Characterised by lush green vegetation, panoramic views, beaches and waterfalls, the Caribbean island of Grenada, fondly known as the ‘Spice Isle’, is situated north of the Equator at the southern end of the Windward Islands and is fast becoming a hot investment destination due to its Citizenship by Investment programme.
While Grenadian Citizenship by Investment has existed since the mid 1990’s when the country first started an economic citizenship programme, legislation was recently amended by the Grenadian Parliament to reflect a clearer focus on the programme in order to preserve the prestige, honour and value of Grenadian citizenship through a legal protocol.
“This clearer focus has resulted in applications only being extended by invitation, with each applicant, their family and business partners subject to individual approval by the Grenadian Government,” says 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.
Bowling explains that the Grenada Citizenship by Investment programme is aimed at creating access to foreign direct investment for the country, but as the newest of its kind in the world, offers investors a range of benefits too.
“One of the most attractive benefits of this programme lies in the fact that Grenada is a member of the United Nations and the Commonwealth of Nations, which means that its citizens are able to travel to approximately 115 countries worldwide visa-free and also enjoy preferred access – and in some cases grants – to many top schools and universities,” says Bowling.
Aside from this, the application process is relatively hassle-free and the processing of applications with the inclusion of dependent children below 26 years of age takes up to just three months. There are also no physical residency requirements in Grenada, no requirement to travel to Grenada during the application process and no interview, education, health or management experience required.
In addition, Grenadian citizens pay no tax on worldwide income, and Grenada recognises dual citizenship, therefore investors can still benefit from their current citizenship status – i.e.: hold two passports. Grenadian passports are valid for 10 years and are then automatically renewed.
Applicants need to be of outstanding character with no criminal record; in good health, of high personal net worth and need to have a qualifying investment in a designated real estate development.
Bowling explains that there are two ways to invest in the Grenada Citizenship by Investment programme:
For US$1million, investors can purchase a freehold title property or a one-bedroom luxury apartment. This will give them two shares in the operating profits of the entire hotel business as well as the right to apply for two citizenships (for the two main applicants).
For US$500 000 investors can purchase a shareholding in the ownership and operation of the entire hotel along with the right to apply for one citizenship (for one main applicant).
“Investors can sell their property after a holding period of five years, but even if they sell their residence, their citizenship is theirs for life. A further benefit is that under the citizenship programme, investors are not liable for any income tax, capital gains tax or inheritance tax,” says Bowling.
Aside from tax and travel benefits, the island also provides an idyllic place to live or holiday. Equipped with a modern airport and extensive road network, as well as world class electricity, water, telecommunication and television systems, Grenada has a superior infrastructure compared to many other Caribbean countries.
The temperate climate and scenic beauty of Grenada has attracted tourists from all over the world who are looking for an authentic tropical island experience. This Caribbean island is located outside of the hurricane belt and offers visitors many activities including hiking, whale watching, sailing, diving, scuba and other water sports plus much more. With its culture centred on music, dance and food, Grenada, with its unspoilt landscapes, appeals to a broad range of people.
“With a stable economy, excellent accessibility from multiple destinations as well as the advantages of climate and scenery, Grenada is well worth a look as an investment option,” Bowling concludes.
For more information contact:
James Bowling at Monarch & Co on 011 883 9018
West Africa Office (Lagos, Nigeria)
Jerald Lebechi: firstname.lastname@example.org
Or visit www.monarchandco.com