Moving to Grenada – Nomad Capitalist Guide 2024

Grenada has long been a dreamy holiday destination, but for those ready to go beyond the vacation snapshot, it’s also an incredible place to call home. 

This lush Caribbean island, known for its vibrant spice markets, hidden waterfalls and endless coastlines, offers more than just a sun-soaked getaway. Living here means immersing yourself in a culture that’s warm, welcoming and as rich as the island’s own volcanic soil. 

It also means you get access to a favourable tax haven where a powerful passport can be obtained through a straightforward investment.

Sounds like it might be the place where you’ll be treated best?

This article looks at moving to Grenada, how to do it, what things you need to consider and what the pros and cons of living in Grenada are.

At Nomad Capitalist, we help seven to eight-figure entrepreneurs, business investors and other successful professionals realise their dream offshore lives.

If you’re looking to move offshore, legally reduce your taxes and enjoy a greater quality of life with more travel freedoms and investment opportunities, talk to our team today. We can help make your Grenada lifestyle a reality.

Still figuring out if Grenada is right for you? Then read on to see what living in this island nation is really like. 

Looking For a Change? Consider Living in Grenada

Many of our clients want to leave their country, either by means of renunciation or simply with the intention of never returning, and most of their reasons revolve around the basic needs and preferences of a Nomad Capitalist.

Before we get into the specifics of living in Grenada, here are some of the reasons why most of our clients move to other countries.

Sense of Belonging

We all feel a connection to our home country. Despite its flaws, we still hope that it can thrive and get better.

There are things that we are proud of and then there are things with which we disagree, still, the love remains intact, and with it, our resolution to keep living there.

But just like most things, countries change, laws overturn, policies shift, and before we know it, we find ourselves in a country that doesn’t seem like ‘ours’ anymore.

The definition of belonging varies from person to person, but when you don’t connect to a country on that level anymore, people with the means to do so, generally, want to move out.

Tax Exemptions

A big part of our service revolves around developing favourable tax strategies for our clients and picking out tax-free or tax-friendly countries for them, allowing them to invest or spend more of their wealth where they truly want to.

Many high-net-worth individuals give away a huge fraction of their wealth in taxes each year, but the right country with the right plan can make all the difference.

A country with a flexible tax regime is often found in the good books of all Nomad Capitalists.

Quality of Life

When your country stops providing you the quality of life you were accustomed to, people are compelled to move out to locations that offer far better.

Be it your safety, personal or financial autonomy, or freedom of expression – people want to live in a place where they can be their true selves without having to fear the consequences.

Although not exhaustive, the above-mentioned points are the major reasons why successful professionals choose to move to other countries.

Now that we’re clear on the reasoning behind moving out, let’s talk about the biggest piece in the puzzle of ‘relocation’, i.e. which country to move to.

Once you’ve made the decision to move out, the world is your oyster, or at least that’s what some people would have you believe.

If you want to travel like a nomad, sure, given a strong passport, you can hop from country to country living an adventurous life.

Or, you can adopt our trifecta strategy.

But if you are not too thrilled about the idea of constantly being on the move and want to settle in one place, then you have to be far more careful about your choice of country.

Generally, for a country to be good enough to move to as a Nomad Capitalist, it has to have the following qualities:

• Easy to immigrate to
• Minimal cultural shock
• Affordable.

A country that has an easy immigration process, some sort of cultural similarity or expat community, along with a cost of living that doesn’t break the bank, is usually the kind of country you should look for.

That’s why we are here with one such country that can be a haven, in every sense of the word, for the right person looking to relocate.

And that country may well be Grenada.

This article will discuss everything you need to know about moving to Grenada and how that can affect your life.

So let’s start with the obvious question, why Grenada?

Why Choose Life in Grenada?

Grenada is a small island nation in the Caribbean, known for its natural beauty, white sandy beaches, remarkably welcoming people and spices.

Yes, Grenada is called the spice island or the ‘Spice Isle’ of the Caribbean, owing to its nutmeg production, among other spices like cinnamon and mace. In fact, it’s one of the world’s largest exporters of nutmeg.

The country also boasts the world’s first underwater sculpture park, and plenty of world-class resorts, hotels and beautiful beaches.

