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August 1, 2016updated 11 Aug 2016 6:27pm

Spicy developments in Grenada

By Spear's

Known as the ‘Spice Island of the Caribbean,’ Grenada is a true paradise: full of life, music and bright colours. It is also increasingly attracting investors, especially since the island launched the Grenada Citizenship by Investment (CBI) Programme, which provides investors with exciting business opportunities, evolving from a growing luxury hospitality sector. This article is sponsored content.

St George's Uni
Picture: St George’s University Campus, Grenada

As charming as it is cosmopolitan, Grenada is a vibrant island-nation located at the southern end of the Grenadines in the southeast coast of the Caribbean Sea. Thanks to its 75 miles of untouched white sand beaches, crystal clear azure water, and organic produce, the nation has now been branded as ‘Pure Grenada’ – a name that truly reflects Grenada’s commitment to its stunning environment.

Since the country is situated below the hurricane belt, it is shielded from much of nature’s wrath. This is also a much-appreciated feature for entrepreneurs, who feel secure in making their investments here.

Grenada’s tranquil weather also allows it to attract visitors to its year-round events, such as the Grenada Sailing Festival, which is held every year in the beautiful St Louis Marina also called the ‘Portofino of the Caribbean.’ From the Grenada Carnival, to its Jazz Festival, and even Chocolate Week, Grenada calendar truly eventful.

Grenada has become a favourite destination for celebrities – and for good reason: utter beauty framed in absolute privacy! Justin Bieber celebrated his 21st birthday on the island, Lewis Hamilton was building an elegant villa overlooking the sea, the Egyptian billionaire Naguib Sawiris chose it as the site for his new five-star hotel, and the French businessman George Cohen bought a private island Calivigny attached to Grenada where he built a 10,000 square metre luxury resort.

Grenada certainly offers both unspoiled landscapes and a dynamic lifestyle – but it is also a land of investment opportunity. Since 2013, Grenada’s economy has witnessed an impressive growth, fuelled by its burgeoning tourism sector. Grenada saw a 19% increase in tourist arrivals in 2014, and a further 13% increase in 2015. Even more growth is expected in 2016, as new direct flight to mainland Europe, the United Kingdom, and the Americas draw visitors to Grenada’s shores. This significant increase in demand attracts more businesspersons who feel confident of their investment’s success, and already several international hospitality brands plan to set up luxury complexes on the island.

Education is also an expanding sector in Grenada and contributes to 20% of the nation’s GDP – primarily thanks to St George’s University.

Grenada’s Government is working towards sustainability and economic diversification. As part of this effort, in 2013, the Spice Island launched the Grenada Citizenship by Investment (CBI) Programme, an economic citizenship option which allows applicants to either make a donation to a Government fund (the National Transformation Fund), or to purchase pre-approved real estate. The Programme was designed to promote foreign investments into the country, in especially to respond to the growing demands of the tourism sector, as well as to support other projects such as green energy and organic farming.

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The table displays the minimum contribution to the NTF and minimum investment to Real Estate required when applying for Grenada Citizenship through the country’s CBI Programme.

Grenada’s Programme is among the world’s most interesting, with much of its popularity due to the country’s favourable international reputation. For example, Grenada is known for its strong diplomatic relations with the USA, Europe, Brazil and China. This is reflected in its visa waiver agreements, including visa-free travel to the People’s Republic of China, as well as its involvement in crucial international conferences and summits. Grenada is also among a few treaty nations to benefit from eligibility under the United States’ E-2 Visa Programme – a strong alternative to the E-B5 Programme.

For those who wish to increase their mobility, profit from a growing economy, or just enjoy an effervescent lifestyle and stunning landscapes, Grenada might just be the solution.

See the Grenada Government website for further information

See Truly Belong’s website for more information about the Caribbean options of CBI

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