Grenada’s popular citizenship by investment program constantly attracts investors from all around the globe who wish to obtain a commonwealth citizenship and passport that grants them visa-free access to 144 countries on the map.
Grenada’s citizenship can be obtained through two types of cost-effective investments; either by donating to the government’s National Transformation Fund or by purchasing shares or property for sale in Grenada in government-approved real estate developments, these could be in the form of shares in five-star resorts (such as Westerhall Point) or actually properties such as villas, apartments, or houses for sale in Grenada. We will take you through the real estate investment options, highlighting real estate investment opportunities, government-approved real estate projects, ROI, and the requirements to gain Grenada citizenship for you and your family through real estate investment.
- 1 Grenada property types for Investment
- 2 Grenada property prices
- 3 Grenada real estate for sale
- 4 Approved Real Estate
- 5 Real estate statistics, demand and prospects
- 6 How to buy Grenada real estate
- 7 What can be rented and its cost
- 8 Requirements for non-nationals
- 9 Real estate agents in Grenada
- 10 Citizenship by Investment Program
Grenada property types for Investment
There are a plethora of options available for investors wishing to get the Grenada passport and citizenship through investing in real estate. While options differ in type and cost, it is important to remember that the minimum amount required for any real estate investment to be eligible for the Grenada citizenship by investment program is 350,000 USD.
You can look for beachfront properties in Aux Epines for example, or look for something with lots of bedrooms and baths for the whole family. You can even go to quieter areas such as Carriacou and look for a quieter experience far away from the commercial buzz of St. George’s and enjoy the natural Caribbean view in peace.
Real estate types
Most approved projects are five star resorts in which investors can buy a share or a unit. These prove excellent for both Grenada as they help create jobs and boost tourism, and for investors as they bring in good return on investment and are easy to sell after the 5 year holding period.
There are, of course, other types of real estate in the form of property. Investors have their pick of Grenada condos for sale, a Grenada beach house for sale, or luxury villas with amazing features to choose from, as these villas housed within government approved developments can be used for personal use or rented out for a neat return. This makes Grenada island real estate a deep pool of opportunity.
Buying units that are rented out by a hotel or development project is a great way to get citizenship, make money, and not have to deal with the hassle of managing the property yourself. That is why many consider buying a share rather than buy a house in Grenada. That simplicity runs throughout the entire Grenada citizenship by investment program.
Grenada property prices
The prices for properties in Grenada differ greatly on the type of property you are looking for. When it comes to the citizenship by investment program, however, eligible properties for sale in Grenada have starting prices of USD 350,000 to fit in with the requirements of the program.
Resort shares are usually fixed at USD 350,000; while investors looking for other types of investment such as actual properties or units can find that prices vastly differ; a seaside villa could well go beyond the USD 700,000 mark. This of course depends on the location, features, type, sq ft, and more criteria regarding the property. This makes the program interesting as it houses great investment opportunities for those looking to make money as well as get citizenship.
Grenada real estate for sale
The Grenada real estate market has seen constant growth since 2015, even registering a 26% point growth in 2018. This is partly due to the touristic nature of the country, as more people want to live and retire in Grenada, but it is mostly due to the Grenada citizenship by investment program. This is a great indication that appreciation rates are on the rise, and that those who invest now are in the running to make max ROI once they can sell their property after 5 years. You can find great investment opportunities when looking into Grenada real estate for sale by owner or by developer.
Approved Real Estate
One important thing to note is that not just any real estate in Grenada is directly eligible for the citizenship by investment program, even if it meets the evaluation requirement. The government of Grenada has set a list of approved real estate projects that investor can choose from.
The Grenada citizenship by investment unit (part of the Grenada immigration department) is responsible for approving, listing, and monitoring projects in order to ensure everything goes smoothly. You can find the approved projects on the government’s official website’s real estate listings.
Real estate statistics, demand and prospects
Here are some quick stats on the Grenada real estate front:
Percentage of applicants that chose the real estate option in Grenada’s citizenship by investment program:
- 2014: 54%
- 2015: 84%
- 2016: 58%
- 2017: 31%
- 2018: 28%
- 2019: 37%
- First half of 2020: 47%
We can see after a slight dip demand for real estate is again beginning to rise, and as more projects are approved we may see it skyrocket to the same heights of 2015.
In 2019 a whopping 106 applications for citizenship through the real estate option were approved. The first half of 2020 (last data set available) say a colossal 76 application approved.
How to buy Grenada real estate
Buying Grenada real estate in general is easy, contact the seller, sign an agreement, and transfer the money. In the contest of the citizenship by investment program there is one extra step at the beginning; signing with a professional approved agent. Once you have done that the agent can ensure that the real estate is approved for citizenship by investment (Grenada CBI) and can advise you on the top options.
What can be rented and its cost
If you buy a share in a resort your return will be part of the resort’s overall profit. This differs from project to project. If you buy real estate for rent by the operator or property you rent out yourself the average return in Grenada is 4.3%.
Requirements for non-nationals
Non-nationals can easily buy real estate; just sign a purchase agreement, transfer the funds, and provide some civil documentation so that you can register the property or share in your name.
Real estate agents in Grenada
There are an abundance of real estate agents in Grenada west indies Island, but in the case of the Grenada citizenship by investment program it is always best you use a registered agent like Migronis for the program. They can advise on what real estate gives the best return, has resell value, and is eligible for the program.
Citizenship by Investment Program
The Grenada citizenship by investment program is very simple. Investors who donate to the National Transformation Fund an amount of USD 150,000 or purchase approved real estate in the amount of USD 350,000 can apply for citizenship. They also need a clean criminal record and to not have been refused a visa for a country Grenada offers visa-free travel to. Investors can add their spouse, dependent children below 30, dependent siblings above 18, and dependent parents & grandparents all to the same file.
As more family members are included from a single family the donation amount for the National Transformation Fund increases, but real estate value stays the same; that is why choosing real estate makes perfect sense for large families.
If you would like to know more about the real estate option in Grenada’s citizenship by investment program contact us today to book a free consultation with our Grenada specialist.
Frequently Asked Questions & Answers
Can foreigners buy property in Grenada?
Yes. And they can even get citizenship by investment if that real estate matches the requirements, making Grenada their new home if they wish to do so. Or they could rent out the property and have two homes for the future.
How to reach Grenada as an investor?
By contacting Migronis we help you reach Grenada, search for and find homes for sale in Grenada, and give you all the information you need on the Island and its citizenship by investment program. These are just a slight glimpse of our services.
Why Choose Grenada Property?
Home to a plethora of residential and commercial luxury oceanfront developments buying property in Grenada is a great investment. You can also obtain its citizenship if the property meets the requirements of the government.
Is there a Grenada property tax?
Yes, and it is very low. The tax is levied at 0.20% on land value and 0.30% on the structure/ building value. This ensures rights reserved at minimal costs.