Gizane Campos
What are the benefits for Americans relocating to Grenada from the US? Is it the island’s tropical climate? Affordable real estate compared to the US? Or the option to easily obtain residency through through citizenship through an investment? These are the benefits of the “Spice Isle” that Americans consider, but moving there needs sound planning, especially around visa requirements and paths to residency.
If you are an American or an expat and are thinking of relocating to Grenada, this guide is for you.
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About Grenada
Grenada is an unspoiled Caribbean island. The country is commonly known as the ‘Spice Island’ due to its locally grown spices. With its sister islands Carriacou and Petite Martinique, Grenada is a destination equivalent to paradise for those who enjoy strolling through idyllic nature and a relaxed way of living.
The islands boast 40 white-sandy beaches with crystal clear blue waters, 15 wonderful waterfalls, 30 world-class diving sites, and an impressive rainforest. Grenada’s official language is English, making the transition for English speakers moving to the island smooth and straightforward.
Direct flights from Grenada’s Maurice Bishop International Airport to the US allow Americans living in Grenada to easily visit home. The launch of the Grenada citizenship by investment program in 2013 has expanded Grenada’s large expat community.
Why relocate to Grenada from the US?
- Grenada is a safe and beautiful Caribbean island with a relaxed atmosphere.
- Grenadians are friendly and warm to foreigners, which helps foreign residents to settle in.
- Investors can get a Grenada passport and live permanently in the country in exchange for an economic investment.
- Direct flights connect Grenada to multiple cities across the United States.
- Grenada taxes allow Americans to reduce their tax obligations with no personal income tax on worldwide earnings, inheritance tax, capital gains tax, or wealth tax.
Living Costs for Americans in Grenada
The living costs in Grenada compared to the US are relatively cheap, especially in terms of rent, locally produced food, eating out, and real estate. Additionally, very favorable tax policies make the cost of living considerably more affordable than in the US.
Renting costs
A one-bedroom apartment in the city center costs about $610 monthly, almost one-third of the cost of a similar apartment in the US. A three-bedroom apartment in the same area costs about $1,280, on average. Prices are cheaper outside the city center; you can find a one-bedroom apartment for $400 and a three-bedroom apartment for $780. Popular areas such as St George’s, the capital city, and Grand Anse Beach will incur higher rental costs.
Cost of groceries
Locally produced food, such as fresh white bread, spices, white rice, cheese, oranges, mangoes, onions, and chicken, is cheaper than in the US. However, imported products, such as milk, apples, and gasoline, are more expensive than those in the US.
Restaurant prices
For those who enjoy eating out, restaurant prices are cheaper in Grenada than in the US. A meal in an inexpensive restaurant costs about $9 compared to $20 in the USA. A three-course meal for two people in a mid-range restaurant is slightly more expensive on average, at $80. Domestic and imported beers are cheaper in Grenada.
Americans Moving to Grenada
Still relatively unspoiled, Grenada is a fantastic place to move to if you are seeking a life under the sun on one of the most beautiful islands in the Caribbean. The real estate market offers attractive investment opportunities, and you can also find low-cost rentals. With a cost of living considerably lower than in the US, Americans relocating to Grenada from the USA is increasing.
If you are into nature, you will enjoy a range of outdoor activities and other things to do in Grenada. Grenada is very famous for sailing, swimming, and diving.
Several of its marinas are convenient for yacht owners and strategically located in the Caribbean. Stunning white-sandy beaches, diving spots, and hiking trails are also available on the island.
Grenada healthcare
In terms of health facilities, Grenada’s healthcare infrastructure is one of the best in the Caribbean. In Grenada, you can find 30 medical stations, six health centers, and eight hospitals — the biggest hospital being The General Hospital in St George. Private health insurance is available in Grenada through companies like Cigma Global and Sagicor Life.
Education in Grenada
Education in Grenada is based on a British-based system and is free and compulsory for children aged 5 to 16. St. George’s University is internationally recognized and is one of the leading institutions providing Caribbean education.
Grenada Visa and Residency Options for US Citizens
Obtain Grenada residency
Most individuals, including Americans, Brits, EU citizens, and Commonwealth citizens, do not require a visa to travel to Grenada. If you wish to reside in Grenada, several options are available:
- Permanent residency: A US citizen looking to stay in Grenada for longer than three months must apply for an extension visa. Those who have resided in Grenada lawfully for more than two years can apply for permanent residency.
- Citizenship by naturalization: US citizens who have resided for seven years in Grenada can apply for citizenship by naturalization.
- Citizenship by investment: Americans who invest in Grenada can obtain citizenship and the right to live in the country permanently. The minimum investment is $235,000.
Working in Grenada
Foreign nationals seeking work in Grenada need a work permit issued by the Department of Labour. Obtaining citizenship allows foreigners with Grenada dual citizenship to work in the country without restriction.
Grenada citizenship by investment
Launched in 2013, the Grenada citizenship by investment program allows qualifying individuals to obtain a Grenada passport in exchange for an investment of at least $235,000 in the country’s economy.
