Citizenship by investment in under nine months and visa-free travel to 143 countries – including the EU Schengen area, UK, China, Singapore and Hong Kong – is seeing Grenada in the Caribbean receiving increasing attention from South Africans.
This includes those seeking an ideal holiday home with sound investment potential plus rental income from a growing tourism base, said Chris Immelman, who heads up Pam Golding International.
“With no need to even visit Grenada during the application process, minimal processing fees and no physical residency required, investors and those looking to acquire second citizenship are finding this a very appealing option.
“Grenada’s CBI programme only requires a minimum investment of US$220,000, with no interview, management experience or qualifications necessary, plus you don’t even have to live there to have citizenship,” he said.
Immelman said that Grenada has a source-based taxation system, so citizens who are tax resident there are not subject to Grenadian tax on their foreign income, nor do they pay any wealth, gift, inheritance or capital gains tax.
“Not to mention the fact that with a year-round tropical climate, pristine beaches and lush landscape, Grenada is an idyllic getaway destination.”
At Kimpton Kawana Bay, a 12-minute drive from the island’s international airport, 200 transactions have already concluded in the first three phases of this 5-Star branded resort development.
“The freehold condominiums are priced from US$220 000, comprising one-bedroom units and studios, including two weeks free usage per year.
“In addition, your property is put into the hotel rental pool for the remainder, earning an annual return on your behalf via Kimpton Hotels Intercontinental Group. Investors can also disinvest after five years,” Immelman said.
Kawana Bay is the only CBI project in Grenada authorised to sell deeded real estate at this price, Immelman said.
Grenada enjoys a growing economy and stable democracy.
“Its citizens have access to top schools including Grenada’s private international university, St Georges, where you can study medicine, nursing, veterinary, arts and sciences and business, is the world’s largest American accredited medical school, outside of the United States,” he said.