Grenada is one of the great places to live and do business in the Caribbean. It occupies several Lesser Antilles. Grenada is the largest among them. Together, they form a state that bears the name of the main island. The country occupies only 344 km2. St. George’s is the capital.
Only 115,000 people live here, so the government is trying to raise the population in every possible way.
Grenada enjoys warm, sunny weather all year round. Despite this, there are few very hot days in the year. The average annual temperature is +27°C. The country is so well located that the destructive hurricanes that often take place here do not bother it much. However, from July to October, there is usually windy weather, which slightly overshadows the idyll of numerous tourists.
The population speaks mostly English. It is official in Grenada. In rural areas, one of the French dialects can be heard. There are two currencies in the country: American and Eastern Caribbean dollars.
Attractions of Grenada
The rich history has left many monuments. Thousands of tourists come to see the structures of Creole architecture. In St. George’s, they are greeted by a statue of Christ on the seaside. Of particular interest are the two forts of Frederick and George, dating back to the 18th century.
You can get acquainted with the tragic history of the country through the expositions of the national museum. It will also tell you about the flora and fauna of the islands.
The country pays a lot of attention to nature conservation. Grenada has little land, but even in this small area, the authorities have managed to create several reserves and national parks. Lovers of fishing, diving and snorkeling constantly come to the sea.
Tourists specially come from distant countries to look at the sculptural ensemble under the water. It was created by sculptor and great diving enthusiast Jason Dee Kyers Taylor. Amazing underwater figures of people can be seen by diving into the water or through a special platform built on a boat.
Accommodation Conditions
Grenada is a paradise for tourism. This type of recreation is very popular here, but there is a big problem: lack of investments hinders the development of the industry. Tourism is the main source of financial resources.
There will be many more of them if the state is able to implement far-reaching plans for the future development of the tourism industry. So far, the country is limited in funds which can be used to expand the network of multi-star hotels, create water attractions and other conditions to meet the needs of wealthy tourists. Travel and accommodation are not cheap on the island. That’s why wealthy people come here. There could be many more of them if the tourist infrastructure was developed.
Now there are several hotels in big cities that are approaching the category of five-star hotels. Most hotels are three-star, which rarely provide tourists with three meals a day. But even they are not enough. That is why private houses are popular. So far, tourists are better taken care of there. The owners feed them with homemade meals and charge only 50-60 dollars per night.
Golf lovers should know that Grenada has beautiful courses for this game. Those who visit in August will be lucky enough to enjoy the local national carnival.
Security
Nothing threatens your health and life in this territory. Grenadians are very friendly to guests. However, precautions will not be superfluous. There is no need to boast about having large amounts. Leave the extra money at the place of residence, and take with you as much as you need for shopping. When shopping, at parties, in ports, be careful not to become victims of pickpockets.
There are almost no industrial plants in the area that could pollute the water or air. So, they are completely safe for humans.
Real estate
This sphere of economy is in poor condition. The government is trying to attract more investment in the construction of hotels that meet international standards. In recent years, there has been a noticeable revival. During a few years, luxury villas with swimming pools and multi-storey hotels on the sea coast have already been built. And this is only the beginning of the process of building tourist infrastructure in the young country.
It should be noted that with the start of the parliament’s “Citizenship by Investment” program to attract foreign capital, the real estate market of the islands came alive.
History of Grenada and the development of the Citizenship by Investment Program
Famous ubiquitous Christopher Columbus discovered the islands in 1498. 200 years the aborigines lived their own lives. Then the islands were taken over by France. This period is evidenced by the French dialect “Patois”, which has been preserved in some villages.
In 1762, the period of British domination began. Only 200 years later Grenada became relatively independent within the Commonwealth of Nations.
After gaining independence in 1974, the island nation began to actively develop its economy. Tourism plays a major role in it. Its share in the country’s gross domestic product is close to 80%.
There is another sphere of the economy which can develop rapidly if to support it. This is agriculture. Nature has generously endowed the islands with fertile volcanic soils. Citrus fruits, cocoa, clove tree, vanilla grow beautifully on them.
