Property Rush In Grenada Ahead Of New Invest For Citizenship Program
Grenada’s new government is expected to revive its “Citizenship By Investment” program before summer’s end. The island is struggling with debt and hopes the program will create some much-needed cash flow.
Similar programs (offering property investors rights of citizenship along with associated visa-free travel benefits) are currently working well in the nearby islands St. Kitts and Dominica. Cash-strapped Antigua & Barbuda is also planning to launch an invest-for-citizenship program later this year.
From 1998 to 2001, Grenada sold passports to investors for US$40,000. The practice put the country on the international blacklist of nations considered uncooperative in fighting money laundering and finally was determined to be too detrimental to security in the wake of 9/11. Grenada was removed from the money-laundering blacklist a year later. Now, a decade later, the cash-strapped country has decided to give its economic citizenship program another go. The price this time is expected to be at least US$100,000.
Potential areas of qualifying investment include infrastructure (roads, airports, and ports), agribusiness, tourism, energy (renewable and non-renewable), and “youth development.” Key performance metrics will include level of investment and number of jobs created.
Grenada has passed through the global recession and is currently a top Caribbean destination. This is a beautiful little island with a growing property market and high hotel occupancy rates. Now, in advance of the expected return of its citizenship investment program, would be a good time to take a stake.
Lief Simon
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