Grenada comprises three main islands – Grenada, the largest, and two sister islands, Carriacou and Petite Martinique.

There are several other smaller islands that are also part of Grenada.

So what is it about this small island nation that will make someone choose it for relocation?

There are many things that make a strong case for Grenada and spending your life there, and we will discuss all of them shortly, but one thing that will immediately hook you to the idea of a life in Grenada is its breath-taking landscape.

Grenada is a true Caribbean haven, with its 40 white sandy beaches, abundance of waterfalls, crystal clear waters and so much more.

Thanks to its world-class beaches like Grand Anse beach, Grenada consistently features on our Nomad Beach Index.

If the ultimate Caribbean life is the goal, read ahead and find out why moving to Grenada could be the best decision you’ve ever made.

Moving to Grenada – All the Right Reasons

If you want your day-to-day life to be more like a Caribbean vacation, then Grenada may be the perfect move for you.

Ease of Movement

As of 2024, the Grenada passport allows visa-free or visa-on-arrival access to 146 countries around the world.

And unlike other Caribbean passports, Grenada’s offers two distinct advantages: visa-free access to China and easy access to USA E2 Investor Visa.

China has the world’s largest economy on the basis of Purchasing Power Parity, and the second largest when we consider GDP.

So if you’re a business investor or global entrepreneur striving for non-restricted access to China, a Grenadian passport might just be the opportunity you were looking for.

The same can be said about the USA E2 Investor Visa since citizens of non-treaty countries have a pretty hard time acquiring it.

Thanks to the treaty that Grenada has signed with the USA, the citizens of Grenada can enter, work and invest in the United States without any considerable restrictions.

You’ll also be pleased to know that while Grenada is a small secluded haven, it puts its best foot forward when it comes to easy access to the world.

The Maurice Bishop International Airport runs direct flights to Miami, New York, Toronto, London, Frankfurt, the Virgin Islands and the Caribbean.

So, for people who are still getting used to ‘island time’, home is just a flight or two away.

With visa-free access to the EU, China and Russia, and direct flights to major capitals around the world, getting Grenada’s citizenship seems like a pretty viable option for people who cannot compromise on their freedom of movement.

Favourable Tax Incentives

Right off the bat, Grenada has no capital gains tax, no inheritance tax and no tax on worldwide income.

That, on top of the fact that Grenada has a territorial tax regime and does not tax foreign income, is a huge perk for business investors and entrepreneurs looking to live in Grenada but operating business elsewhere.

Locally sourced income is taxed at 10% or 28%, depending on the amount of the income, while the corporate tax is 28%.

Whether you’re looking to establish a residency in Grenada or go for Grenadian citizenship, you will be able to benefit from the tax incentives in the region.

One of the Safest Caribbean Countries

Here, at Nomad Capitalist, we prioritise your safety.

All the real estate opportunities, tax incentives and natural beauty won’t matter if the location isn’t safe.

Grenada is one such country where you won’t have to worry about your safety. The crime rate is pretty low and most of it is opportunistic petty theft. In fact, the Grenada crime rate has seen significant decline.

In Grenada, you can enjoy the landscape, roam the beaches, explore the rainforest and do much more without having to worry about your well-being.

Quality Healthcare

The healthcare situation in a country is one of the major points to consider before moving there, more so, if you plan to retire there.

According to the World Health Organization (WHO), Grenada has one of the best healthcare systems in the Caribbean region.

The country has both primary and private healthcare facilities, and thanks to the small country area, you’re never too far away from a healthcare provider, making it a wonderful location for expat-senior citizens or retirees.

Primary health care is mostly free but private health insurance is strongly advised.

Booming Real Estate Investment Opportunities

All the factors mentioned above, mixed with the fact that the country allows both foreigners and citizens to buy and sell land, make Grenada an attractive investment spot for real estate investors all over the world.

Foreigners need to obtain an ‘Alien Landholder License’ to purchase Grenadian land.

When it comes to property taxes, the citizens of Grenada have a considerable advantage, as they don’t have to pay any taxes while buying property.

They also have to pay only 5% transfer tax when selling their property, while foreigners are taxed at 15%.

