Grenadian investor taking advantage of CBI program

Hideaway ground breaking in Grenada
  1. GEORGE’S, Grenada – The Grenada government has welcomed a move by a local entrepreneur to invest an estimated EC$20 million (One EC dollar=US$0.37 cents) in a hotel utilising the country’s Citizenship by Investment Program(CBI),

“Projects like that benefits so many,” Prime Minister Dr. Keith Mitchell said at the sod turning ceremony.

Grenada, like several other Caribbean Community (CARICOM) countries conduct a CBI under which they provide citizenship to foreign investors who make a significant contribution to the socio-economic development of the island

The countries also indicate that the CBI could benefit local investors as well.

Speaking at the ceremony on Thursday, Dr Richard Nixon said there is a lack of understanding among many Grenadians about the program because there is this belief that it’s only targeting non-nationals.

“This is a program also for Grenadians and not as perceived by many as being reserved for foreign investors,” he said at the ceremony for the start of construction of his “Hideaway Luxury Apartments” which will be located near the private international  St George’s University, southwest of the capital.

“At this time, the Act does not discriminate on who can benefit from this program, However, it would be instructive for a special set of incentives which should be afford for naturally born Grenadians as the intent of the legislation is targeted to the overall development of Grenada,” Nixon suggested to the audience that also included the Minister for International Business, Nicholas Steele and CBI chairman Kaisha Ince.

“For Grenadians who have some property that you believe has some potential, I would be pleased to assist you in developing a business model where you can also be a beneficiary of this CBI programme. “Let’s find a way to make this tool work for you. It would be wonderful to see this asset be of benefit into other areas of the economy and not only targeted towards real estate,” said Nixon who believes that as Grenada’s CBI program continues to mature it has one of the best programs with the strictest due diligence and best overall value for money for families.

The construction of the 44 apartments is scheduled to be completed by July 2018 with at  least 50 people being employed during the construction phase.