Grenada is one of the poorest island nations in the Caribbean. Nearly 10 percent of the population lives below the poverty line, and about a quarter are unemployed. Additionally, the level of corruption there is among the highest in Caribbean countries, although the situation regarding democracy and human rights is relatively good.

The minimum wage in Grenada varies by profession, but the lowest rate is $1.57 per hour for domestic workers. The entire population is covered by the national healthcare system; however, the quality is not very high. There’s a shortage of medical professionals, and pharmacies don’t always have the necessary medications in stock.

These issues are somewhat common across most Caribbean nations. At the same time, Grenada has its advantages. There’s no income tax, property tax, or inheritance tax. The country offers foreign investors an investment citizenship program that is one of the most affordable in the world.

Currently, there are three options for obtaining Grenadian citizenship through investment:

● A non-refundable contribution of $235,000 to the National Transformation Fund (NTF) for one person or a family of no more than four.

● Purchasing real estate worth at least $350,000.

● Buying shares in a property for at least $270,000.

Real estate can only be acquired in government-approved investment projects. The property must remain owned for at least five years after purchase. The citizenship application process takes between 4 to 8 months. International Wealth experts will be delighted to help you apply for citizenship of Grenada by investment.

What are the benefits of economic citizenship in the “Spice Island”?
Alongside Grenada, a second passport through investment can be obtained in four other Caribbean countries. In terms of popularity, Grenada's economic citizenship program ranks just behind Dominica and Saint Kitts and Nevis. It’s commonly favored by family applicants and businesspeople planning to relocate their commercial activities to the United States, as there’s a cooperation agreement in place that allows Grenadian citizens to obtain a business E-2 visa. This arrangement exists with only 17 countries worldwide.

Other advantages of the program include:

● Freedom of movement. A Grenadian passport opens doors to over 140 countries. The Schengen area allows for 90 days within a 180-day period. For China and Singapore, it’s up to 30 days within 365 days. A special privilege for Grenadian citizens is their ability to visit the UK without a visa and stay for up to 180 consecutive days.

● Speed of status processing. On average, after submitting an application, you can receive your passport and naturalization certificate within 3 to 6 months.

● The possibility of including close relatives in one application. You can include your spouse, children, parents from both sides, and even unmarried siblings.

What other advantages does Grenada boast?
It’s worth noting other benefits of Grenada as well. The island boasts a tropical climate, with temperatures hovering around a comfortable 25 degrees Celsius almost year-round. Thanks to the constant sea breeze, the heat is hardly felt. Despite the overall low standard of living in Grenada, it remains one of the safest islands in the Caribbean region.

Grenada's economy in numbers
Grenada is often called the “Spice Island” because its main exports are nutmeg, cloves, and cinnamon. The national currency is the Eastern Caribbean dollar, denoted as XCD, which has a fixed exchange rate to the US dollar: 0.37 USD for one Eastern Caribbean dollar.

To live in this island nation, an individual needs around $500 to $600 per month, excluding housing costs. In urban areas, you can rent a small one-bedroom apartment starting from 500, while in the suburbs, prices can drop to $250-$300 per month.
Local fruits are quite inexpensive, especially if you buy them at markets or small shops. The price per kilogram rarely exceeds $0.50 to $1.00.

Here’s a rundown of prices in US dollars for some goods and services:

● McCombo at McDonald's – $7.60
● A meal with drinks at an inexpensive restaurant – $8.30
● A 0.33-liter bottle of Coca-Cola – $1.70
● Milk, 1 liter – $1.50
● A liter of gasoline – $1.30
● Monthly daycare fees – $115.00
● A pair of sneakers – $85.00
● Utilities for a one-bedroom apartment – $80.00
● Unlimited internet at 60 Mbps – $40.00

GDP growth rate over the previous year
Today, Grenada's economy continues to recover from a sharp GDP decline of 13.8% in 2020 due to the COVID-19 pandemic. In 2022, production volumes increased by 4.7% thanks to a revival in tourism, construction, agriculture, and fishing sectors. In 2023, GDP growth reached 6% due to active economic activities in tourism, construction, wholesale, and retail trade.

Inflation in Grenada continues to rise due to fluctuations in fuel and food prices caused by international market turbulence. However, the financial sector shows stability, and the fiscal measures adopted by the government have positively impacted businesses. In 2023, the number of tourists significantly increased: arrivals from the UK and Canada jumped by 530% and 600%, respectively, compared to the previous year.

What else is important to know about the standard of living in Grenada?
Since Grenada was formerly a British colony, English is the official language here. Among immigrants, the capital, St. George's, is the most popular. Other favored areas include Carriacou, Grand Anse, and Lance aux Epines.

Foreign nationals who are not residents of Grenada must obtain a “Foreign Landholding License” when purchasing property and pay a fee of 10% of the purchase price. The process of obtaining this license takes 3 to 6 months. Foreigners are also required to pay a property transfer tax:

● 5% for citizens of OECS member states
● 15% for citizens of other countries

Local banks require buyers to provide a declaration of the source of funds. For amounts exceeding 250,000 XCD, approval from Grenada's Ministry of Finance is necessary.

The property tax is relatively low, ranging from 0 to 0.05% per year.

The local healthcare system includes both public and private medical facilities. The main medical center is St. George's Clinic. In addition, there are about 30 medical points and eight hospitals in Grenada.

An interesting fact: there are no conventional addresses in Grenada as we understand them. There aren’t even postal codes, as it’s considered the country is too small. An address might sound like: “To the left of the police station, near the big mango tree. The house with the red roof.” If you order a package, it will be left at the airport or one of the FedEx centers, and you’ll receive a call asking you to pick it up.

Public transport in Grenada stops running quite early, as there’s little demand after 6 or 7 PM. Although many places are easily accessible on foot, you might still want to consider purchasing some form of transportation.