Real Estate Investor Magazine South Africa May 2014 | Page 65

OFFSHORE
In addition, Grenadian citizens pay no tax on
worldwide income, and Grenada recognises dual
citizenship, therefore investors can still benefit from
their current citizenship status – i.e. hold two passports.
Grenadian passports are valid for 10 years and are then
automatically renewed.
There are t wo ways to invest in the Grenada
Citizenship by Investment programme:
He says that investors will be required to provide
full and detailed documentation as follows:
a.) Complete an application form with full
information for each investor in order for a
background and source of funds check on the
primary applicant to be undertaken
b.) Provide two references: one from their
banker and one from their lawyer, accountant or
financial advisor
c.) Provide a certified copy of their current
passport
d.) Complete a sworn affidavit that they do not
have a criminal record in any country
e.) Complete a Declaration of Health, confirming
that they have no communicable diseases
f.) Provide a bona fide source of funds
g.) Sign the escrow agreement and deposit the
full value of the CBI contract with the escrow
agent. This must in all cases be a minimum of
US$500 000.
“Applicants need to be of outstanding character
with no criminal record; in good health, of
high personal net worth and need to have a
qualifying investment in a designated real estate
development.

For US$1million, investors can purchase a freehold
title property or a one-bedroom luxury apartment. This
will give them two shares in the operating profits of the
entire hotel business as well as the right to apply for two
citizenships (for the two main applicants).
For US$50 0 0 0 0 investor s ca n pu rc ha se a
shareholding in the ownership and operation of
the entire hotel along with the right to apply for one
citizenship (for one main applicant).
www.reimag.co.za

The property which investors purchase must form a
part of the rental programme, which will be managed
by the Mount Cinnamon Resort Management
Company. Investors can book the property for their
personal use and will receive a significant discount
on the resort rates at that time. Investors can sell their
property after a holding period of five years, but even if
they sell their residence, their Grenadian citizenship
is theirs for life. A further benefit is that under the
citizenship programme, investors are not liable for any
income tax, capital gains tax or inheritance tax.
Over and above that, investors stand to benefit in the
long term from the currently well-priced properties
that are poised for solid capital growth. Grenada has
not yet experienced the explosion in tourism as other
Caribbean islands have. This means that property
prices in Grenada currently offer investors excellent
value for money when compared to other well-known
destinations in the region such as Barbados, St Lucia
and Antigua and have excellent growth potential as the
market and demand expands.
There are also business advantages for investors in
Grenada’s Citizenship by Investment programme
including the fact that under the programme,
investors are not liable for any income tax, capital
gains tax or inheritance tax, and will also have the
option to explore other opportunities to invest
in the island on favourable. Grenada’s economic
outlook is strong, with ongoing expansion in the
tourism, agriculture and manufacturing sectors. The
government is also about to launch an oil and gas
programme in its territorial waters.
Grenada has a very secure banking system and
offers a safe place to deposit funds with attractive
interest rates. Grenada is part of the Eastern
Caribbean Bank and currency system, its currency
is stable and tied directly to the US$says Bowling.
The political environment in Grenada is stable, and
that the country operates on English law. With a
stable economy, excellent accessibility from multiple
destinations as well as the advantages of climate
and scenery, Grenada is well worth a look as an
investment option.

REALE ESTATE BUSINESS DIRECTORY

RESOURCES

Monarch & Co International
May 2014 SA Real Estate Investor

63