Written by Michele Steele – Oyster Ventures
The Citizenship by Investment (CBI)program is nevertheless a global industry, promoted by the implementation in 1990 of the EB5 visa program in the US, designed to encourage foreign investment and economic growth by offering permanent residency to eligible participants. Similarly, Grenada launched its CBI program as a tool for stimulating the economy, focused particularly on the development of projects in the area of agriculture and agribusiness encouraging the development of one of the Island’s main industries and real estate development of luxury hotels, and villas which provide a significant contribution to the island’s touristic infrastructure. “By increasing room stock, projects such as these allow the island to meet the growing demand for hotel rooms and directly stimulate job creation”, explains Michelle Steele of Oyster Ventures. “Grenada is blessed with endless wonders, and visitors need a place from which to explore and enjoy them”.
The process of approving investment projects is overseen jointly by the CBI Committee and the Minister with responsibility for Citizenship, but all applications must be made through an Authorized Local Agent and are required to be referred by an authorized Marketing Agent. “And this is where Oyster Ventures comes in”, explains Ms. Steele, “guiding investors through the application in order to ensure a transparent, professional and effortless process, so that they may begin to enjoy their new-acquired benefits”. And the Grenadian citizenship indeed comes with numerous benefits. As a member of both the Commonwealth of Nations and the United Nations, Grenadians enjoy visa-free entry to all 115 Commonwealth nations including the UK and the EU, to the business hubs of Singapore and Hong Kong, and also to the Republic of China and the Russian Federation.
One of the latest projects being handled by Oysters Ventures is The View, a CBI-approved hotel project, with local Grenadians at the forefront, owning and spearheading the development. The View will offer Modern Luxury accommodations providing over a captivating view of both Morne Rouge Bay and the world famous and critically acclaimed Grand Anse beach, spanning completion across two phases. The first phase is the refurbishment and creation of a luxury 42 room boutique hotel with gymnasium, swimming pool/lounge area, library and restaurant, – Phase two will consist of the construction of the modern villas, with their spacious, open design reaching out towards Grand Anse and the Caribbean Sea. The owners of the project plan to extend its footprint to important social causes, such as: sustainability, scholarships to local community colleges and focusing on promoting local farming by including specialty ingredients on their menu. Following environmental best practices will be at its essence by integrating with the natural environment and incorporating sustainable energy sources throughout the property and reduction of waste water where applicable is also a key area of focus for the Hotel.
Those who are approved for Grenada’s program can invest in The View under the CBI scheme applicable to Phase one development, where investors will receive a freehold interest in a designated unit of the boutique hotel under a condominium scheme. Investors will also be entitled to have the use of the room for two weeks during the year, every year
The EB5 visa program in the US, designed to encourage foreign investment and economic growth”
To find out more about citizenship by investment in Grenada contact our team.