Nutmeg is Grenada’s most popular crop. In terms of its cultivation, the country takes the second place in the world. No wonder Grenada has been called the “land of spices”. The agriculture remains at a low level due to the lack of investment for the introduction of technologies.
2013 was a landmark year in the development of the economy. This year the parliament adopted an important document “Citizenship by Investment”. It was immediately followed by the investment program. Three years later, Osher solution was involved in relaunching the program and promoting it in the international arena.
Grenada Citizenship by Investment
The program involves attracting funds to the country’s economy in two ways:
- Receiving a minimum of $150,000 to the National Transformation Fund from wealthy foreign investors.
- Acquisition of assets by investors for at least $220,000 (approved real estate projects).
Investment in the National Transformation Fund
One should understand that the investor voluntarily gives money to help the country’s economy and he will never see it again. It will be invested to solve the most urgent social problems. The amount of $150,000 increases with every person in the family. For each of them, you still need to pay fees for services. The total cost of investment in the Fund can be independently calculated using the following data in US dollars:
Direct investment:
- 150,000 per investor;
- 200,000 for a family of up to 4 people;
- 25,000 for each person in a family of more than 4 members;
- 50,000 each parent over the age of 55;
- 75,000 each brother or sister;
Due Diligence procedure:
- 5000 each person over 16 years of age;
- Applying: 1500 each;
- Interview fee 1000$.
Consideration of the case:
- 1500 each over 18 years of age;
- 500 each under 18 years of age.
For example, if a family consists of 5 people: an investor with a spouse, an elderly father or mother, a brother or sister over 18 years old, a child under 16 years old, you will get the following layout:
Minimum investment: 150,000.
The total investments 25,000 × 5 = 125,000.
Contribution for one parent over 55: 50,000.
Attachment for a sister or brother: 75,000.
Due Diligence fee for 4 people over 16 years old, with the exception of a child who is not 16 yet: 5,000 × 4 = 20,000.
Application fee for 5 people: 1500 × 5 = 7,500.
The fee for the consideration of the case is 4 people over 18 years old and one person under this age: 1500 × 4 +500 = 6,500.
By doing simple arithmetic, we get:
150,000 + 125,000 + 50,000 + 75,000 + 20,000 + 7,500 + 6500 = 434,000
This amount in dollars must be invested by a family of five specified family members to obtain Grenada citizenship under the current program.
Real Estate Investment
When investing money in assets, it can be partially returned or even increased: the property can be sold after 5 years. The government offers to buy a share in luxury hotel complexes or luxury residences. The investor has the right to choose a suitable property from the proposed list.
Purchased hotels can be rented out. It will bring the investor an income of 3 to 5% per year. There are always a lot of tourists in Grenada. The local climate allows you to relax all year round. So, the hotel will not be empty. However, prices do not stay at the same level. Drops of up to 1.5 times are possible.
Rents for properties offered by the government range from $6,000-$10,000 per month. Their maintenance is handled by the management company. A real estate investor can take advantage of the bonus. Once a year, the hotel organizes a two-week free vacation for his whole family.
The real estate investment is not limited to a mandatory payment of $220,000. Let’s see how much a family needs to pay in total.
Let’s just say that the number of family members does not matter when buying real estate. But there are the following fees in USD for family members and close relatives:
Government fees:
- 50,000 every person in a family consisting of 4 people;
- 25,000 each person after 4;
- 75,000 a brother or a sister;
- 50,000 a parent over 55.
Due Diligence: 5,000 each person over 16.
Application fee: 1,500 each.
Data processing fee:
- 1,500 each over 18;
- for children under 18 the investor has to pay 500 dollars.
For example, a family consists of 5 people. It includes an investor with his wife, an elderly mother, his own sister, and a 15-year-old son. Let’s calculate the family’s expenses for obtaining citizenship.
- Mandatory investment 220,000;
Government fees:
- every person if the family consists of 4 people: 50,000 × 4 = 200,000;
- every person following the fourth: 25,000;
- a parent over 55: 50,000;
- the investor’s sister or brother: 75,000;
- Due Diligence: 5 000 × 4 = 20 000.
(no need to pay for the 15-year-old son)
Application fee: 1500 × 5 = 7,500.
