importantly, we do not sacrifice quality for quantity.
16:05We have an excellent, I like to call our CBI programme
16:09the Ferrari of CBI programmes,
16:11because it may not be the cheapest,
16:14but it's certainly the best.
16:15And if you want the best, you may pay a little bit more,
16:17but we price it at a point that we believe is affordable
16:20to those who want to enjoy the advantages
16:23that our citizenship offers.
16:26So we have quality, we do very good due diligence.
16:29We ensure that the persons who have our passport are quality persons,
16:34because we want our passport holders to know
16:37that when they go to a port of entry,
16:40that the immigration officer, the customs officer
16:43looks at the Grenada passport and says,
16:45aha, that doesn't have a problem,
16:47because we know that the government of Grenada does all of its work
16:50to ensure the holders of that passport are persons
16:55who deserve to hold the Ferrari passport in the Caribbean.
16:59So apart from E2, which is the best of the,
17:04which makes us stand out as one of the features of the best passport,
17:08there are other features that cause us due diligence,
17:13visa-free travel and other qualities of the Grenada citizenship program
17:18that makes it very attractive.
17:20And we've been seeing, as Mohamed said,
17:22we've been seeing increases every year
17:25in applications for Grenada citizenship.
17:31Fantastic.
17:34Holders of our passport enjoy all of the rights of Grenadian citizens
17:39and the rights of Grenadian citizens are entrenched in our constitution.
17:43Therefore, they become citizens of Grenada,
17:45not CBI citizens or Dubai citizens of Grenada
17:50or Kenyan citizens of Grenada,
17:52become citizens of Grenada just like I am.
17:54As I said before, I lived 10 years in the US,
17:5610 years, five years in the United Kingdom,
17:59five years in Ottawa, Canada,
18:01but there's no place in the world I prefer to be
18:04than Grenada.
18:05Oh, absolutely incredible, you know, to see that,
18:08that there is really just no difference.
18:11You have the citizenship.
18:12It means you are part of that.
18:34It is in the stunning six senses,
18:56Latages in develop six senses Grenada.
19:09Yeah, no, thank you.
19:09Thank you, Sally.
19:10And I think really the minister probably answered a lot of that in his last response.
19:16It has to do with one, the beauty of the island.
19:20I mean, if you travel across the Caribbean,
19:22each island has its own physical attributes,
19:25which really distinguish it.
19:27Grenada's are beautiful beaches and incredible scenery.
19:33And that's something which really attracted us.
19:35We are very fortunate to obtain a site which has two beaches,
19:39has a lagoon, really has two different sort of beaches.
19:45One is more angry.
19:46One is calm in nature.
19:48And it's just an ideal setting for what will be the pearl of the Caribbean when it comes to tourism.
19:54So combining that with the air left into the country twice a week before covid on British Airways,
20:01which will return same on Virgin Atlantic, four or five flights out of the US on a daily basis.
20:06So it's accessible.
20:08And when you get there, you find an incredibly beautiful island,
20:12which all bodes well for the investment returns, which the project will generate for its investors.
20:18So that's on that side of the equation.
20:20But on the other side, you know, it has what the minister described as the Ferrari of second citizenship.
20:28Grenada is the only country which hasn't had the need to reduce its price,
20:33engage in price discussions or anything like that.
20:36It maintains its due diligence at a very high level.
20:41You need to have clean criminal records.
20:43You need to have a clean background.
20:45You need to submit a lot of forms.
20:47And then a due diligence process is conducted to which there's no shortcuts.
20:51And that all means that not only will your investment hold value, but that citizenship will hold value not just for yourself,
20:58but for future generations who can also become citizens of Grenada as per the constitution.
21:04So it's those two particular hand in hand which will ensure the viability of your investment into Grenada.
21:13And I think the government recently published statistics, Minister, that notwithstanding all the economic challenges we're facing in the world,
21:22there was a 25 percent increase in the first six months of this year compared to 2019,
21:28which I think is an absolutely fantastic result for an island in the Caribbean promoting its promoting its second citizenship.
21:37And a lot of that really has to do with the stable political relations that Grenada's built across the major countries.
21:45If you look at it, it enjoys warm relations with the United States, the United Kingdom, the Schengen, China, Russia,
21:52in that its citizens have traveled benefits to these five major blocs.
