Grenada The quintessential Caribbean experience

thebusinesslifestyle February 14, 2024

Grenada and her sister islands Carriacou and Petite Martinique offer tourists the quintessential Caribbean experience: palm-fringed, white sand beaches; relaxed ocean-view bars and restaurants; vibrant carnivals and festivals; a pristine physical environment including lush rainforest bursting with rare flora and bird life. The island has a few surprises in store, too, such as seven black sand beaches on its east coast, near-tame Mona monkeys in Grand Etang National Park; the spooky Underwater Sculpture Park –- and a warm welcome for overseas investors.

Grenada, independent since 1974, is the southern-most of the Windward Islands, with convenient flight connections to the UK, North America and other Caribbean islands, and a proud history of encouraging trade and investment. Capital St George’s is a commercial hub in addition to being the focal point for tourist visitors and students attending the renowned St George’s University.

The purchase of property and land is relatively straightforward as most land is freehold and open for purchase by anybody, a policy that allows overseas investors to create their perfect property in the Caribbean or to invest in one of the island’s established boutique developments such as LaLuna, Mount Cinnamon or True Blue Bay.

The government operates an incentives programme for overseas investors working in Priority Investment Projects – defined as in excess of EC$500,000 and/or employing over 20 Grenadians – and further entitlements and benefits may be available for those investing in those sectors that impact on socio-economic development, including tourism; manufacturing; agriculture; energy; and financial services. Fiscal benefits include exemption from customs duties on raw materials, plant and equipment; and non-fiscal incentives include no restrictions on foreign ownership or repatriation of profits, capital and dividend; and double taxation relief.

Additional incentives may be offered to overseas investors for business enterprises located in priority geographical areas of Grenada – mainly outside of the capital – and for those which stimulate the sustainable use of domestic raw materials and services.

Grenada is among the most politically stable Caribbean states, with a democratic Westminster-style form of government and a judiciary independent of the executive and legislature. High levels of literacy (96%) among the relatively young, English-speaking workforce complement the relatively low exchange and inflation rates that the island has enjoyed since independence.

Grenada’s infrastructure supports investment and expansion, with well-developed sea and land transport, access to water, and electricity generation and supply. Telecommunications is a growth sector that has attracted considerable investment, while port facilities number nine in total – including the commercial and cruise ship hubs in St George’s.

The country has made significant progress in re-orientating its economy from agriculture towards a broad services based economy. While agriculture and manufacturing still play key roles in the Grenadian economy, services sector activities as a percentage of GDP and exports have grown rapidly since 2000.

Those wishing to invest in Grenada are advised to make the Ministry of Finance, headed by Christopher De Riggs, their first port of call.