Grenada

Lifestyle

Located in the Eastern Caribbean, Grenada, also known as the ‘spice island’, is a small island state. The country gained independence in 1974 and is a full member of the Commonwealth of Nations, The Caribbean Community and Common Market (CARICOM) and also the World Trade Organisation (WTO).
Grenada is a colourful island with varying topography including mountains, rainforests, countless beaches, exotic cuisine and vibrant culture with a West Indian rustic charm. This variation is also present in the culture of the island through the mixture of African, East Indian, French and British influences which has left an interesting mixture seen in the folklore, dialect, music and general lifestyle.
The way of life in Grenada is rooted in socialization with friends and family, making it central to everyday life. Much of the people’s free time is spent at home with friends and family, out at the market catching up, or outside playing sports. However
there are endless activities for people who enjoy the outdoors including: fishing, snorkelling, sailing, tennis, golf, hiking and sightseeing.

Economy

The GDP growth rate for Grenada for 2018 is estimated to have been around 4.8%. In the last twenty years, Grenada’s economy has shifted from agriculture and industry, which now only make up approximately 5% and 13% of the economy respectively, to revolve around services (67% of GDP). The country’s principal export crops are the spices nutmeg and mace. Other exports include cocoa, citrus fruits, bananas, cloves, and cinnamon. Core export destinations include the United States, Switzerland, Germany, the Netherlands, and Canada. Manufacturing industries in Grenada are also small scale, including the production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export .

Grenada’s tourism sector is greatly expanding, with the island continuing to take more and more shares of the market for Caribbean tourism. Much of this expansion is due to foreign direct investment, as foreign businesspersons are choosing to invest in Grenada’s growing popularity with visitors and leisure travellers. The nation relies heavily on tourism to earn foreign currency.

In 2013 Grenada launched its CBI program. In doing so, it joins a competitive global market that includes countries such as Canada, the USA, England, Portugal, and several regional islands. Despite the global competition, Grenada has created a competitive product that attracts applicants seeking a second citizenship.
Grenada shares a common central bank and a common currency (the East Caribbean dollar) with seven other members of the Organisation of Eastern Caribbean States (OECS).

Real Estate

Real Estate in Grenada is on an upward trajectory. The rate of increase in sales in Grenada’s property market in real estate first showed an outstanding 85% increase in 2015, followed by an increase of 54% in 2016. A modest increase of 12% was recorded in 2017, and 2018 is expected to have undergone a similar deceleration. This will indeed prove healthy for the real estate sector since constantly large sale transactions may diminish the value of real estate products.
The market’s rise was also helped by the Citizenship by Investment (CBI) Program, which allowed several luxury developments to acquire the necessary capital through fractional ownership or sales of company shares. International property buyers have shown particular interest in the towns of St. George, St David, and Carriacou.

Healthcare

Grenada has one of the best health care systems in the Caribbean region. There are around seven medical centres and clinics in the country. St George’s General Hospital is the main facility and there is a small private hospital in the St Paul district, which has a 24-hour emergency room and can arrange air ambulance evacuation. There are also two small hospitals, which are the Princess Alice Hospital and Princess Royal Hospital.
At the moment, all serious medical problems require air evacuation to a country with better medical facilities which are available in Trinidad and Barbados. Pharmacies are generally well supplied, although not all prescription medications are always available.

Education

The public-school system in Grenada is free and compulsory between ages 6 and 14 and the educational system is based on the British system. Students start of in primary school from the ages of 6 to 12 and then move on to secondary education which lasts for three years. Students who remain on at school complete a higher secondary phase lasting for two more years. There are numerous independent schools in Grenada; most of these are located in or around the capital of St George’s and include pre-primary, primary and secondary schools.
While education in Grenada continues to be largely academic, the government is pushing ahead with efforts to expand vocational options at schools to embrace alternative careers which include arts, crafts, sports, and tourism. The leading tertiary institution is the T A Marryshow Community College in Grenada. Here students can complete the first years of their university degrees, complete two and three-year programs in nursing and pharmacy, and study for their GCE advanced levels. Another alternative is St George’s University where students can follow full bachelor’s degrees in arts, veterinary science, medicine and general sciences. Further opportunities are provided by the University of West Indies Distance Education Centre.
Security
Violence in Grenada has followed no discernible trend in recent years and though the island does not experience violence on the same scale as other countries in the area, it suffers from inefficiency in the judiciary and some issues of corruption due to an insufficient number of public prosecutors and judges which is the main cause of a notable case backlog.
However, the government is aiming to modernise the justice sector, train more public legal professionals and is pushing for an independent body to oversee the police and thus increase civilian oversight of the force, in order to help address Grenada’s institutional problems.

BENEFITS

  • Fast process < 3 months
  • 143 Visa-free destinations inc UK & EU, Russia & China Unrestricted right to live, travel and study in the CARICOM;
  • Access to the United States E-2 Visa Programme;
  • No residency requirement in Grenada before, during or after application
  • Children & parents included

COSTS

  • Donation to the National Transformation Fund : min. USD $150,000
  • Real Estate Investment: USD $220,000- USD $350,000

TAXATION

  • Exempt from taxation on foreign income,
  • Exempt from taxation on wealth tax
  • Exempt from taxation on inheritance tax,
  • Exempt from taxation on gift or capital gains

ELIGIBILITY

 

  • Main Applicant Minimum 18 years of Age
  • Be able to verify source of funds

 

Contact Information

+356 2205 6868

info@arcusestates.com

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