Grenada has recently announced that it has added an additional investment option to its current citizenship by investment programme. James Bowling, CEO of Monarch&Co, a company that specialises in residency and citizenship programmes in a number of territories around the world, notes that investors will now be able to invest in a sustainable aquaculture project, which intends to scale offshore fish production in the country to over 8 000 tons of sashimi grade fish per annum.
Bowling notes that with the appropriate government approvals in place, the aquaculture company has been founded and endorsed as a Citizenship by Investment (CBI) Project. “Through an environmentally friendly approach, the company’s aim is to offer a significant economic growth in a new industry that will help to diversify the country’s economy, which is currently heavily reliant on tourism and real estate investment. The goal of the project is to add more than 9% to the Gross Domestic Product (GDP) of Grenada, as well as create more than 400 new local jobs,” says Bowling. “The fish will be sold to regional resorts and the booming South American market as well as to US distributors, to capture part of the growing $18.9 billion dollar US seafood import market.”
According to Bowling the venture is designed to be a profitable business with a significant local economic impact. “Although an initial investment of US$300 000 will be required by the investor, this venture is expected to continue to sustain jobs and grow investor wealth without ongoing infusions of capital,” says Bowling. “Investors can expect to receive a minimum return of 6% per annum along with a guaranteed buyback of their shares at the end of the required five-year holding period. Investors will also enjoy the benefits of holding a Grenadian passport.”
He notes that there are several advantages to Grenadian citizenship. “Due to the fact that Grenada is a member of the United Nations and the Commonwealth of Nations, citizens of the country are able travel to around 116 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. “An additional benefit that investors have within the citizenship programme is that they are not liable for any income tax, capital gains tax or inheritance tax. Added to this, Grenadian citizens pay no tax on worldwide income, and Grenada recognises dual citizenship so investors may hold two passports. This means that investors do not have forfeit any benefits they currently have from their citizenship status in their own country. A Grenadian passport is valid for a period of 10 years and will be automatically renewed,” explains Bowling.
He says that for applicants to be approved they must be of outstanding character and have no criminal record. Other criteria includes that they are in good health and have a qualifying investment in one of the approved options. The Grenadian government has made the application process as easy as possible and the process of applying with the inclusion of dependent children up to 25 years old will take no longer than three months. Applicants are not required to physically reside in the country, neither are they required to attend an interview in Grenada.
Bowling says that while the tax benefits and travel benefits have assisted in alluring investors to the country, he notes that there are also the lifestyle benefits of living in Grenada that have attracted people to its shores. Aside from the fact that Grenada has a superior infrastructure when compared with other Caribbean countries, the temperate climate and unspoilt landscapes have attracted an influx of international tourists to the idyllic tropical island.
“For US$300 000 investors can experience living on a beautiful island that boasts a stable economy and excellent accessibility from multiple destinations. Grenada is fast becoming the citizenship by investment choice for the savvy investor,” Bowling concludes.