ST GEORGE’S, Grenada –The government of Grenada’s re-alignment of the minimum investment requirement for the real estate option (for certain developments) of the country’s citizenship by investment (CBI) program from US$350,000 to US$220,000 has spurred the market, say experts. They add that no country in the Caribbean has done more in the last six months to make its programme more attractive, including allowing investors to resell their real estate investment after five years.
“The Six Senses La Sagesse development, for example, is a clear case where investors are not only able to take advantage of the price re-alignment but will be able to resell their investment after five years if they so desire,” says an investor. “This applies to all kinds of real estate investment, whether it’s freehold, leasehold or a trust certificate. The law is clear.”
This was confirmed last week by Grenada’s House of Representatives and Senate.
‘Real estate’ in this context, as it is not otherwise specified, would include freehold, leasehold, real estate trust certificates, timeshare, fractionals, among other things. In any case, a new CBI investor who wishes to qualify for citizenship through the purchase of real estate from an already naturalised CBI investor may only do so once the original CBI investor has maintained the investment for five years.
According to a lawyer, based in St James’s London with extensive experience of the Grenadian market, “The intention of the legislators is to permit [the] transfer of any investment under the citizenship provisions. This gives applicants the perfect exit route, which wasn’t there before. In addition, the new chief executive of the citizenship unit, Thomas Anthony, is insisting on stringent documentation to ensure that the illegal discounting, prevalent in other islands, does not happen in Grenada.”
Six Senses La Sagesse Grenada will be developed by Range Developments, which specialises in luxury hotel projects in the Caribbean. The project was officially given approved project status on March 15, 2019, by the government of Grenada.
Range Developments opened the award-winning Park Hyatt St Kitts in 2017 and is due to open the Cabrits Resort Kempinski in the Autumn. The five-star luxury retreat is set on Grenada’s stunning La Sagesse Beach, located approximately 15 minutes from Maurice Bishop International Airport. Ground-breaking is scheduled for August.