Located just 12 degrees north of the Equator at the southern end of the Windland Island in the southern Caribbean, the tropical West Indian island of Grenada has prospered for years as the ‘Spice Island.’ The island’s thriving tourist industry has contributed greatly to the stability of the island’s economy and the government has recognised the need to diversify economic activity and promote foreign investment through property development.
The only way to invest in Grenada’s Citizenship By Investment Programme is through a real estate investment. “The minimum real estate investment used to be US$500 000 for a shareholding in the ownership and operation of the entire hotel along with the right to apply for one citizenship for one main applicant,” James Bowling, CEO of Monarch&Co - a company that specialises in investor programmes for residence and citizenship in a number of territories around the world - explains. “However, following much negotiation and heavy campaigning, the Grenadian government have agreed to drop the minimum amount that investors would need to purchase a shareholding from US$500 000 to just US$310 000.”
Bowling notes that the drop to US$310 000 is expected to open up the investment opportunity to far more foreign investors, allowing them to take advantage of the many benefits that the programme offers. “Due to the fact that Grenada is a member of the United Nations and the Commonwealth of Nations, citizens of the country are able to travel to around 115 countries without the need of a visa. They also enjoy the added benefit of preferred access, and in some instances grants to many of the top learning institutions in the world,” says Bowling.
In an effort to entice further interest and foreign currency into Grenada, the government is promoting a number of high quality developments for the Citizenship by Investment programme, such as the Port Louis Camper and Nicholsons Marina, which is set to become the most chic and desirable in the Caribbean.
Bowling says that the state-of-the-art marina, which is owned and operated by Camper & Nicholsons, can accommodate up to 300 yachts from 12m to 120m and 6m draft in the natural lagoon of the capital, St George’s. Situated at the gateway to Grenadines, the Port Louis marina boasts a range of amenities and services to those who live there, with a lively maritime village which adjoins the marina.
The maritime village, which has been built around the super-yacht marina, has been designed to reflect the original Carenage of historic St George’s across the lagoon. “The design of the buildings within the maritime village reflects the evolution of St George’s over a period of several hundred years, focused around courtyards and plazas with exotic tropical gardens, fountains and pools. A true embodiment of the Grenadian culture, the village is both lively and cosmopolitan in nature with its duty free shopping in boutiques, art galleries, restaurants and bars on lower levels.
“There are a limited number of one-, two- and three-bedroom apartments on the upper floors of this development for those who prefer a sophisticated mix of lifestyle and entertainment. Homeowners have full access to the Port Louis Yacht Cluband its extensive facilities,” says Bowling.
He notes that for those wanting a slightly different property investment, there are various other options available such as the 28 luxury villa lots. The home sites, which are located on the secluded and gated hilltop of Port Louis, can each accommodate a villa of up to 560m2 and are carefully positioned to enhance their individual privacy, taking full advantage of the surroundings. According to Bowling there are five individual villa architectural designs to choose from, in three- to six-bedroom configurations.
“Another option for property investors in Port Louis is one of the 22 Amalfi penthouses, offering iconic, modern designs and elegant living,” says Bowling. “Suspended above the white sands of Pandy Beach, staggered against the sheer cliff side, these homes feature design elements such as walls of glass to make the most of the views. Boasting an array of amenities and luxury finishes, each penthouse features a private gymnasium, beach-side swimming pool and direct access to the beach.”
Bowling says that the ten Great-House residences situated on the peak of Port Louis grant complete privacy, security and luxury. These landmark residences feature a private concierge service, a library and lounge, gymnasium, mini-spa, swimming pool, terraced tropical gardens and panoramic views of both the mountains to the east and the Caribbean Sea to the west.
“Port Louis is also home to two hotel sites, which include real estate opportunities for residential property investors,” says Bowling. “The larger of the two sites has its own beach and is located at the entrance to St George’s harbour overlooking the waters of the Caribbean. The resort hotel will include a casino, spa and facilities for water sports and a private mega-yacht dock. The second site is located at the entrance of the Maritime Village on the marina waterfront. This site is set aside for a chic, boutique hotel with a swimming pool, terraced gardens and waterfront dockage.”
He notes that a third site, which rises up the hillside from Pandy Beach, allows for up to 5 570m2 of buildable space in the tropical gardens, offering property investors the option of a club/fractional or whole ownership programme with up to 33 beach cottages.
Bowling notes that Grenada has become a highly sought-after tourist destination with its hundreds of unspoilt beaches and lush tropical rainforests. “The picturesque setting of this south-eastern Caribbean island, along with the fact that it has a temperate year-round climate, makes it an extremely desirable location for those wanting an island getaway, as well as international property buyers seeking citizenship through investment,” he says.
“The variety of property options available to investors, along with the south-eastern Caribbean setting and advantages of living in a country that is a member of the United Nations and the Commonwealth of Nations has led to Grenada fast becoming the international investment choice for many savvy property investors,” Bowling concludes.
For more information contact:
James Bowling at Monarch & Co on 011 883 9018
West Africa Office (Lagos, Nigeria)
+234 (0) 1454 6929
Jerald Lebechi: firstname.lastname@example.org
Or visit www.monarchandco.com