21:56So I think a number of countries around the world should be learning from the minister and its cabinet colleagues how to balance such fine diplomacy.
22:06For sure. And, you know, when we talk about the investment as well in this to the resort itself, I mean, you know,
22:16you're talking about this is one of the world's most renowned hotel operators,
22:22Six Senses coming to Grenada, putting their trust in the country, in its travel, in its tourism.
22:30They have been winning, you know, the world's best hotel by travel and leisure for three consecutive years.
22:36This is, you know, no small feat here for Grenada, a small country in the Caribbean.
22:42It really speaks to the quality of the country here and its people and investment in the infrastructure itself as well.
22:53You're spot on. And I think one thing which we've neglected to mention is there is a significant portion of Grenada's GDP.
23:01I believe it's approximately 25 percent, which comes from education.
23:06Believe it or not, one percent of the U.S. doctors graduated from St.
23:09George's University. There's 10,000 people affiliated with that campus.
23:14And for an island of 130,000 people, that's a pretty incredible institution, which Grenada holds.
23:22But, you know, if you look at it, you touched upon the tourism, you touched upon Six Senses, a wonderful brand,
23:28which we selected as our operator, range a little bit about us.
23:33We're the only developer which is delivered in the Caribbean. Three years ago to this very day,
23:38we opened the park Hyatt in St.
23:39Kitts, which was named by CNN as the best new hotel in the Caribbean by Condé Nast in the top hundred.
23:46We opened the Kempinski Dominica in 2019 to similar reviews.
23:51So we have a track record of delivery. The rule of law of Grenada, the tourism aspects, the climate,
23:59the political system and the citizenship system attracted us to Grenada.
24:04And from an investment perspective, an individual is investing $220,000 with a developer who has the only developer,
24:13which is delivered in a combination of the marriage between Six Senses and Range.
24:20They have to hold that investment share for five years, following which they can sell it to someone else who also applies for Grenadian citizenship.
24:27And they pay the then applicable government fees. And the original citizen maintains his citizenship in perpetuity.
24:35So notwithstanding, he has an exit and all smart investors always ask, how do I exit before I enter?
24:42What sort of yield do I get? Yield is obviously generated from the performance of the asset.
24:47So it's inexpensive in terms of the total cost effectiveness of this program.
24:53When Cyprus was around, it was two and a half million dollars or three million euro investment.
24:58Malta was about a million euros. So Grenada coming in at approximately 220 for the share, plus 80,000 for the additional government fees,
25:06$300,000 for a family out of which 220 can be redeemed after five years when you sell your share to another party.
25:14That is really a very attractive proposition and a very compelling one.
25:19And that's not just my view, that's close to five or six hundred families which have proceeded with the Grenada application in the first half of this year.
25:29Minister, I believe that's consistent with what Grenada's view has been.
25:34Absolutely. If I may, if I may, if I may jump in here for a minute.
25:41Mohamed made the point I was about to make earlier, which is that we in Grenada, because we're a small country, we want to attract the best.
25:51We are 120 square miles, 88 to 78. I'm told between 80 and 88,000 acres.
25:58It means that we have to attract quality. And that is why Mohamed and his range are in Grenada,
26:06because we want to ensure two things that people deliver, because one of the experiences of some of the programs is persons who are investors who come and are not serious.
26:16We have looked at the track record of raising the kind of deal.
26:21If you go to St. Kitts, you see a hotel, wonderful, beautiful hotel. I've stayed there several times. You go to Dominica, a country I go to quite often.
26:28Again, this convinced me the results of Rangers efforts in Grenada range came in, looked at Grenada.
26:37Of course, I was amazed. I decided to put down and not just put down the hotel, but put down one of the best hotels we believe the Caribbean will have.
26:47And for us, this is extremely important because, as Mohamed said, tourism is one of the most important of our industries.
26:56And therefore, in order to build Grenada, we have to build a tourism sector. And in order to build tourism sector, we need rooms, but we just don't need rooms.
27:07We need quality rooms because we are placing ourselves at the higher end of the market. We do not have the space for mass tourism. So we go for quality tourism.
27:16And Range has brought successes, and I'm hoping that you stick around and offer us some more, but that's a matter that we will get to after.
27:26But for us, the importance of tourism to our economy is what led us to Mohamed and what led us to Range.
