Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport

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Kristina Ruzhilo 19.11.2018

Grenada is a Caribbean country where buying property does not involve any risks related to hurricanes. The reason hides behind the country’s location, cyclones develop and strike only the north of the Caribbean. Moreover, the purchase of property here allows one to apply for citizenship of a country with the CBI program.

Today’s article will provide information about the projects worth investing into for receiving the Caribbean passport. It will also explain why Grenada Citizenship by Investment program attracts investors.

In figures: How many investors have already received the Grenadian passport?

The passport program of Grenada has been valid since 2013. According to the official data, since the launch of the program, Grenadian authorities have approved over 1,300 applications from foreign investors. The popularity of the program is growing: from January to June 2017, the number of CIP applications increased by 300% (189 applications) compared to the same period last year (62 applications). While the rejection rate has decreased from 13% (8 applications out of 62 were rejected) in the first half of 2016 to 8% (only 15 applications out of 189 were rejected) in the first half of 2017.

In 2016, Grenada passport program was recognized as the “World’s Best Citizenship by Investment Program (CIP)” by the Russian Global Citizen Awards.

OVER $74,900,000 OF INVESTMENT WERE POURED IN THE ECONOMY OF GRENADA IN THE FIRST HALF OF 2017.

What makes Grenada passport program so attractive?

There are 5 Caribbean countries that offer citizenship in exchange for investment: Antigua and Barbuda, Saint Kitts and Nevis, Saint Lucia, Dominica and Grenada. Speaking of Grenada, investment immigration experts point out at least 3 unique advantages:

  • Visa-free regime with China. The passport of Grenada is the only Caribbean passport that allows a person to enter China without obtaining a visa first (other Caribbean passport do not provide this privilege).
  • E-2 Investor Visa to the USA. Grenada is the only Caribbean country where one can receive citizenship by investment and as a citizen apply for the E-2 visa to the USA. This kind of visa is issued to the foreigners who want to develop business in the United States. Only candidates from the countries that signed a special bilateral cooperation agreement with the USA can apply for this type of visa. Chinese, Russians, Indians, South Africans, and other foreign nationals are not eligible for this type of visa.
  • Hurricane-free location. Grenada is located in the southernmost part of the Caribbean islands chain. Atlantic hurricanes that often destroy Caribbean islands develop to the north of Grenada. It’s very important if you are interested in real estate investment.

Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport | Migronis

Other great advantages the investor receives after getting a Grenadian passport include:

  • Freedom of movement Grenada’s citizenship is a key towards visa-free travel to 124+ countries of the world, including the Schengen countries, the UK, and Singapore.
  • Assets protection. The citizens of Grenada can open accounts in reliable European banks.
  • Tax advantages. Grenada has no world income, capital gains or inheritance tax. Real estate tax is only 0.5%.
  • Opportunity to obtain long-term visas to the US and Canada (for up to 10 years).
  • Access to the European education. The citizens of Grenada can study in higher education institutions of the United Kingdom and Europe.
  • No requirement to live on the island. The passport holders are not obliged to reside or remain in the territory of Grenada. Many use this passport solely as a travel document.
  • Process confidentiality. No details about second passport deals are disseminated to third parties by the authorities of Grenada.

How to receive Grenada’s citizenship by investing in real estate

There are 2 available Citizenship by Investment options you choose from — donation to the National Transformation Fund (at least $200,000) or purchase of real estate (at least $350,000). Keep in mind that the real estate object you invest in must be included in the list of government-approved investment projects. It is quite profitable to invest into real estate in Grenada. Only in 2015 the number of real estate sales increased by 71%, according to the statistics by Century 21 international agency. It is possible to resell the object after 5 years allowing one to partially recover the initial investment and even make a profit.

Find the brief description of the most popular development projects below.

Levera Nature & Beach Resort

The resort has dozens of boutique hotels, villas, bungalows, fashionable restaurants and recreational facilities. It covers an area of more than 100 hectares in the territory of the National Nature Reserve. Investors are allowed to buy shares of a boutique hotel or a bungalow overlooking the sea for personal use. At an early stage the investor can pay part of the amount, $190,000, the rest of the amount would be loaned by an American company. In 4 years after receiving the passport, one may either repay the loan and remain a co-owner, or lose one’s share while, of course, retaining the citizenship.

Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport | Migronis

Project: Levera Nature & Beach Resort Levera Nature & Beach Resort

Bacolet Bay Resort & Spa

The resort for the lovers of eco-friendly recreation. It is located in the south of the island and covers an area of 17 hectares. There is a variety of villas, apartments and luxury cottages. A 300-meter beach, golf courses, several swimming pools, tennis courts, gyms, gourmet restaurants and nightclubs — all this ensures one’s comfortable staying.

Grenada Resort Complex

This luxurious resort is located in the southern part of Grenada, not far from the capital and St. Georges Point Salines international airport. There are plans to invest the record sum of $2,000,000,000 in the resort improvement. The major goal is tourism development and the subsequent attraction of foreign investors.

Over 500 objects are to be built in the resort, including one- and two-bedroom apartments, business suites, an aqua park, a casino, a yacht port, a dozen of restaurants and cafes, and a hospital.

Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport | Migronis

Project: Grenada Resort Complex

Hideaway True Blue Condominiums

The resort is being built in one of the most prestigious districts in Grenada’s capital Saint George’s, True Blue, not far from the famous St. George’s University that prepare medical and veterinary professionals. One- and two-bedroom condos will be sold fully furnished, with domestic appliances and electronics.

Great terms of cooperation are offered to investors, including quarterly income 2 years after the resort commissioning, absence of financial obligations regarding maintenance and property insurance throughout the period of the investment agreement duration.

Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport | Migronis

Project: Hideaway True Blue Condominiums

Hope Estate Development Grenada

It is a project dedicated to the restoration of the old real estate properties located in the east of the island. Hope Estate Residential Development’s residential property is represented by three- or four-bedroom cottages. Hope Estate Resort Development’s hotel property is complemented by fashionable restaurants recreational facilities.

Kimpton Kawana Bay

It is another luxurious creation by Kimpton, the US company. The resort will be built just 3 kilometers away from the international airport, in the vicinity of Grand Anse Beach.

Real estate owners and tourists will be offered various kinds of water-related activities, the opportunity to relax in a spa center and work out in a fitness center.

One may invest in condominiums, hotel rooms and studio apartments. The investor can purchase one of the suites with the right to personally use it 14 days a year. As for the remaining time, the property will be rented and it is expected to generate a good income.

Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport | Migronis

Project: Kimpton Kawana Bay

Mariposa Residence

The apartment complex is located in the south-west of the island. As of today, the work on the project is completed up to 85%. One-, two- and three-bedroom apartments are already available for sale. The price range is from $350,000 to $970,000.

The constructions have been built on the concrete substructures to avoid high humidity-related problems.

Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport | Migronis

Mariposa Residence

Mount Cinnamon Resort & Beach Club

This luxurious boutique complex is designed for 70 guests. A villa or a bungalow overlooking the magnificent Caribbean Sea and the mountains covered by woods would be just perfect for a good rest. Investors can purchase the stocks of Mount Cinnamon Villas Ltd., responsible for the complex building, or the whole cottage for personal use.

Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport | Migronis

Mount Cinnamon Resort & Beach Club

Silversands Grenada

The premium class resort is located near Grand Anse Beach. The completion and commissioning of the construction are scheduled for March 2018. The resort includes a hotel and villas situated on the beach and the hills. Hotel rooms and luxury villas will be complemented by a 100-meter panoramic swimming pool.

Real estate in Grenada: Review of the government-approved projects, plus advantages of Grenada’s passport | Migronis

Project: Silversands Grenada

You can buy elite real estate on the sea coast, or in the vicinity of the country capital. There are also special eco-friendly options. Apart from this, you will receive Grenada’s citizenship and numerous advantages it offers.

Interested in more detailed information about Grenada’s Citizenship By Investment Program? Contact us!

  • We offer free consultations, understanding how important it is for the client to make the only correct decision.
  • We work only in the field of investment immigration, integrating gained experience into the investor’s goal.
  • We work only with official programs of the European Union and Caribbean countries.
  • Before signing the contract, we inform our clients about all additional fees and expenses.
  • We conduct a screening to assess the investor’s chances of obtaining the desired citizenship.
  • We oversee the process at each stage and work exclusively towards the result.
  • We are in touch 24/7.
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