Demand for Caribbean real estate began to grow after the start of the coronavirus pandemic. About 63% of investors bought property in the first half of 2021 in order to obtain a second passport in Grenada. And before 2020, investors more often chose a non-refundable contribution.
Some investors acquire real estate outside the program. For example, in the summer of 2021, an investor paid $7.1 million for a two-villa residence at the Secret Bay Resort in Dominica.
Buying property abroad is not easy. In order not to invest in a dubious object and not lose money, you need to choose a reliable developer. Therefore, it is not enough to choose an object from the picture: you need to know the situation on the local real estate market.
Before buying a property, you need to consider several points: from the location of the object to the return on investment. The most reliable projects are objects that are approved by the governments of countries. This is the option provided in the Caribbean countries. Immigrant Invest cooperates only with reliable developers and agencies that have been checked over 15 years of work. We talked in detail about all the pitfalls that may arise in the article about real estate for a residence permit and second citizenship.
Real Estate Chief Operations Officer, RICS certified professional
Two real estate projects that can be invested in to get a Caribbean passport
A share in a hotel complex in a spa resort in Grenada
Price — $220,000
Rental yield — 2 to 6% per year
The hotel complex is located among the gentle hills of St. David's district, not far from the country's most famous beach — La Sagesse.
St.David is the fourth largest parish in Grenada, located in the southeast of the island. Locals call St. David a pastoral region: it is famous for its untouched nature, rocky shores, beautiful bays and secluded beaches.
The hotel complex will be an eco-community. The goal of the management company is to create a place where everyone can feel in harmony with nature.
Investors can buy a share in one of the five-star hotels. The resort will open spas, a gym, a swimming pool and shops. Tourists will be able to do water sports: rent a boat for boat trips, take equipment for diving or snorkeling.
Apartments in a hotel complex in Saint Lucia
Price — $318,000+
Rental yield — 2 to 5% per year
Area — 20+ m²
The hotels are located in the resort town of Vieux Fort. It is the second largest city in Saint Lucia and the administrative center of the district of the same name. Vieux Fort has an international airport, a seaport and the largest fishing fleet in Saint Lucia.
An arearnequal to three residential areas was allocated for the construction of the new resort. The facility is scheduled to be commissioned at the end of 2022. In addition to hotels, important tourist facilities for Saint Lucia will be built in the resort:
- a cruise ship terminal with home ports;
- marinas and moorings for yachts of various sizes;
- a hippodrome and stables;
- a school of tourism and hospitality;
- business centers with a free trade zone;
- shopping and entertainment centers.
Investors can buy apartments, duplexes or commercial premises for retail. Retail space, offices, restaurants and cafes, fitness and spa centers will be opened on the territory of the complex.
Benefits for investors who buy a real estate in the Caribbean
A second citizenship for the whole family. Both Grenada and Saint Lucia have citizenship by investment programs. State governments offer investors to buy real estate from the approved list. Both resorts are included in the approved projects.
A program participant receives citizenship if they invest a sufficient amount of money in real estate. The minimum investment threshold depends on the program:
Together with the investor, members of his family can participate in the program and obtain citizenship: a spouse, children, parents, grandparents, brothers and sisters.
Free travel to over 140 countries. Passports of the Caribbean countries make it possible to visit the countries of the European Union, the UK, Singapore and Hong Kong. With a Grenada passport, you can enter China for 30 days a year.
The opportunity to educate children in the best British universities. Grenada and Saint Lucia are members of the Commonwealth of Nations, so their citizens can study at British universities on preferential terms.
A US tourist visa for 10 years. Citizens of Grenada and Saint Lucia receive a B-1/B-2 visa to travel within the States for 10 years and under a simplified procedure. For comparison, Russians receive a tourist visa to the United States for a maximum of 3 years.
Grenadian citizenship allows an investor to obtain an E-2 business visa in the United States. This is a non-immigrant visa, but it allows you to freely enter the country, study and do business.
An additional income. Caribbean real estate is a liquid asset. Prices for objects in the region are growing by 2—3% per year. Therefore, after 5 years, the investor can sell the property and return the money invested. During this time, the investor will receive income from the rental of real estate of 2 to 6% per annum.
Immigrant Invest is a licensed agent for the Caribbean citizenship by investment programs. If you want to get complete information about all real estate and buy it, please contact investment program experts for advice.