Grenada’s beautiful coastline and clear, turquoise sea make it the perfect destination for retirees and other individuals who want to live a beach lifestyle for the majority of the year.
Undoubtedly, owning a beachfront home in Grenada will allow you to get the most from your retirement or frequent holidays in this Caribbean country. With spectacular views, close proximity to the water, and a laid-back vibe, you will enjoy every minute of your stay here.
Aside from being the proud owner of a beachfront property, by purchasing a house, villa, apartment, or condo in Grenada, you will have the opportunity to be a legal citizen of this Caribbean country.
Under the country’s Grenada Citizenship by Investment Program, if you purchase an approved real estate property worth at least USD 220,000, you can apply for a Grenada passport. With this travel document, you can enjoy visa-free travel to more than 130 countries and Grenada passport holders have the added advantage of being eligible to apply for an E-2 visa to the United States. This is an entrepreneur investor visa allowing residency under the right criteria, though it is not a pathway to US citizenship nor does it mean Grenada passport holders can travel to the US visa-free. They must still apply for a visitor visa if they wish to visit the US.
Moreover, you will have dual and lifetime citizenship, which means you can travel to Grenada at your leisure and stay as long as you want to without the need to renounce your current nationality.
A Primer on Investing in Beachfront Properties
Buying a beachfront home is often more challenging than purchasing a landlocked one. This is because this type of property is typically more expensive.
Additionally, there are also more elements you have to consider to ensure that you will invest in the right property.
If you have plans of purchasing a beachfront home in Grenada, make sure you think about these considerations first:
1. The price
Beachfront properties are expensive; there is no going around this fact. And if you want to buy a home in one of the top spots in Grenada, you have to be prepared to pay more.
Your budget, however, shouldn’t stop you from owning a beachfront home or one that you desire. Grenada’s real estate market is enjoying a boom right now. Because of this, there are many beachside properties that are already completed or under development in this country which you can choose from.
By studying these options, you will find a property that is within your price range and can meet your needs.
In case you are creating your budget, don’t forget to factor in the tax and other relevant charges such as your application, due diligence, and processing fees as well.
2. Insurance premiums
Your budget for buying a property in Grenada shouldn’t only cover the total price for the home and other associated fees; it should include insurance, too.
Generally, the homeowner’s insurance on beach homes is likely to be more expensive than that of landlocked properties. This is mainly due to the addition of flood coverage.
Although Grenada is considered low-risk for direct hits of hurricanes due to its southern position in the Caribbean arc of islands, it is still essential to get flood and hurricane insurance. By doing so, you can recoup your investment in case a natural calamity hits your home. You will also have the money to pay for any necessary repairs and replacements.
3. Property maintenance
Typhoons and floods are not the only elements you have to worry about when purchasing a beach property. If you invest in a beachfront home, you will also have to account for heat, strong winds, heavy rainfall, and humidity.
You need to have a plan for dealing with and mitigating the damage these elements can bring to your home. This means having an excellent HVAC system, landscape design, and roof maintenance schedule.
Additionally, you will have to be financially ready to shoulder any repairs and maintenance work your home may require at any time of the year.
4. Possibility of renting out the property
If you aren’t staying the whole year in Grenada, look into the prospect of earning rental income from your beachfront home.
Consider renting out your home to tourists while you are out of Grenada. By doing so, you can offset the cost of upkeep and earn some money.
In case you think managing a holiday rental is too taxing, you can hire a property manager. You will get help with maintaining your beachfront property and even with marketing it.
The magnificent scenery and laid-back lifestyle of Grenada’s coast will allow you to enjoy a restful retirement or holiday, which will do wonders for your emotional, mental, and physical health. And to get the most from your stay in this country and have the opportunity to get a second passport, add buying a beachfront property to your list of priorities.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, Canada and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.