27:33I remember when I met Mohamed several years ago, I figured, well, he's just he's just safe.
27:40And then he came to Grenada, and here we are. Our hotel has started to build, and it's not tall because it's started to be constructed.
27:47Everybody in Grenada is excited about it, and we expect that over the next few years, our tourism arrivals, our flights coming in from Europe, from the United Kingdom, from Canada, from the U.S., will increase as a result of this hotel and several other hotels that I hope Mohamed will stick around.
28:06So we ensure that investors coming in into projects like Range are secure because we look for quality.
28:16As I said, the Ferrari of the CBI programs and Range has the history of the high-end successes, has the history of the high-end, so it fits perfectly into the Grenada model going forward with tourism.
28:33You know, as we look forward to the coronavirus vaccine being released, I think, you know, sooner than later, I think we're going to be seeing a lot of people.
28:42I've just put Grenada at the top of my bucket list for places to must visit as soon as everything starts opening up again.
28:52I think you're absolutely right.
28:53There's going to be a huge surge there for you.
28:56And I know a lot of people who are watching right now, they are eager to know more about how they can be part of this investment.
29:05And we are going to be adding the email address as well for you in the comments to go ahead and click on and get in touch with Range Developments and their team, which is info at rangedevelopments.com, info at rangedevelopments.com, because I know that there is interest already.
29:25Minister, I want to come back to you and kind of talk about one thing that would be on people's minds.
29:31Yes, definitely, investment opportunities are there.
29:36What about your family-friendly approach?
29:40Talk to us about bringing our family in, because many would be concerned about that.
29:45Can I bring my parents in?
29:47Can I bring my siblings and children?
29:49How does that work?
29:51In fact, as Mohamed indicated a while ago, when we did a review of our program, I think it may have been about a year ago, Mohamed, you remind me, when Range was coming in, I think one of the things that Mohamed was able to do with us is give us good advice on how to ensure that the program is well placed.
30:09And the family orientation of our program is something that Mohamed quite advised us on several years ago.
30:16So, we have changed our program at that time, changed the program to ensure that families can come in on the program, the families, the mother, daughter, kids and so on, sons can come in.
30:29And I think Mohamed can give us the details on that, because he's more the expert on the details, but certainly, I know the government for two reasons.
30:37One, it attracts people to the program, but secondly, we are interested in getting families to reside in Grenada if they so wish, because of the fact that we are trying to place our immigration point of position on quality also.
30:52So, not only the CBI immigration policy, but generally, our policy has that family orientation. Mohamed can give us the details on that, if you wish.
31:02Yes, spot on Peter, and if you look at it, I said COVID was an inflection point, which made people consider second citizenship, but also children is another inflection point.
31:12Everyone looks at providing advantages to the next generation, which they didn't have, and unfortunately or fortunately, citizenship or your citizenship is a prejudice, and it can be overcome.
31:28All right, and there's no need for the next generation, if from a certain country where they feel prejudiced, not to be able to change that and progress with an economic citizenship.
31:39And I think that's what the government of Grenada felt where they have certain packages in terms of fees, where it includes the main applicant, the spouse, the children.
31:48Then on top of that, you can add your siblings if they're above 18, not married with our children, your parents, your grandparents. So it's really designed very well for the Middle Eastern investor family.
32:00And also those from the subcontinent and Africa, because it needs to be cost effective across the spectrum and to all family members.
32:09Minister, I want to ask you as well about due diligence and how that is met and how you use that to make sure that you do attract suitable investors here.
32:23Yes, absolutely. As I indicated earlier, we do not compromise quality with quantity. In other words, we'd like to have as many people as we can to become citizens of Grenada.
32:35But certainly we want to ensure quality because many years ago, there were throughout the Caribbean issues of quality, issues of persons who are not of the right character becoming citizens.
32:48And we in Grenada looked at the experience of others. One of the qualities of our program is that we are always looking at the issues and trying to deal with them as quickly as possible.
32:57We made a determination that we prefer to get the best, and therefore we do due diligence. We ensure that persons who are coming in, of course, we try to work with everybody to ensure that we can get as many as we can.
33:15But never at the expense of the program and the reputation of the program. Because remember, if there is one person getting Grenadian citizenship who is of not the right character and background, it impacts on everyone who has Grenadian citizenship.
