New Legislation may add Three Years to Obtaining E2 Visa Via Grenada CBI
The United States of America approved legislation that precludes those who purchase Grenadian citizenship from obtaining an E-2 visa to the United States of America immediately. According to the new US rules, CBI passport holders from Grenada must first remain in their adoptive nation for three years before applying for an E-2 Investment Visa.
In 2022. CBI generates 78 million dollars in revenue for Grenada. The newly elected administration estimates that selling passports will generate 240 million dollars in revenue in 2023, accounting for about 20% of the total budget for that year.
The news that the United States has revised its E-2 Visa policy is disastrous for the newly elected government. It seriously jeopardizes the future viability of Grenada’s CBI program. The majority of those who purchase Grenadian passports do so in order to obtain an E-2 Visa and reap the benefits of that Visa.
The E2 investment visa allows a person to enter the United States and work. Based on a business investment in the United States. The E-2 Visa is valid for three months to five years and can be extended indefinitely.
Grenada was the only Caribbean country with a CBI program whose people were eligible to apply for the US E-2 visa under the treaty agreement between the United States of America and the government of Grenada prior to the passage of this new law in December 2022.
The E-2 Visa provides several benefits to successful candidates; the spouse and children under the age of 21 can be included on the Visa. In addition, the spouse can apply for jobs anywhere in the United States of America, and children can receive pre-school and high school education.
However, as a result of the new regulation, Grenada citizens will be required to reside in the country before applying for the US E-2 visa. Various economists predict a difficult year for the CBI in Grenada in 2023. They also predicted that the government will fall short of the anticipated $240 million in 2023.
Grenada is the only East Caribbean country where passport holders can apply for economic citizenship, however 99% of those who do so do not live there. This decision effectively closes that wide-open loophole, and it is expected to have a significant influence on future Grenada CBI citizenship and passport sales.
The investigative blogger Kenneth Rijock stated, “We cannot say whether the American move was primarily geared against Russian organized criminal leaders, a number of whom have invested in Grenada and obtained CBI passports, but it is assumed to be one of the reasons.”
