Grenada is a small island state in the southeastern part of the Caribbean Sea. Its nickname is ‘Spice Island’ and it’s a tropical paradise. Tourists are attracted to Grenada by its beautiful nature, coral reefs, clean beaches, and high-quality services. Besides, Grenada administers a citizenship-by-investment program so you could become a citizen of the country and relocate there for good.
The climate is tropical in Grenada and the temperature is around +25 degrees centigrade all year round. Thanks to the constant sea breeze, you would never feel hot in the country. What is more, Grenada seldom gets hit by hurricanes unlike its neighbors to the south. It is not a rich country but it is one of the safest places in the Caribbean.
Some history
Europeans learnt about Grenada in 1498 after the third Columbus’ trip to America. The Indian tribes that had inhabited Grenada were completely exterminated by the end of the 17th century. Today, 80% of the population are descendants of African slaves.
Before Grenada gained independence in 1974, it had been a Spanish, a French, and then a British colony. Currently, Grenada is an independent state and a member of the Commonwealth of Nations. It is a constitutional monarchy.
The Grenadian citizenship-by-investment program was first launched in 1997. However, it was suspended in 2001 and then relaunched in 2013. Since that year, the program has been popular with foreign investors. The smallest price you can pay for citizenship of Grenada is US$ 150,000. You can find a lot of information about the Grenadian citizenship-by-investment program at the International Wealth Info web portal.
General information
The capital of Grenada is St George’s. The country occupies the island of Grenada and a few small islands in the southern part of the Grenadines. The population of the country is over 120 thousand people and it is slowly growing. The official language is English and the official currency is the East Caribbean dollar (XCD).
The economy of the country is based on agriculture, trade, the service industry, and tourism. The Government is trying to make the country more attractive for foreign investors. The tourist industry has great prospects and offers numerous investment opportunities. The infrastructure is well developed on the island of Grenada even though there are some development projects on the island of Carriacou too.
Foreigners choose to invest into tourist facilities in Grenada not only because the investments are lucrative but also because they can make the investors qualified for citizenship of Grenada.
Taxes
Grenada is sometimes referred to as a ‘tax paradise’ or a ‘tax haven’ and these references are justified. No capital gains, inheritance, or gift taxes are charged in Grenada. Foreign business people consider Grenada an offshore zone that allows optimizing the tax burden.
We should note that Grenada is an offshore country with a good reputation: its fiscal legislation fully conforms to the requirements of international regulatory organizations. The business climate is highly comfortable in Grenada. The country offers wonderful opportunities for doing business on a global scale. A company registered in Grenada can be tax-exempt for 20 years.
Economy of Grenada: some figures
Grenada is referred to as a ‘Spice island’ because nutmeg, cloves, and cinnamon make up the bulk of the country’s exports. The national currency is pegged to the US dollar at the rate of 0.37 USD for 1 XCD.
A single person needs 500-600 dollars (excluding rent costs) to survive in Grenada. In large cities renting a one-bedroom apartment costs from 500 dollars per month, in smaller settlements the price is nearly two times lower.
Local fruits are inexpensive especially if you buy them at market places and small roadside shops. A kilogram of fruit costs from 0.5 to 1 dollar.
Some prices in Grenada in US dollars:
- A MacCombo at a MacDonald’s – 7.60;
- A lunch with drinks in an inexpensive restaurant– 8.30;
- A bottle of Coca-Cola (0.33 l) – 1.70;
- A liter of milk – 1.50;
- A liter of gas – 1.30;
- Kindergarten, per month – 115;
- A pair of sneakers – 85;
- Utilities (one-bedroom apartment, per month) – 80;
- Internet connection (60 Mb/s, per month) – 40.
Even though Grenada does not rank high in the international ratings for its living standards, the local Government is trying to make life as comfortable in Grenada as it is in such Caribbean countries as Barbados or the Dominican Republic.
In March 2023, the Government initiated raising the minimum wage. It used to be less than 5 XCD per hour and it has been set at 9.20 XCD per hour since January 1, 2024.
The average salary in Grenada is around 2,000 to 2,500 XCD per month. At the same time, 25% of the population are working for less. Grenada faces no unemployment problem.
The price of property in Grenada
We have to note that Grenada is not an affordable holiday destination. If you would like to spend a few days in the Caribbean on a limited budget, you’d better choose another island because hotels and resorts are expensive in Grenada.
However, purchasing some property in Grenada can make you qualified for citizenship of the country by investment. The property prices are comparatively high in Grenada but the market is on the rise anyway. Please bear in mind that you can invest only in Government-approved property if you want to qualify for citizenship of Grenada. The Government mostly approves tourist-oriented development projects such as resort complexes, for instance. The number of approved development projects is growing, which gives a wide choice to foreign investors.
The smallest sum that you can invest into property to become a citizen of Grenada is US$ 220,000. However, it is not going to be enough to become a sole owner of a piece of property. For example, suites in Mariposa Residence (a resort complex) cost from US$ 350,000 to US$ 970,000. If you would like to buy a 100-square meter apartment in Grenada, you have to pay US$ 300,000 to US$ 500,000 on average. If you would like to buy a villa, it’s going to cost you more than 3 million dollars.
You can choose one of the following financial routes to citizenship of Grenada by investment:
- Investment into property: purchase an ownership share for at least US$ 220,000 or become a sole owner of a piece of property by investing at least US$ 350,000. You can sell the property back after 5 years while keeping your Grenadian passport. Chances are that you will be able to sell the property at a considerably higher price.
- A donation to the state fund: donate US$ 150,000 to qualify for citizenship of Grenada. If a family of up to 5 people is applying for citizenship of Grenada in exchange for a donation, the amount is US$ 200,000.
In addition to spouses and children, the Grenadian authorities allow including parents of both spouses in family applications for citizenship. You would not have to renounce your current citizenship when obtaining a Grenadian passport. Finally, your home country’s authorities would not know that you have a passport of Grenada because this information does not become available to the public.
