Above: Grenada

By the Caribbean Journal staff

Grenada’s Parliament has passed the Grenada Citizen by Investment Act 2013, the government announced.

The act, which passed last week, would make Grenada one of an increasing number of Caribbean countries offering passports in exchange for a certain level of investment in the country.

Grenada Prime Minister Dr Keith Mitchell, who tabled the bill, said the move would “protect the good name of our country and provide tremendous job opportunities for Grenadians who, for years, have not been able to get a chance to ‘earn a bread.'”

“Private citizens both local and foreign persons will be propelling the economic activity as a whole”, the Grenadian leader added.

St Kitts and Nevis and Dominica have both found success with similar programmes.

Grenada’s law is different in that it will have a residency requirement, according to Education Minister Anthony Boatswain.

“In all of those countries they do not insist on a residency requirement, but here in Grenada, because we are so concerned about the protection of the image of our country, we have gone the extra mile to insist that those who apply for permanent residence should reside in our country,” he said.

The government did not yet disclose the level of investment required for citizenship.