Grenada looks to attract Chinese investors

With China and Grenada marking ten years’ of resumed diplomatic relations in April, the Spice Island is hoping to attract both Chinese visitors and property investment this year.

Currently only 10% of tourists visiting Grenada are from outside Europe and North America, and Leo Qin of the United Denei Group estimates that less than 1% of the potentially lucrative Chinese tourism market is aware of Grenada.

The Caribbean island is regarded as a luxury retreat by visitors from Europe and America, with the wealthier often inclined to invest in a second home close to the white sandy beaches and clear blue waters. Grenada enjoys all-year round sunshine and a peaceful, tranquil reputation.

The five star Cinnamon Suites with sea views at Bacolet Bay are currently regarded as a prime investment, available with deposits starting at $77,500 and with a projected NET yield of an average 10.5% per annum. Investors can also enjoy four weeks of personal use, including one week in high season.

In 2013 Grenada reactivated its citizenship by investment law, meaning anyone investing over $500,000 in real estate on the island can also claim citizenship, which may be particularly attractive to the Chinese. Grenada intends to raise its profile among Chinese investors with representation at IT&CM (Incentive Travel & Conventions, Meetings) China in 2015.

‘China is a tremendous and fast growing market,’ says Qin. ‘With developments between China and Grenada expected in the future, China will be our biggest tourism export market.’