Data processing fee: 1500 × 4 + 500 = 6,500.
We add up the results and get the final amount of the family’s expenses in US dollars for obtaining citizenship in exchange for real estate:
220 000 + 200 000 + 25 000 + 50 000 +75 000 + 20 000 + 7 500 + 6 500 = 604 000.
Comparing the two ways of investing, it is impossible not to notice that investments in real estate far exceed the costs of infrastructure development. In the early years, entrepreneurs invested more in infrastructure. But then real estate investment took a bit ahead. This shows that property on the islands is generating income.
Remember: every investor must work through a law firm that will represent their interests.
Citizenship can obtain applicants who have undergone the procedure of security test.
Benefits of the Program
Government support: assists during the application process.
Visa-free travel: the citizenship allows its holders to travel around 148 and more countries without a visa or with a simplified visa regime. The list includes the most developed countries of Europe, the Republic of China and UQ.
U.S. E-2 Visa: This is a business visa under which the investor can live in America with his family, do business. Children can study in the best educational institutions.
Tax Incentives: Grenada has double taxation treaties with several countries, but is mostly tax-free on worldwide income, capital gains, inheritance, and gifts.
Second citizenship for everyone: The investor’s entire family or each member individually can obtain another citizenship. There is one restriction: If the children are not included in the list of applicants for citizenship when investing, the legislation does not allow to do this later.
No one is forced to stay in the country or learn the local language: New citizens can visit the islands and them when they want. They don’t need to take a language proficiency test.
Citizenship by Inheritance: Citizenship by Investment in Grenada has no time limit. This status is assigned to the member of the family and passed on to descendants.
Asset protection and confidentiality: Grenada is an offshore jurisdiction and does not require disclosure of beneficial owners when applying for citizenship.
Fast Citizenship Process – Typically, applications are processed within 6 months, which is significantly faster than most other citizenship by investment programs.
Freedom of Movement: Grenada citizenship also provides freedom of movement in the Caribbean region through the Caribbean Free Trade Agreement (CARICOM).
The Grenada authorities do not insist that applicants to come to the country in person. All issues are resolved through a local representative. Every
Requirements for the applicants
Age: The applicant must be at least 18 years old.
No criminal record: The investor must not have a criminal record for serious crimes, as well as crimes related to terrorism, money laundering, and other serious offenses.
Financial solvency: The applicant must have sufficient funds to make investments and cover other expenses related to obtaining citizenship.
Investment: A citizenship applicant must have invested in Grenada’s economy.
Investment options include: Contribution to the National Fund for Economic Transformation (minimum $150,000);
Purchase of real estate worth at least $220,000 (or a non-refundable lease for 5 years); Application process: The investor must complete and submit the application for Grenada citizenship, providing all the necessary documents and information.
Procedures and Time Frame
The process of obtaining citizenship by investment in Grenada is not difficult. It can be done without the presence of the investor in the country. We will help you every step of the way. The documentation package contains full instructions on how to fill it out. After the procedure of filling out the documents, they are checked so that there are no mistake.
After submitting the application, the investor will have to wait for a response for 90 days. If there are no claims against the applicant for citizenship, he will receive a passport in ten working days.
It is also not necessary to come to collect a passport. This is also done by Osher solution. We will send it to the new Grenada citizen.
Some properties can take a long time to complete. In order not to delay this process, Osher solution tries to choose a project for which the developer is ready to immediately provide documents.
Which Countries Can You Freely Enter With A Grenada Passport
It allows you to enter 148 countries around the world. In some countries, there is a slight restriction: receiving a visa upon arrival in a foreign country.
There are only a few states of the world where you have to receive a visa. They are:
- in Europe: Armenia;
- in America: Bolivia, Nicaragua;
- in Asia: Iran, Laos, Maldives, Nepal, Jordan, Sri Lanka (electronic authorization);
- in Africa: Cape Verde; Mozambique, Comoros, Seychelles. Madagascar, Mauritania, Senegal, Sierra Leone, Togo, Somalia;
- in Oceania: Solomon Islands, Palau, Tuvalu, Samoa.