Breath-taking views, pristine forests, stunning beaches, welcoming people and a seemingly unspoiled landscape are only some of the reasons why anyone would consider living in Grenada.

The official language is English, making the region quite attractive for Americans and other English-speaking people.

Now that you know some of the major benefits of moving to Grenada, let’s discuss how you can make the actual move.

Moving to Grenada – Residence or Citizenship?

For people looking to reside or work in Grenada, the country offers a number of visas, permits and a citizenship by investment (CBI) program.

Let’s see what your options are if you plan to move to Grenada.

Grenada Permanent Residency

Americans can enter and stay in Grenada without a visa for 90 days, while for British citizens that duration is 6 months.

Anything longer, and you have to request an extension from the Grenada immigration department, on the basis of certain ‘proof’ documents justifying your stay.

After legally residing in Grenada for over two years, one can apply for permanent residency.

Although, it’s important to notice here that even permanent residents cannot work in Grenada without a work permit.

This is done to ensure a high employment rate for Grenadian citizens.

Grenada Citizenship by Naturalisation

If you’ve been living in Grenada for seven years, including five years of permanent residency, you become eligible for Grenada citizenship by naturalisation.

It’s important to note here that you have to live in Grenada, continuously, for a whole year, immediately prior to your citizenship-by-naturalisation application.

Grenada Citizenship-by-Investment Program

Grenada initially started its citizenship-by-investment program in 1997 but then relaunched it in 2013 with certain reforms.

Grenada citizenship-by-investment program offers one of the fastest routes to acquiring a passport in the Caribbean.

Let’s see what the Grenadian CBI is all about.

Moving to Grenada via the Citizenship-by-Investment Program

Under the Grenada CBI scheme, you can obtain a Grenadian passport through two routes – by making a one-time donation or investing in real estate.

One Time Donation to National Transformation Fund (NTF)

You can acquire Grenada citizenship by donating a one-time sum to the National Transformation Fund (NTF) which is responsible for developing and financing infrastructure projects to help the people of Grenada.

Here are the details of the amount that you have to donate, only once:

• For a main applicant and up to three dependents: US$230,000

• For additional dependents, other than the family of four, the following amount is charged per dependent:

• A child or spouse: US$25,000

• A parent: US$50,000

• A sibling (unmarried, with no kids): US$75,000.

The donation is to be made only once, but you will not get your passport till you pay the application fee, processing fee and due diligence.

The details of which can be found in our comprehensive guide about Grenada citizenship by investment program.

All in all, a single person choosing the donation route will pay US$244,000 to the NTF, whereas a family of four (two young children) should expect to pay US$250,500 minimum.

Invest in Grenada Real Estate

You can also acquire Grenada citizenship by investing in one of the pre-approved real-estate projects.

The government fees for the real estate route are considerably higher than the donation route, but you can hope to make a passive income through it by renting it out or selling it.

To retain Grenadian citizenship by the investment route, you have to hold your real estate purchase for 5 years. After that, you can sell your property, ideally at a handsome profit.

You have to make an investment of at least US$270,000 to be eligible for the investment route. You will also have to pay US$50,000 in administration fees. This is for a co-ownership arrangement though – full ownership of real estate will cost at least US$350,000.

Similar to the donation route, the application fee, processing fee and the due diligence are also to be paid.

Cost of Living in Grenada

Don’t expect day-to-day living in Grenada to be inexpensive, especially if you’re a fan of imported products and high-end accommodations.

On the other hand, you will find that groceries, local food, education and primary healthcare are pretty affordable.

The cost of renting or buying property varies a lot between the capital city of St George’s and other islands in Grenada.

The country has an abundance of luxury villas and premium bungalows for high-net-worth individuals and their families. There’s also no shortage of beach-side apartments.

Overall, modern and comfortable housing in Grenada averages at around US$2,500 per square meter. Expect to pay around US$350,000 for an apartment, or US$5 million – US$10 million for a villa on the beach.

Without rent, a family of four’s basic living costs are estimated to be around US$3,500. The cost of living in Grenada is, on average, more than 23% higher than in the United Kingdom (which is known for a high cost of living).

So, in short, life in Grenada is not necessarily cheap. But, you can access a high quality of life here.

The major financial relief comes from the favourable territorial tax regime in Grenada.

