Since 2017, the number of applications submitted to Grenada’s Citizenship by Investment Program has been growing exponentially.
What are the advantages of Grenada’s passport, what are the ways to obtain it, and is it profitable to invest in real estate in this country? Find the answers to these and other questions in the article below. We’ve included a map of all the countries available for visa-free travelling with the Grenadian passport.
1. New opportunities for business development.
2. Grenadian citizenship is a visa-free gateway into the Schengen Area and the UK.
3. The opportunity to establish a quiet and safe haven outside of one’s native country.
Grenada is located in the south-eastern part of the Caribbean Sea. It’s located on the eponymous island as well as several smaller surrounding islands. The quickest way to access it is via air travel. It’s also possible to get there on a cruise ship, though the sea route is a longer one.
In 2016, Grenada welcomed almost half a million tourists, which is a 16% increase compared to 2015. Within the first six months of 2017, the Grenada Tourism Authority has recorded an increase in the US, Canadian and German tourists.
The Maurice Bishop Memorial Hwy Airport is eight kilometers away from the capital, St. George’s. There are well-established air connections with major European and US cities (London, Frankfurt, Munich, Cologne, Stockholm, Zurich, Miami, New York, Philadelphia, Toronto and Montego Bay). Local airlines fly regularly to Puerto Rico, Antigua, Barbados, and Trinidad.
Taking into account the possibility of getting one’s investment back, the cost of Grenadian citizenship (that is, the non-refundable part), on the average, is from US$58,200 to US$145,300. Add to this a sum of at least US$350,000 as investment in government-approved real estate objects under construction – this amount can be returned in 4 years’ time.
In total, the cost of Grenadian citizenship piles up to about US$410-500k, of which US$350k may be gotten back (not including the possible increase in asset value).
To compare: the Cyprus passport costs at least €2 million.
The amount depends on the number of family members the principal applicant would like to include in their application. One’s children (aged up to 29 years), spouse and parents (who must be at least 55 years of age) may apply for the citizenship. All relatives, except the spouse, must be financially dependent on the principal applicant.
An alternative would be to invest at least UD$200k in the Grenadian National Transformation Fund.
According to the official circular dated November 24, 2017, the minimum amount of the non-refundable contribution to the NTF will soon be reduced by 25% for single applicants, bringing the investment amount down to US$150,000.
The Grenadian citizenship by investment status has indefinite duration and may be passed on to next generations.
The government of Grenada have established the shortest period for returning one’s investment, compared to other Caribbean countries – 4 years. In Antigua, for instance, one is obliged to keep one’s share in real estate for at least 5 years.
After the construction of one’s holiday-related real estate one invented in is complete, one may rent out their part and start receiving a passive annual profit.
In three years’ time, about 3.5% of the total cost may drop into one’s account. The managing company will take care of all organizational and financial issues.
Another advantage of the program is that there is no need to stay in Grenada. It’s not even necessary to come to Grenada to obtain a passport.
1. Levera Nature & Beach Resort
If one chooses to buy a share in the newly-built resort, one may invest only a portion of the required amount, US$130 thousand. The rest of the amount would be loaned by an American company. In 4 years after receiving the passport, one may either repay the loan and remain a co-owner, or lose one’s share while, of course, retaining the citizenship.
The 150-ha resort is located in the Levera National Park on the north-eastern coast of the country and has two private islands. The co-owner gets a discount while staying in one of the luxury villas or one of the rooms of the comfortable boutique hotel.
2. Bacolet Bay Resort & Spa
Bacolet Bay, the upscale luxury spa resort, is located on 17 hectares of Grenada’s southern coast. Guests and co-owners can be able to stay at cozy villas, cottages and luxury apartments. The resort complex has a 1000-foot long sandy beach and several tropical gardens.
3. Grenada Resort Complex
This resort is being built in the southern part of the island near St. George’s. The government plans to invest about $2 billion to build 569 real estate objects, including two large hotels, cottages, a water park and a hospital.
4. Hideaway True Blue Condominiums
The condominium resort is being built in the True Blue area of St. George’s, within walking distance from the airport and the beaches. Among the available facilities are furnished one- or two-bedroom apartments.
5. Hope Estate Development Grenada
Large-scale works are being carried out on the eastern coast of the island to restore the old 150-ha estate. The resort will include residential and hotel properties located next to the rainforest and 4 well-maintained beaches.
6. Kimpton Kawana Bay
The resort is being built in the southern part of the island, near the Grand Anse Beach. By investing in these apartments, condominiums or hotel rooms, one gets the opportunity to stay there free of charge for two weeks per year.
7. Mariposa Residence
This resort complex is located near to the southern Morne Rouge Beach and will include eight residential 2-storey buildings (7 apartment buildings) reminiscent of cozy Mediterranean country houses. The buildings will be surrounded by flowering gardens and interconnected by paths of white stones.
8. Mount Cinnamon Resort & Beach Club
This boutique hotel is being built near the Grand Anse Beach. There are two ways to invest in it: by buying shares or cottages.
9. Port Louis
This resort in the center of St. George’s includes hotels, villas and houses with penthouse apartments, also there’s is a SPA facility and a yacht club. The complex is located in a picturesque lagoon, near the Grand Anse Beach.
10. Silversands Grenada
The premium-class Silversands Grenada resort, located on the Grand Anse Beach, will be opened in March 2018. You may choose to invest in one of the seven beachfront or hilltop villa, or in a hotel with 43 rooms.
11. David Agro
This project is being developed to boost agro-tourism. The implementation is being handled by the Grenada Real Estate Info Inc company that plans to build 25 cottages with land plots. The Petit Trou beach and farm is located a stone’s throw away.
12. The Point at Petite Calivigny
The luxurious resort complex on the southern coast of Grenada will consist of over 100 buildings and structures, including townhouses, condominiums, a hotel, villas and bungalows. A private dock and a yoga pavilion are in the works as well.
13. The Sanctuary at Fiji Beach
A small resort complex on the island of Carriacou includes villas, condominiums and bungalows for families and single visitors. There is a pier and a private beach.
The official statistics for the first half of 2017 from the Ministry of Finance and Energy of Grenada:
Buying property in Cyprus is not just a fancy trend followed by wealthy people, but also a profitable investment tool. By acquiring residential or commercial…