Grenada, known as the “Spice Island” of the Caribbean, has rapidly emerged as a leading destination for investment by migration opportunities. Its strategic location, political stability, and robust Citizenship by Investment (CBI) Programme make Grenada an attractive choice for investors seeking global mobility and economic growth.
Economic and Political Stability
Grenada’s economic stability is a cornerstone of its appeal. The country’s economy is largely tourism-based, characterised as a small, open economy. Over the past two decades, Grenada’s economic focus has shifted from agriculture to services, with tourism now serving as the leading foreign currency-earning sector. According to the World Bank, Grenada’s GDP growth rate was 6.4% in 2022, with a gross domestic product (GDP) of USD 1.215 billion and a GDP per capita of USD 9,689.08. The country’s gross national income (GNI) stood at 1.959 billion PPP dollars, with a GNI per capita of 15,610 PPP dollars. Additionally, 77.8% of the population were internet users in 2021, highlighting the country’s digital connectivity. The national currency is the East Caribbean Dollar (XCD).
“Grenada is committed to sustainable development and environmental conservation. The government actively promotes green energy projects and sustainable tourism, ensuring long-term economic growth and environmental protection.”
Grenada is a high performer relative to many Caribbean and Latin American nations in terms of per capita income. Its per capita income significantly exceeds that of Turkey and is comparable to that of EU member Romania, highlighting Grenada’s relative prosperity in the region.
The Citizenship by Investment (CBI) Programme has also contributed to Grenada’s economy, accounting for under 6% of the GDP from 2017 to 2019, according to the InvestMig database. This highlights the programme’s significant, yet sustainable, role in the broader economic landscape.
The Citizenship by Investment Programme
Launched in August 2013, Grenada’s Citizenship by Investment Programme (CIP) is renowned for its efficiency and comprehensive benefits. The programme offers two primary investment options:
1. National Transformation Fund (NTF) Donation:
- A minimum non-refundable contribution of USD 150,000 for single applicants.
2. Real Estate Investment:
- A minimum investment of USD 220,000 in a government-approved real estate project, with an additional non-refundable contribution of USD 50,000.
Important Update for Caribbean Citizenship Programmes – Investment Thresholds to Increase
The minimum investment threshold for Grenada’s Citizenship by Investment Programme will increase to USD 200,000 by 30 June 2024. This provides a limited window of opportunity for applicants to take advantage of the current, lower investment requirements.
Despite the upcoming increase, Grenada remains one of the least expensive CBI domiciles worldwide, offering competitive investment thresholds compared to other countries with similar programmes.
Key Benefits of the Grenada CIP
- Global Mobility: Grenadian citizens enjoy visa-free or visa-on-arrival access to over 140 countries, including major destinations such as China, Hong Kong, Singapore, the UK, and Europe’s Schengen Area.
- Unique US E-2 Visa Eligibility: Grenada is the only Caribbean nation with a CIP that offers eligibility for the US E-2 Investor Visa, allowing citizens to operate a business and reside in the United States.
- Family Inclusion: The programme allows the inclusion of a wide range of dependants, including spouses, children under 30, unmarried siblings, parents, and grandparents.
- No Residency Requirement: Unlike many other CIPs, Grenada does not require physical residency, making it convenient for investors.
- Tax Benefits: Grenada offers an attractive tax regime with no wealth, inheritance, or capital gains tax.
Strategic Advantages
Grenada’s strategic geographic location offers unparalleled access to major markets in North America, Europe, and Latin America. Its well-developed infrastructure, including modern ports and an international airport, facilitates easy connectivity and trade.
High-Quality of Life
Grenada boasts a high standard of living with excellent healthcare, education, and leisure facilities. The island’s natural beauty, from pristine beaches to lush rainforests, combined with a rich cultural heritage, provides an idyllic lifestyle for residents.
Sustainable Development and Innovation
Grenada is committed to sustainable development and environmental conservation. The government actively promotes green energy projects and sustainable tourism, ensuring long-term economic growth and environmental protection. Additionally, Grenada is fostering innovation through initiatives in education and technology, preparing for a future-driven economy.
An island with rich cultural heritage and significant business opportunities
Grenada offers an exceptional opportunity for investment by migration, combining economic stability, strategic location, and a high quality of life. With its affordable Citizenship by Investment Programme, visa-free travel to over 140 countries, and eligibility for the US E-2 Investor Visa, Grenada stands out as a top choice for discerning investors. As the investment threshold is set to increase by 30 June 2024, now is the ideal time to take advantage of this attractive programme and secure a prosperous future in the Caribbean.