Popular Destinations for Living in Grenada

Of course, an enormous part of moving to, and living in, Grenada is finding the right place to stay. Here are some of our top choices for expats living in Grenada.

St George’s: The Capital City

St George’s, Grenada’s vibrant capital, is the island’s heartbeat, blending cultural richness with Caribbean beauty. 

Known for its colourful Georgian architecture, St George’s offers a unique urban experience. You’ll still get plenty of stunning ocean views here, from locations like the Carenage, a lively harbour lined with waterfront cafes, bars and local markets. 

Here, Fort George stands as a historical landmark with panoramic city and sea views, while Market Square is always bustling. The city hosts major events like the Grenada Sailing Festival and Spicemas Carnival. 

You’ll also find varied real estate options here, including luxury apartments and waterfront villas, and access to plenty of modern amenities.

Grand Anse: The Beachside Retreat

Just south of St George’s is Grand Anse, a stunning coastal neighbourhood known for its two-mile stretch of powdery white sand and clear turquoise waters. 

Grand Anse Beach attracts locals and tourists with its beautiful beach. For many, this is the Caribbean dream. 

The area is home to plenty of resorts, boutique shops and excellent restaurants. Living in Grand Anse means experiencing Grenada beach life with convenient access to the city amenities. For investors, properties here are highly valued for high-demand vacation rentals.

Gouyave: The Spice Capital

On Grenada’s western coast, Gouyave is a lively fishing town. This town is famous for its spice production, with sights like the Dougaldston Estate offering a glimpse into traditional spice drying and processing. 

Living in Gouyave means immersing yourself in Grenada’s rich history and culture, with real estate options near spice plantations or quiet village streets. It’s a good place if you want a more authentic Grenadian experience.

Sauteurs: The Historic Gem

Located on Grenada’s northern coast, Sauteurs is a historic part of the island. 

The town is tranquil and picture-perfect, with black sand beaches and panoramic views of the nearby Grenadine islands. 

Real estate in Sauteurs ranges from beachfront cottages to hillside homes, all offering scenic views and a true sense of peace. It’s a perfect spot for a slower-paced lifestyle.

Carriacou: The Island Escape

Carriacou, Grenada’s sister island to the north, is a pristine haven known for its coral reefs and secluded beaches. 

Hillsborough, the main town, has a welcoming community atmosphere, and nearby Sandy Isle offers a fantastic beach retreat. Living here means embracing a lifestyle centered on natural beauty, with real estate options that range from beachfront cottages to hilltop villas. 

Things to Consider Before Moving to Grenada

No country is perfect. Like anywhere in the world, living in Grenada comes with its fair share of pros and cons.

We’ve already discussed the pros so here are some of the possible downsides to consider before moving to Grenada.

Island Time

Most people move to Grenada for its warm weather and sweet Caribbean life, so don’t be surprised when the pace of life there is a bit slower.

If you’re a city person who needs everything to be fast-paced and organised, Grenada might not be an ideal fit for you.

It has a pretty decent expat population and a functional community, but things still move at a far slower pace as compared to mainland western nations.

The only way around it is to get used to it.

Possibility of Hurricanes

Although located outside of the hurricane belt, Grenada has been hit by hurricanes in the past.

Hurricane Ivan in 2004 laid huge waste to Grenada’s agricultural sector, and the country had to face millions in damages.

Although it’s a rare occurrence, you should definitely keep the possibility of a hurricane in mind before planning a life in Grenada.

Limited Access to Amenities

As we mentioned before, Grenada is a small tri-island country.

Although it does its best to keep its citizens connected to the world at large, sometimes, you may find that the level of amenities available does not match the quality that you were used to before.

Living in Grenada: FAQs

Should You Be Living in Grenada?

With visa-free access to Russia, China and the EU, acquiring a Grenada passport can offer you an unrestricted gateway to booming economies around the world.

That alone is a major factor for many business investors around the world looking for an opportunity to enter the markets mentioned above.

On top of that, the country is beautiful, the people are welcoming, and the real estate market is booming.

Does all that intrigue your interest in Grenada? If so, contact us.

We will help you plan your dream Caribbean life in the beautiful country of Grenada in a way that suits you the best.