33:35So because of that, persons who are holding the passport can be assured that persons who are looking at the passport when you travel to Russia, to China, to Africa, to Europe, to Asia, that passport is held by someone who has been checked for their background.
33:53So, yes, we do due diligence. We ensure that the persons who are coming in are properly checked and if there are issues, we engage in discussions, of course, if there are issues that we need to discuss, we discuss it because there may be times when we need to discuss these issues.
34:07But at the end of the day, when the decision is made, you can be assured that the holder of the passport is someone who is of the character that should hold a Grenadian passport. And certainly the persons who are persons like Mohammed, for example, he's aware of what we want. He's aware of Grenada. It's also in his interest for his business to ensure that we do that.
34:34So there's a lot of collaboration. At the end of the day, though, we ensure that quality is assured.
34:41And Sally, if I may interject here, don't just take the minister's word for Grenada's commitment to due diligence. Last week, for probably the first time in a long time, I saw the US government, the US ambassador to Grenada, to the Eastern Caribbean, stood up and she said, I would like to praise Grenada for its approach to due diligence.
35:03They use all the protocols which have been established by the various foreign counterparties and was really commending Grenada's approach, which is unique for a country to be praised for its approach to due diligence under its CBI.
35:20And that comes against the backdrop of the Cyprus and Maltese programs being suspended or not renewed.
35:26So Grenada, in the Caribbean, 130,000 people really showing the way to the rest of the citizenship by investment industry and how to run a well-oiled due diligence program. And I think the country must be applauded for that.
35:42We've heard so much about the incredible processes that Grenada takes very, very great care in making sure that they do attract the right investors, the right citizens to their country.
35:56But Mohamed, you know, I know that some people might not be familiar with range developments and they might be watching this and thinking, you know, why should I trust you? Why should I trust range developments with my CBI?
36:11So I'd love for you to talk to us about how many people your business has actually helped to achieve second citizenship.
36:20You know, Sally, and that's a very good point. In this business, it's all about credibility and your track record.
36:25I've been sitting in this chair now for close to a decade. We're based here in Dubai, in downtown opposite the Burj Khalifa. So you were kind enough to share our email address.
36:36I would say, take the extra step, come and visit us. We've been in the same place for a long time. And with the grace of God, we'll continue to be in the same place for a long time.
36:45We are the only developer which has delivered on its promises of the real estate sector of the CBI in St. Kitts, Dominica, and now Grenada. We opened the park Hyatt in 17. We opened the Kempinski Dominica in 19.
37:00We embarked on our journey in Grenada in the middle of 19. We started construction in early 2020. We got shut down with the lockdown very early.
37:11Two months ago, we re-engaged structural work. MEP contracts are being signed. We've committed over $60 million in the last three months to this project.
37:21So we're really putting our money where our mouth is and, again, fulfilling our promises. You see, we are the only institutional developer out there.
37:32Building on a beach is not a benign environment in which to do so. There's a lot of stuff which needs to be imported, whether that's labor or items.
37:41The supply chain is a logistical nightmare. For this project, we have to import 500,000 items from 2,000 different suppliers.
37:52You can imagine what a challenge that is. But we're execution first. We have a very experienced team. I have a business partner who actually moved from the UAE to the Caribbean four to five years ago,
38:05now based in Grenada, and his destiny is to make sure this project gets built, and he's got four or five decades of construction under his belt.
38:15So it's not a hidden hope strategy. It's an institutional development strategy. We've helped over 4,000 people obtain second citizenship through 1,600 applications.
38:27We've built two of the finest hotels in the Caribbean, and that's not me. That's Condé Nast. That's CNN. Go to Google, and you can see the client reviews.
38:38We work only with the best brands. We're very selective about the countries in which we operate in. We hope that this is the first of two or three projects which we undertake in Grenada.
38:50We have the land, and we look forward to rolling out. I will say that I've been living in Dubai for the past 15 years. I've seen this town grow, and I've learned a lot from the growth of this town.
39:03And it has provided me much inspiration for my business, and also many learnings, as you see companies like EMAR continually successfully develop.
39:13So you take best practice and put it into the countries in which you operate.
39:18Now, the questions for you gentlemen are coming in as we speak. Mohamed got in there rather early.
39:27Minister David, if I can come to you. We're getting the question, how long does the application process take, and what are the costs involved?
39:38I will tell you about the period, and Mohamed will go into the details of the cost if he might.
