The Caribbean island of Grenada offers stunning, unspoiled landscapes and a truly dynamic lifestyle—but it is also a land of investment opportunity.
Since 2013, Grenada’s economy has witnessed impressive growth, fuelled by its burgeoning tourism sector. Grenada saw a 12.7% increase in tourist arrivals in 2015, followed by a further 10.3% increase in the first six months of 2016, with many tourists enticed by the arrival of new direct flight routes and the opening of new luxury resorts.
This significant increase in demand attracts more businesspersons who feel confident of their investment’s success, and already several international hospitality brands are establishing luxury complexes on the island.
The island is amenable to tourism and hospitality investments
In 2014, the government of Grenada unveiled a destination brand in a significant move aimed at repositioning the country as a major tourist destination. The brand tagline “Pure Grenada” underpins the island’s marketing focus as a haven for the discerning traveller.
“Romance, soft adventure, sailing and yachting, cruising and diving are our key niche markets,” said minister of tourism Clarice Modeste-Curwen. “We want to maintain a balance so that we can continue to offer our visitors an intimate, eco-friendly experience on a smaller island in terms of accommodations, attractions and events.”
The Grenadian tourist sector is supported by the Grenada Hotel and Tourism Association, as the private sector strives to promote the “Pure Grenada” brand by becoming more sustainable.
The Tourism Fund asks island guests to donate US$1 a day for the duration of their stay to assist with intensive training of youth, better preparing them for the workforce, and the retraining of persons employed in the industry to achieve a higher standard of service. It is also spent on projects geared toward keeping Grenada clean and safe, as well as the preservation of towns and countryside, and the promotion of cultural events.
There’s ample opportunity for private investors to benefit from “Pure Grenada”
Targeting these areas has become a key element in the island’s tourism strategy, and has spurned massive growth in investment opportunity in Grenada.
As part of the effort to encourage growth of Grenada’s tourist economy, the Spice Island launched the Grenada Citizenship by Investment (CBI) programme in 2013, an economic citizenship option which encourages applicants to make a donation to a National Transformation Fund or to purchase pre-approved real estate. The programme was designed to promote foreign investments in the country, especially to respond to the growing demands of the tourism sector.
The island’s tourism sector has significantly increased with the arrival of international hotel brands such as Radisson, bringing many more visitors to the island. The 257-room Sandals LaSource Grenada is now the largest property on the island and has helped drive extensive traffic to Grenada since its opening in 2013.
Current investment opportunities are available at the Mount Cinnamon luxury resort and beach club, as well as the Point at Petite Calivigny, a boutique residential development on Grenada’s spectacular southern coast. Tourism and hospitality industries across the island regularly report a double-digit increase in net operating income per annum, equating to a typical 5% return on investment.
It has recently been announced that a new 146-key resort comprising 101 studio rooms and 45 suites is to be built on the island’s Grand Anse Beach. The Kimpton Kwana Bay resort is expected to open in early 2019, and opportunity to invest is open now.
Grenada is a hugely favourable destination
In 2017, Grenada will host the Caribbean Tourism Organization’s State of the Industry Conference. Caribbean tourism practitioners, policy makers, and strategic partners will gather to identify solutions and courses of action to keep the region competitive and benefit its tourism industry.
Much of Grenada’s popularity is due to the country’s favourable international reputation. For example, Grenada is known for its strong diplomatic relations with the USA, Europe, Brazil and China.
This is reflected in its visa waiver agreements, including visa-free travel to China for up to 30 days. Grenada is also among a few treaty nations to benefit from eligibility under the United States’ E-2 Visa Programme—a favourable alternative to the E-B5 Programme.
For those who wish to increase their mobility, profit from a growing economy, or just enjoy an effervescent lifestyle and stunning landscapes, Grenada might just be the solution.