Grenada's Citizenship by Investment program was launched in 2013 to act as a stimulant to developing the country's economy by encouraging foreign investment. Grenada's government wants to make it as attractive as possible to do business in Grenada. Our role is to facilitate the process.
Grenada is a small island country in the Southeastern Caribbean. For centuries, its economy was based on agriculture. More recently though, that has evolved into tourism and medical education, with financial services now becoming prevalent. The Eastern Caribbean Central Bank recently stated that Grenada's economy is the best performing among all members of the Organization of Eastern Caribbean States. Its banking system is renowned for its stability, and this is well supported by the fact that a number of Canadian banks have opened branches there.
Doing Business in Grenada
The World Bank Group's Report on ease of doing business in different countries across the globe offers some interesting and useful statistics. The report gives Grenada an overall rank of 135 out of the 189 countries it assessed. It ranked starting a business at 76, which is nicely above average and, to some extent, reflects the 2013 government program to attract foreign investment. Obtaining construction permits for new plants is ranked at 100, and enforcing business contracts once they are in place ranks at 89. To indicate the progress of recent years, getting electricity to new properties is now ranked at 58 out of 189.
In 2014, Grenada saw 143 new business starts; quite impressive for a nation of just over 106,000 citizens. It takes 2 days to formalize new company statutes, 3 days to reserve a new company name, and 5 days to register with the Department of Corporate Affairs, the Intellectual Property Office and the Internal Revenue Department. Once established, companies are free to trade across the 15 nation Caribbean Community and Common Market (CARICOM).
Trade with other nations is facilitated in different ways. Grenada is a member of the British Commonwealth of Nations and is a member of the Schengen Zone. It is worth remembering that foreign investors who also attain Grenada citizenship become eligible, through the E-2 Investor Visa agreement, to open a business in the U.S.A.
Doing business in Grenada is becoming easier all the time. Their citizenship by investment program offers attractive opportunities for high net worth investors seeking dual citizenship in this beautiful Caribbean nation. The country also offers many other broad business opportunities because of its geographic location and its membership of international organizations. If you would like to discuss all of the options you have available, please contact us.
We look forward to working with you.