39:44But it takes around three months. We try to do it as fast as we can. It takes as long as the investor can get his documents together.
39:53The diligence can be done. We literally try to do it within, even before the three-month period, of course.
40:02As I said, it depends on the flows of information from the investor.
40:06But that is something, again, that we want to have us stand out for doing without compromising quality, speed, and efficiency.
40:15So we've been, in fact, there's a meeting today with the CBI unit and a prime minister to talk about the efficiency.
40:23It's that important that the most senior of our government ministers ensures that the program moves efficiently.
40:30Because as I indicated, it is a pillar of our economy. Our tourism relies on it. Our agriculture in the future certainly relies on it.
40:38With respect to costing, Mohamed, I'll put that one in your court, because you are doing this every day.
40:44And there may be some changes here or there that you may be aware of that I'm not. So Mohamed will take the cost part of it.
40:49Cool. Thank you. Thank you, Minister.
40:51So an investor is required to invest the minimum, as detailed in the statute, of US$220,000 in an approved project of which six censuses are development.
41:03In addition to that, for a family of four, there's approximately US$80,000 of additional fees.
41:08And that includes small, on top of that, there's small miscellaneous attorney's fees for filing the application.
41:15That investment is required to be maintained for five years, after which the investment may be resold to another individual whose desire is obtaining citizenship.
41:24And the original investor maintains citizenship in perpetuity.
41:28So less than a million dollars, a million dirhams all in, less than US$300,000 up front is the cost, and that's on the investment route.
41:38Get your questions in for our speakers into the questions box. You can type them in as we go.
41:46We've got another one here asking, what is the investment security or surety here that we have?
41:55Sure. Is that for me or for the Minister, Sally?
41:57That's for you.
41:59For you, Mohamed.
42:00Excellent. So, look, as we say, fast performance is not a guarantee of the future, but I would say it's probably the most reliable indicator we've got.
42:12We are the only developer who's delivered. Many people have tried. Many people think, you know, building on a beach is easy, raising capital through Second Citizenship easy.
42:23You know, it's like any business. You have to know your business.
42:27And I would say Range is the only developer which has the execution skill set and the capital raising skill set, and that's why we've been successful.
42:37And in close to a decade, we will have achieved delivery of three hotels when the Sixth Sense is open, which is really unmatched by a long way.
42:47Money is paid into an account, which is in escrow, which is used to fund the development of the hotel.
42:54Completion funding is already in place.
42:57We've had a great sales momentum to date, and we're on site and we're committed significant amount of our own capital to this project to ensure completion.
43:08I'd be more than happy to discuss one-on-one all the various risks and all the various mitigants with Mohamed who asked that question.
43:17And, you know, that's on the investment side.
43:20And on the citizenship security side, the due diligence with the minister and myself really spent some time on provides a security to ensure Grenada's citizenship maintains its value, not just for the short term, but for the medium term and long term as well.
43:38Now, I believe, Minister David, we do have to end up with you.
43:43We do need to thank you.
43:45You are a very busy man, so we are going to let you go.
43:48But I just want to say it was an absolute pleasure to have you here to tell us more about Grenada and its CBI program.
43:55And I know that it has a lot of people very excited.
43:59So thank you so much for joining us today.
44:01We're going to continue with the question and answer with Mohamed.
44:04Thank you so much for being with us.
44:08And I want to thank all of the participants for their interest in Grenada.
44:10And please come visit with us.
44:12And we look forward to that.
44:14And certainly, as I said, the project, the range project, the six census project is one the government stands solidly behind.
44:22We put our stamp on it and we look forward to having you not only investing, but also investing Grenada by coming visit Grenada.
44:31And please look me up.
44:33Grenada is a small place.
44:35When you get to the airport, just ask for Peter David.
44:37And they will point you to my home.
44:38So I look forward to being with you.
44:40I thank you.
44:42Thank you again, Sally, for your wonderful stewardship of this meeting.
44:48And Mohamed, do have a wonderful day for your birthday, Mohamed.
44:51And enjoy yourself and your family.
44:55Thank you, Minister.
44:57Amazing.
44:58Thank you so much, Minister.
45:00We really appreciate it.
45:02We are going to keep rolling with these questions for you, Mohamed.
45:04We're working you hard on your birthday here.
