Situated north of the equator at the southern end of the Windward Islands, the Caribbean island of Grenada is located outside the hurricane belt. The island’s main economic activity used to be spices, particularly nutmeg and cinnamon, which is why it is fondly known as the ‘Spice Isle’.
There are business advantages for investors in Grenada’s Citizenship by Investment programme including the fact that under the programme, investors are not liable for any income tax, capital gains tax or inheritance tax, and will also have the option to explore other opportunities to invest in the island on favourable terms.
In more recent years, the temperate climate and scenic beauty has attracted tourists from all over the world who are looking for an authentic Caribbean experience.
James Bowling, CEO of Monarch & Co International, a company that specialises in investor programmes for residence and citizenship in a number of territories around the world, says investors looking for international opportunities now have an amazing prospect to benefit from Grenadian citizenship right at the beginning of the tourism expansion on this island. He says the citizenship programme comes with travel, lifestyle, tax, financial and educational benefits for investors.
Bowling says investors have the opportunity to reap the benefits of perfect timing, as this is only just the beginning of Grenada’s tourism expansion. He says as tourism is a recent phenomenon for this island, it is largely undiscovered, full of natural beauty, investment opportunity and historical charm - a safe, secure and happy place in which to invest with virtually no crime.
He explains that the Government of Grenada recognises that private enterprise is the driving force of any economy, and has therefore implemented policy that encourages new private investment into Grenada. “With this in mind, they have recently legislated an opportunity for qualified individuals, by invitation, to participate in a ‘Citizenship by Investment’ programme, which is aimed at creating access to foreign direct investment.”
Aside from foreign direct investment, for Grenada, the benefits of this programme include the creation of sustainable, long-term new employment opportunities for Grenadians, as well as any associated training and the wider benefit directly and indirectly to the economy. The view of the Grenadian Government is that the broadening of skills, the creation of jobs and the economic benefits derived from new foreign investment will immeasurably strengthen the economy and allow it to grow even further.
Bowling explains that as Grenada relies on tourism as its main source of foreign exchange, the government is working closely with a number of tourism, agriculture and manufacturing related businesses to create investment opportunities through the Citizenship by Investment programme. For investors with larger appetites, there are numerous opportunities for them to become part of the Grenada’s growth and development.
For a minimum investment of USD500 000, there are three distinct benefits for investors in the programme, which include citizenship of Grenada that comes with freedom to travel to more than 110 countries without the need of a visa, as Grenada is a member of the United Nations and the Commonwealth of Nations. Bowling says the programme also offers investors the opportunity to own shares in an existing operational luxury resort and earn a modest income from the investment through a rental pool system.
This citizenship programme is far more cost effective than its competitors, says Bowling who points out that with processing time for citizenship and passport issue, from time of application being around two months, it’s the quickest citizenship programme presently available.
He says over and above that, investors stand to benefit in the long term from the currently well-priced properties that are poised for solid capital growth. “Grenada has not yet experienced the explosion in tourism as other Caribbean islands have. This means that property prices in Grenada currently offer investors excellent value for money when compared to other well-known destinations in the region such as Barbados, St Lucia and Antigua, and have excellent growth potential as the market and demand expands.”
There are also business advantages for investors in Grenada’s Citizenship by Investment programme including the fact that under the programme, investors are not liable for any income tax, capital gains tax or inheritance tax, and will also have the option to explore other opportunities to invest in the island on favourable terms.
Added to this, Bowling says Grenada has a secure banking system and offers a safe place to deposit funds with attractive interest rates. Through investment in the citizenship programme, there is no exchange control or other restrictions on the inward or outward transfer of US Dollars, he explains.
For those looking for business opportunities, Bowling notes that Grenada’s economic outlook is strong, with ongoing expansion in the tourism, agriculture and manufacturing sectors. He says the government is also about to launch an oil and gas programme in its territorial waters.
As Grenada is a member of the Commonwealth, its citizens enjoy preferred access, and in some cases grants, to many top schools and universities. Grenada also offers a range of education institutions including St Georges University, an American medical, veterinary, arts and science educational institution.
“Savvy investors looking for international opportunities with good growth prospects should take advantage of the Grenadian Citizenship by Investment programme as the timing couldn’t be better, the location couldn’t be more beautiful, and the benefits couldn’t be more appealing.”
For more information, contact James Bowling at Monarch & Co on 011 883 9018.
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