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September 7, 2020

Grenada CBI-approved resort under new management

Grenada CBI-approved resort under new management

One of Grenada’s Citizenship by Investment-approved investment properties, the Mt Hartman development, has a new developer and management team, and work has started on the initial stages of the development.

Now known as the Hartman Resort Grenada, the original Mt Hartman development plans have been overhauled, and now involves a new configuration and revised costs, explains Percival Clouden, the CEO of Grenada’s Citizenship by Investment (CBI) Programme, adding that work had already started on the initial stages of the project.

With a new configuration in place, the development consists of four phases and is projected to take 10 years with revised costs of US$2.9 billion. Among the phases is the construction of a health and wellness centre, which will cater to both locals and visitors.

The developers have committed to preserving the local bird sanctuary and have engaged an environmental specialist to ensure its preservation, and have committed to constructing a marina.

With Grenada’s marine industry bringing $125 million annually to the treasury, Percival Clouden sees such a construction as an area for capitalisation.

He reiterated that Grenada’s CBI Programme, whose mandate is to encourage investors, assists local developers in providing the necessary funding through citizenship, to fund the projects, making it easier for development to happen.

The CBI Programme doesn’t provide 100% of the financing, he explained, adding that developers approved by the programme need to come up with 20% of the cost of the development, as it was important to see developments and projects completed.

Grenada Citizenship by Investment Programme
Unveiled in 2013, Grenada’s citizenship by investment programme has upped its reputation stakes in recent years, thanks to ironing out its application processes to make them more efficient, and therefore, quicker, and tightening its due diligence processes. According to the CBI Index 2019 by the Financial Times, Grenada has increasingly placed “greater diligence in authenticating source of funds”.

Renowned as being one of the best CBI Programmes for business opportunities, in particular, Grenada’s CIP is the only Caribbean country programme to offer visa-free access to China, as well as allowing dual citizens the ability to work and live in the US under the E-2 Investor Visa Treaty, so all the benefits of a resident, but without the costs or time of obtaining an EB-5 US visa. Furthermore, holders of a Grenadian passport can travel visa-free to 143 countries.

While Grenada’s donation outlay isn’t the cheapest, its processing fees are certainly more value for money than most. Following a slowdown of processing in 2018, Grenada has improved the speed of its processing procedures in recent years with applicants receiving citizenship within 60 business days.

In addition to being one of the safest nations in the Caribbean, Grenada is renowned for its excellence in educational standards and offerings.

The programme offers a number of government-approved CBI investment projects, including Kimpton Kawana Bay, the leading government-approved CBI project in Grenada, accounting for 54% of all section 11 real estate CBI applications in 2019.

The next 5-star beach resort to open in Grenada, Kimpton Kawana Bay, has announced the launch of its final units for sale, in the Kiawah building which is the last phase of the project to be built. Kimpton Kawana Bay is the leading  Interest and sales of units at Kimpton Kawana Bay during COVID-19 have continued at record high levels. In fact, the improved efficiency of the Grenadian CBI Unit has meant that application processing capacity has increased and approval times have reduced in recent months.

Find out the latest news on Kimpton Kawana Bay by clicking here