Owning properties in various parts of the world is one of the main goals of many wealthy or high-net-worth individuals (HNWIs). For the affluent, having homes in different countries is the ultimate status symbol. It is an excellent way to boost their investment portfolios as well.
Having the capability to purchase properties globally, however, comes with some challenges. Since real estate can be a volatile market, investors have to select which countries they should invest in carefully.
Other factors, such as political unrest and high crime rates, can also easily make a real estate investment a bad one. When you purchase a property in areas with these conditions, the likelihood of getting any profits may be compromised.
To avoid wasting money, even the most affluent should be prudent in choosing the next countries for their real estate investments focusing on stable, growing economies.
Buying a Property in Grenada
Owning a property in the Caribbean, though, has often been a recommended investment move. The countries in this part of the world are long-time favorite tourist and retirement destinations and have grown from strength to strength over the last generations. As such, the real estate market here is quite stable and even lucrative.
There are several remarkable benefits of investing in real estate in the Caribbean. Some of the member countries offer Citizenship by Investment programs. Under these government programs, foreigners who buy approved properties will own the home and become legal citizens of the country where they purchased it after passing the required due diligence.
The Grenada Citizenship by Investment Program is one of these legitimate economic citizenship programs that allow foreign investors to buy a property and be a citizen of this country. Aside from owning a home in this beautiful Caribbean nation, you will be eligible to get a second passport.
A Grenada passport allows holders visa-free travel to over 140 countries including the UK, China, Singapore, Brazil, EU, Russia and Schengen countries. Additionally, Grenada also gives its citizens access to the USA E2 Treaty Investor visa.
Aside from having the opportunity to own a property and have a second passport, here are four additional encouraging reasons to buy a property in Grenada now:
You get to spend time in one of the most beautiful countries in the Caribbean
Grenada boasts incredible white sand beaches, magnificent rainforests, marvelous lakes, and other stunning natural and artificial wonders. Because of these, it is one of the most fascinating and picturesque nations in the Caribbean.
The country offers a wide range of activities that people of all ages will love. Whether you’re looking for relaxing activities or want to try something exciting, you will have the opportunity to do all of them in Grenada.
With a home of your own, your stay in Grenada will be something to look forward to.
You can enjoy various water activities
If you are a big fan of water sports and activities, having a home in and being a citizen of Grenada will work to your great advantage.
As one of the best island nations in the Caribbean, the country is the perfect spot for all types of water sports and activities you can think of. These include:
- In-shore and big game fishing
- Scuba diving
- Jet skiing
- Windsurfing and kite-surfing
Additionally, since Grenada is located below the hurricane belt, you can enjoy these activities nearly all year round. You can stay as long as you want in the country without fear of any major typhoons ruining your holiday and damaging your home.
You can choose from different attractive property types and locations
Whether you want to live in or own a house, villa, condominium unit, or apartment, you will find the perfect home to suit your needs in Grenada. Moreover, the majority of these CIP-approved properties are located in the country’s safest prime spots.
Morne Rouge Bay, L’Esterre Carriacou, and Levera are some of the places in Grenada that have exceptional residential properties approved under CIP. If you want to live outside the busy central business district of St. Georges, consider buying a property in any of these three areas.
You can own a property at a lower investment rate
Earlier this year, a crucial amendment was made regarding Grenada’s CIP.
This new amendment allows property developers with approved projects to sell units to two or more applicants. Under this program modification, investors only need to pay a minimum amount of US$ 220,000 if they want to co-own a property with other buyers.
Because of this amendment, you can purchase a bigger high-end property at a lower price as long as you buy it with one or more of your fellow investors. You and your co-buyers will also still qualify for Grenada passports.
Of course, you still have the option of buying a property on your own if you want to have one solely under your name.
Similar to purchasing travel insurance, conducting sufficient research, and knowing your options will enable you to make a smart decision when buying a property in Grenada.
To own a home in Grenada and acquire your second citizenship as soon as possible, enlist the help of a seasoned consultant who can expertly provide citizenship by investment application services.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, Canada, and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.