Are you looking to spend your retirement under the sun on a paradise Caribbean island? Grenada is a fantastic Caribbean island offering great opportunities for retiring in the tropics. This guide presents you with useful information about retiring in Grenada, the Caribbean.
Why You Should Retire in Grenada
Wonderful Caribbean island with a slower pace of life
One of the safest Caribbean countries
Friendly and warm local population
Tax exemptions for expats, including no tax on worldwide income
Invest in Grenada and get the passport in three months
Affordable cost of living
Fantastic real estate investment opportunities
International flights to the US, Canada, and Europe
Best Place for a Peaceful Life in the Caribbean
Grenada and its sister islands Carriacou and Petite Martinique are three fantastic Caribbean islands filled with peace and tranquility. Less well-known than other mainstream Caribbean islands, they offer retirees an affordable and great quality of life. The warmth of the local population as well as the country’s expanding expat community will make you feel at home in no time.
With its white sandy beaches, paradisiac lagoons, crystal clear blue waters, enchanting waterfalls, impressive diving spots, and tropical rainforest, Grenada is truly the place to retire if you want to enjoy nature and sports. Hiking, sailing, diving, swimming, kayaking, and paddling are among the top things to do in Grenada.
Whether you are looking to rent or buy property, quality real estate opportunities are available in the est cities to live in Grenada.
Grenada Citizenship by Investment Program
Since 2013, the Grenada Citizenship by Investment Program has granted Grenadian citizenship to foreign nationals. The program allows international investors and their families to get a Grenada passport in exchange for an investment in the country’s economy.
The Grenada passport is a very convenient option for those seeking to reside permanently in Grenada and buy or invest inGrenada real estate. For an investment of at least $350,000 in pre-approved property or a joint investment of $220,000 per investor in pre-approved tourism accommodation, you can obtain Grenada citizenship.
The Cost of Living in Grenada is Affordable
The cost of groceries in Grenada
Thecost of living in Grenada is relatively affordable and cheaper than in the UK and the USA.
In Grenada’s local markets and grocery stores, you can find locally produced food at low prices — such as fresh white bread, white rice, local cheese, delicious fresh tropical fruits, and vegetables.
Imported items are, however, more expensive in Grenada than on average — such as gasoline, imported clothes, beef, and milk.
Eating out in Grenada
Grenada is filled with plenty of tasty international and local restaurants. In bustling places such as St George’s capital city and Prickly Bay Marina, you will find a high concentration of eating and drinking facilities with cuisines from all over the world.
In Grenada, you can have a three-course meal for two people in a mid-range restaurant for $75. Meals in an inexpensive restaurant amount to about $7.50.
Rent in Grenada
Due to its increasing reputation, Grenada’s real estate is booming and offers many great housing options for rent. Depending on what type of property you are looking for and the location, prices will vary. To give you an example, you can rent a one-bedroom apartment in the city center for $650, and a three-bedroom apartment for $1,130. Outside the city center prices are cheaper and you can find a one-bedroom apartment for $365 and a three-bedroom apartment for $640.
Tax Exemptions in Grenada
Grenada has a favorable tax regime for citizens and foreigninvestors in the Caribbean, with no capital gains, inheritance tax, income tax or wealth tax on worldwide income or assets.
Discover valuable insights on Investing in Grenada
Healthcare in Grenada
A quality healthcare provider is crucial when retiring in Grenada or any foreign country. Fortunately, Grenada is deemed to have one of the Caribbean’s most efficient healthcare systems. There are thirty medical stations, six health centers, and eight hospitals in Grenada. The island’s main medical facility is the St George’s General Hospital, located in the capital city.
It is important to note that in some serious cases, patients may need to travel to another country for treatment. It is, therefore, highly recommended for retirees to get evacuation insurance when moving to Grenada. Different private health insurance schemes are available on the island. Insurance companies such as Pacific Prime, Sagicor Life, and MSH International offer affordable Grenada healthcare policies.
Grenada Immigration Options
There are several visa options for seniors seeking to retire in Grenada:
- Permanent residency: If you wish to stay in Grenada for longer than three consecutive months you will have to apply for an extension visa. Provided that you have resided in Grenada lawfully for more than two years, you can apply for Grenada permanent residency.
- Citizenship by naturalization: If you have resided for seven years in Grenada, you can apply for Grenada citizenship by naturalization.
- Citizenship by investment: In exchange for a donation of $150,000 in theGrenada National Transformation Fund, you can get Grenada citizenship in three to six months. It is also possible to get Grenada citizenship by buying Grenada real estate worth at least $220,000 as a joint investment or $350,000 for a sole purchase.
Expat Communities in Grenada
Due to the success of the Grenada Citizenship by Investment Program and opportunity to buy pre-approved real estate to quality for citizenship, as well as the island’s exceptional beauty, the Grenada expat community has been expanding.
With both expats and the local population being extremely friendly, it is easy to feel welcomed and make new connections. Many retirees from around the world and Americans retire in Grenada.
With a wide variety of sporting activities available such as sailing, hiking, kayaking, swimming, and diving, you will never get short of opportunities to connect with individuals sharing your passions.
Take a look at our Grenada Citizenship by Investment Ultimate Guide
Frequently Asked Questions about Retiring in Grenada
As a foreigner can I retire in Grenada?
As a foreigner, you can retire in Grenada. Several immigration options are available for expat retirees: Apply to get permanent residency, acquire citizenship by naturalization, or pursue Grenada citizenship by investment through a donation to the National Transformation Fund or by buying property on the island.
Is it safe to retire in Grenada?
Grenada is a very safe country to retire to since it has a very low crime rate. It’s also safe in terms of tropical climate for those living in Grenada, without the risk of experience the Caribbean’s ferocious hurricane belt, including powerful hurricanes such as Hurricane Ivan.
Is there a retirement visa in Grenada?
There is no Grenada retirement visa, but there are several immigration options available to permanently reside in Grenada, including investing in Grenada’s economy to obtain dual citizenship.
How can I get a Grenada passport?
You can get a Grenada passport thanks to the Grenada Citizenship by Investment Program. By making an investment of at least $150,000 in the country’s economy, you can get a Grenada passport.
What are the best places to retire in Grenada?
The best places to retire in Grenada are St George’s, Carriacou, Lance aux Epines, and Grand Anse.
How much money do you need to retire in Grenada?
Grenada has a relatively low cost of living compared to the United States and many European countries. A single person can comfortably live in Grenada or one of the country’s smaller islands with a monthly budget of $1,500 to $2,000, which will cover rent and monthly expenses, including private health care insurance.
Is Grenada a good place to retire?
Many expats and retirees consider Grenada an ideal Caribbean destination to spend your retirement years. The Spice Island offers numerous positive factors that appeal to retirees, including pretty affordable living costs, warm weather, English as an official language, friendly locals, lush rainforests and natural beauty, and properties by the Caribbean Sea.
Additionally, the government facilitates easy relocation for retirees through the country’s citizenship by investment, as well as imposing no capital gains tax, foreign income tax, or inheritance tax.
