Grenada

Grenada is an island country of the West Indies; it is a cluster of islands consisting of the main island (Grenada) as well as six smaller islands in the southeastern Caribbean Sea. Grenada gained independence in 1974 without breaking formal ties with the Commonwealth. It is famously known as the “Isle of Spice” for its spice trading business and it is beautifully known for its breathtaking natural beauty and idyllic beaches.

The Grenada’s Citizenship by Investment Program was launched in August 2013, when the Grenadian Parliament passed Act No. 15 of 2013. The stated objective of the Act is to “enable persons to acquire permanent residence and citizenship of Grenada by registration following investment in Grenada”. This law is documented and published and forms part of the laws of Grenada as framed and approved by the national parliament. It stipulates that any person can apply for naturalization and may be eligible for Citizenship on a payment of fees if the Government is satisfied that such person has invested substantially in Grenada. The act allows for investment to be made in either one of two ways, the first is by making a contribution to the National Transformation Fund (NTF), which assists the development of Grenada’s resources, with the aim of benefiting Grenadians or the second one which is through investment in a government-approved real estate project.

As defined in the Grenada Income Tax Act Cap. 149, the individual annual income tax rate is 15% up to XCD 24,000 and 30% on the amount in excess of XCD 24,000. The flat tax rate for companies is 30%. There is a withholding tax of 15%, which must be withheld on any payments sent to a non-resident for interest (except from bank deposits), salaries, rent, lease premiums, licenses, royalties, management charges, commissions, and fees.

VAT in Grenada is 15%, and property transfer tax for citizens is 5%, payable by the vendor/seller. Annual taxes in Grenada include property tax, which is 0.2% of the market value for residential property, and stamp tax on business receipts, which is 0.75% if gross receipts are over XCD 300,000, and 0.5% on any amounts lower then this threshold. The first XCD 36,000 is exempt from annual stamp tax.