45:05There's a question that's come in asking what family members are included in the E2 visa program?
45:13Sure, that's a very good question.
45:15So the E2 is something a Grenadian citizen can do if they wish to.
45:21It's optional and it's subsequent to the Grenadian citizenship by investment application.
45:26In terms of family, the spouse can also be included and children below the age of 21.
45:31The main applicant has to work or has to run the business that he's detailed in the business plan
45:39because E2 is, in essence, an entrepreneurial visa.
45:42The spouse can obtain work authorization to work anywhere in the United States.
45:47Children below 18 can access the public school system free of cost.
45:53And between 18 to 21, subject to proving residency in the relevant state
45:58and complying with the university's residency requirements,
46:02can abstain in-state university tuition rates, which is basically the same as U.S. citizens.
46:09Some of the other benefits that the E2 can provide,
46:13you're making an investment in your own business.
46:16It's your destiny.
46:18If that business makes a profit or it makes a loss, it's through your own blood, sweat, and tears.
46:23We can obviously suggest that this might be a suitable investment
46:28or this might be a suitable legal counsel to assist you,
46:31but it really is your own business.
46:34If you invest in a Starbucks, you don't need to be serving the coffee as per the law,
46:40but you need to have the ability to direct and develop as the legislation states.
46:46And typically, that means you have to have over 51% ownership interest in that venture.
46:51The E2 is a five-year multiple renewable visa.
46:57It's called a non-immigrant visa.
47:00Now, each E2 treaty, it's a bilateral treaty between the United States
47:06and the country and the beneficiary country.
47:09And each treaty is different.
47:11And a little bit of history, the E2 visa category is about 200 years old.
47:15It was the first treaty was given to the British
47:19when England tried to decolonize the United States in 1812, if I'm not mistaken,
47:25but were unsuccessful.
47:27And that's when the first E2 visa was enshrined.
47:31But there's three or four countries which have citizenship by investment countries
47:37which also provided economic citizens with the benefit to apply for an E2 visa.
47:40But Grenada has the most advantages in that it's five-year multiple renewable,
47:46which none of the other countries have.
47:49And if someone on the E2 visa doesn't spend 122 days on an annual basis
47:56in the United States, he's not taxed on his worldwide presence,
48:00which is really a very significant advantage.
48:04Let's say you have the patriarch of a family living in Dubai.
48:07The spouse and the children are there.
48:10If he'd gone under one of the other permanent residence categories,
48:14his worldwide income would be subject to US tax.
48:17So the E2 provides a very neat solution for those individuals
48:21who don't want to spend the majority of their time in the United States
48:25who are doing this for the benefit of their other family dependents
48:29or a true option B.
48:31More questions coming in on that particular visa, the E2 visa.
48:36Can it be converted into a permanent residency?
48:40And also, would Grenadian citizens be able to work in the US without a visa?
48:49So the E2 would be your entrepreneurial visa,
48:53which would provide you the ability to manage your business.
48:56And your spouse would then need to apply for work authorization,
49:00which is just a process of bureaucracy and form filling.
49:05And then she can work anywhere.
49:06And really, I think with the suspension of the H1B
49:10and L1 visa categories by President Trump,
49:14Grenada E2 has become a very well-established alternative
49:20to people in the US on the L1 and the H1 visa categories.
49:24Now, there's a lot of speculation that President Biden
49:28will have a different approach to immigration.
49:31We hope he does.
49:32But in our experience, I've never seen a new administration
49:37opening the tap on investment migration.
49:40This is a business which is always getting more and more restrictive.
49:44And unfortunately, there's so many people with degrees in hindsight
49:49saying, I wish I'd done the EB-5 three years ago
49:52when it was only half a million dollars
49:55and it would have taken me two years.
49:57Now it's 1.8 or 900,000 and it takes 10 to 15 years
50:00based on the country from which you're born.
50:04So what I would say is that if you're looking
50:07at an immigration strategy which involves the US
50:11or involves a second citizenship,
50:14it's not a decision which you should put off
50:17because by the time you come to make that decision,
50:20you may find what was a perfect solution for you today
50:23is not existing tomorrow.
50:26Sorry, that was a long-winded answer to your question,
50:29but I felt there were important points which needed to be answered.
50:32No, excellent.
50:34Yeah, well detailed, very important.