Two investment routes are available for investors:
- Donate to the National Transformation Fund (NTF): The main applicant must donate a minimum of $235,000 to the National Transformation Fund.
- Pre-approved real estate investment: A single applicant must invest at least $350,000 in pre-approved real estate or make a joint investment of at least $270,000 in pre-approved tourism accommodation per investor.
Typical documents required include a valid passport, proof of investment, a health screening certificate, and a clean criminal record certificate.
Take a look at our Grenada Citizenship by Investment Ultimate Guide by Experts
Grenada Real Estate
The Grenada real estate market is booming and provides fantastic housing opportunities. Whatever you are seeking, you will find it at an affordable price, from brand-new apartments, luxury villas, and charming bungalows to historic colonial houses and family homes by the beach.
If you are considering moving to Grenada from the US and purchasing Grenada real estate, you must apply for the Alien Landholding License (ALHL). The cost amounts to ten percent of the property value.
You can also buy Grenada real estate through the Grenada citizenship by investment program without an ALHL. Real estate purchases made to get citizenship must be held for at least five years.
US Expats Living in Grenada
Grenada’s expat community has increased significantly in the last few years due to its beauty, safety, convenience in terms of location, tax incentives, and streamlined citizenship program. The nationalities making up the biggest number of Grenada expats are from the UK and North America.
British citizens and Americans moving to Grenada easily make new connections as you will always find like-minded individuals interested in activities such as sailing or hiking.
Financial and Tax Considerations in Grenada for US Citizens
Grenada taxes
are territorial, meaning income earned overseas is not taxed in Grenada. Locally-earned income is taxed at a progressive rate of up to 28 percent, with the first EC 36,000 (about $13,300) tax-free.
Americans do not pay capital gains, wealth, or inheritance tax in Grenada. Property tax is about two percent for homeowners.
With the United States citizenship-based taxation system, Americans are legally required to report all their earnings to the IRS. However, tax reduction schemes like the Foreign Earned Income Exclusion can reduce their taxes if they live in Grenada.
Grenada’s official currency is the Eastern Caribbean Dollar, which provides a relatively stable and consistent base for spending on the island nation.
Pros and Cons of Living in Grenada
Pros
- Tropical weather: Grenada enjoys a warm tropical climate year-round.
- Affordable living costs: The cost of living in Grenada as an American is much more affordable than in the United States.
- Community spirit: Grenadians are known to be welcoming to foreigners and have a community spirit.
- Beautiful nature: The island has many stunning beaches, rainforests, and picturesque landscapes.
- Digital nomad visa: Grenada’s digital nomad visa allows remote workers earning at least $37,000 annually to live and work in Grenada.
- Safety: Grenada is a safe island to live in the Caribbean, according to the experience of many expats living there.
- Slower pace of life: Grenada’s island vibes allow foreign residents to live a slower pace of life.
- Citizenship by investment: Grenada’s citizenship program makes it easy for investors to move to the island permanently.
- Direct flights: Direct flights are available from Grenada to major cities in the United States, Canada, and Europe.
Cons
- Limited job opportunities: While Americans may be eligible for a Grenada Work Visa, opportunities on the island are limited if you’re looking for employment.
- Underdeveloped infrastructure: The island’s infrastructure is limited compared to the US. Roads and public transportation are not as developed as in the United States and other Western countries.
- Hurricane risk: As evidenced by Hurricane Beryl, Grenada is at risk of hurricane damage and disruption.
- Reliance on imports: Goods like cars, electronics, and certain food items have high import taxes.
- Reliable internet: Though broadband internet is available, finding reliable and fast internet across the island can be challenging.
- Limited healthcare: Grenada’s healthcare is not as developed as developed countries, and specialized care may require medical evacuation.
Frequently Asked Questions about Moving to Grenada from US
Is Grenada friendly to Americans?
Grenada is very friendly to Americans. The local population is very warm, and the country is safe. There also is a big expat community in Grenada, mainly composed of English and North Americans.
How can US expats get the Grenada passport?
US expats can get a Grenada passport by applying for Grenada citizenship by investment. Investors and their families can acquire citizenship and a Grenada passport if they invest at least $235,000 in Grenada’s economy. US expats can also get a Grenada passport by naturalization if they have resided in Grenada for at least seven years.
Is Grenada safe for Americans?
With a very low crime rate, Grenada is safe for Americans. Grenada has a travel advisory of “Level 1: Exercise Normal Precautions,” which is the lowest level in terms of danger.
How long can a US citizen stay in Grenada?
According to the Grenada Immigration Department, US citizens can stay in Grenada for 90 days without a visa. To stay longer, they must apply for a residence visa or obtain Grenadian citizenship by investment.
How to open a bank account before moving Grenada?
Foreigners can open accounts at banks in Grenada by opting for international banks operating in Grenada. To open an account at an internal bank, you’ll need a valid passport, proof of address, proof of income, and a legitimate source of funds, such as a bank reference letter. An initial deposit is also a typical requirement.