50:36You did have a second limb to your question,
50:39which has just slipped my mind.
50:41Yes, Roseanne was asking if in the second part of the question,
50:49it was just about being able to work in the US as well.
50:55And you've answered that, I believe.
50:57There is one here from Mohammed Abdul asking,
51:00how much is the timeline to get the citizenship?
51:05I think that the minister briefly gave us a timeline.
51:08If you can take us a little bit through that process.
51:11Sure. So it's approximately a three-month process.
51:14So once an investor has made the decision
51:17to progress with Grenadian citizenship,
51:20there is a period of document collection
51:23where the citizenship application is compiled
51:25in conjunction with lawyers and local counsel.
51:28That is then submitted to the unit,
51:31who do their independent verification
51:34on that individual's suitability for Grenadian citizenship.
51:37They typically make a decision within 60 to 90 days.
51:41They respond to the applicant saying that,
51:44however many percent of the cases,
51:47they're delighted to welcome them as citizens of Grenada.
51:50Payments are made.
51:52And two weeks there later,
51:53citizenship certificates and passports are issued.
51:56Before the issuance of those two documents,
51:59the individual is required to sign an oath of allegiance,
52:02which these days can be done over Zoom authentication
52:07with the UAE consul here,
52:10or with some commissioner of oath.
52:13And Grenada is one of the Caribbean countries
52:16which actually has a consulate in Dubai,
52:19which is really important.
52:20Because with so many individuals applying
52:23for second citizenship from the Middle East,
52:26they want to know that there's someone here
52:29who can help them familiarize themselves with Grenada,
52:32a representative from Grenada.
52:34They have a consulate in JLT.
52:37Mrs. Benjamin is a honorary consul.
52:40Sorry, not honorary consul.
52:42She's a consul general.
52:44She's been here now for two years.
52:46Very active and in touch with citizens on a regular basis,
52:48being able to provide all these administrative services
52:51which individuals require.
52:53So there's that aftercare service as well.
52:56I'm sorry, Sally, the line seems to have gone.
52:58I'm sorry, Sally, the line seems to have gone.
53:23There is a consulate here in the UAE that you can access that is there to help if there
53:37are any issues.
53:38And, of course, as we did say at the beginning of the session, the email address is info
53:45at range developments dot com.
53:47Your team is absolutely world class when it comes to CBI.
53:52They understand the countries that they work with intimately.
53:57They understand these processes intimately.
54:00And they are able to answer all of these questions because I know everybody is very eager.
54:05Just a last question before we end off.
54:09I don't see many more coming in, but are there restrictions on who, in fact, can apply for
54:16CBI in Grenada?
54:18Yeah, there's some countries which are unfortunately or fortunately on a restricted list.
54:25That's just unfortunately the way of the world.
54:28So I think one is North Korea, one is Iran as far as Grenada is concerned.
54:35But otherwise, the country make an assessment based on the individual's character if you're
54:40outside these out of these blanket restrictions.
54:43Perfect.
54:44Perfect.
54:45And finally, it is encouraging everybody to get on board with this.
54:50This is your opportunity to explore the many incredible, incredible benefits of the CBI
54:58program that comes from Grenada, as we discussed today.
55:01Of course, if you're looking for that stability, the security of a second passport, the tax
55:06and international travel benefits, the health and infrastructure, the stunning natural beauty
55:12and the world class tourism investment, the family inclusive approach or the gateway to
55:20be able to work, to reside and to study in the United States, Grenada could be your heaven
55:27on earth for you and your family.
55:31That email address for you to get in touch is, of course, info at range developments
55:36dot com.
55:37I'd like to thank you, Mohamed Azari, Managing Director of Range Developments.
55:42And of course, earlier we did have the Honorable Peter David, Minister for Foreign Affairs
55:47and Minister for Labor.
55:48It has been such a pleasure to have you.
55:52And of course, a big thank you to the team here at Gulf News as well.
55:58Thank you so much, Mohamed.
56:02Thank you, Sally.
56:03It's been a real pleasure to be here this afternoon and thank you to the Gulf News team
56:06for putting this together and everyone who attended.
56:09So thank you.
56:10Absolutely.
56:11Thank you to everybody who has been part of the webinar today.
56:14Do get in touch as well.
56:16My name is Sally Moosa and we look forward to welcoming you once again to our next Gulf
56:23News webinar.