Grenada, or the “Island of Spices,” has long been renowned for its breathtaking landscapes, favorable climate and tax policies aimed at promoting the well-being of its citizens. As a result, retire in Grenada seems like a good idea for many tourists in Grenada because nobody will feel lonely or neglected. The expat community is growing every year, so everyone can find not only the perfect place for retirement, but also make new friends who share your interests.
Why choose Grenada for retirement
The choice of Grenada as a place to live and retirement is not accidental, as the benefits are obvious:
- the countryis not involved in global conflicts, which means that its economy is stable;
- the country has a low crime rate, which has a clear downward trend every year. This allows retirees to feel safe and secure in the country;
- the stunning landscapes will continue to captivate you with their beauty even after a long time;
- the local population speaks English, making it easy to make newand enjoyable acquaintances and friends;
- in addition to receiving a pension, you can invest in luxury properties and earn rental income;
- comfortable taxation: Grenadian citizens do not need to pay tax on inheritance, property, or income;
- the cost of daily life (housing, food, etc.) is significantly lower than in other countries;
- the opportunity to get Grenada citizenship by investment: invest in real estate, make donations for good causes, or become an investor in business projects.
In Grenada, it is impossible to feel lonely, as the local population is particularly famous for its warmth and hospitality. In addition, those who enjoy outdoor activities can try their hand at snorkeling, diving, sailing, and hiking. Before moving to Grenada and retiring there, you should carefully plan your life route. If possible, before moving, it would be a good idea to personally visit the country, get acquainted with its culture, climate and lifestyle there. It is also worth calculating your monthly budget taking into account your retirement, as well as the costs of housing, transportation and treatment.
In addition, Grenada retirees are not prohibited from working in parallel. Therefore, if you have the strength and desire, then get acquainted with the local labor market and find a profession that you like, which will bring additional income in addition to your retirement. Of course, there are some downsides to living in Grenada. Among them are the difficulty of finding employment for retirees, poorly developed infrastructure in terms of roads, high-speed Internet and public transport. High risks of hurricanes also scare those who are thinking about retiring in Grenada. However, if you know about them in advance and plan your future life taking these features into account, then the downsides can easily turn into advantages. For example, a weak Internet connection allows retirees to spend less time on their phones and at the computer, and more time on walks, active recreation and their health.
Immigration options for retirees
So, if you have firmly decided that you like the life of retirees on a Caribbean island, then the first thing you should start with is getting a visa. This can be done in several ways:
- A visa for the opportunity to live in Grenada on a permanent basis: required if the citizen plans to stay in the country for more than three months. After receiving the document, after two years, it becomes possible to apply for the right to live in Grenada forever.
- Obtaining citizenship of the country through naturalization: the option becomes available after living in the country for seven years.
- Acquiring citizenship by investing in the Grenada National Transformation Fund. Although the donation amount is quite large and reaches $235,000, the investor acquires the official status of a citizen of Grenada for nine months.
However, it should be remembered that in order to maintain the status of a citizen of Grenada, you cannot sell the purchased property for 5 years. In addition, you can earn income by renting out your apartment. People who want to retire in Grenada also need to obtain a Grenada retirement visa, which will make their stay in the country legal. To obtain a visa, you must meet certain income, property, and health criteria. Without this visa, it is impossible to receive a pension, buy real estate, or use healthcare services in full.The Grenadian citizenship program allows for a person to have dual citizenship.
Cost of living in Grenada
Grenada is rightfully considered one of the best places to live for retirees, since the cost of living there is significantly lower than in Britain or America. Locally produced goods are sold at a symbolic price: tropical fruits, cheeses, bread, vegetables. The cost of imported products such as fuel, meat and dairy products is above average. The island has a well-developed catering infrastructure. Prices in local restaurants and cafes attract the local population with their affordability: about $8 will cost lunch in any mid-range restaurant, and a romantic dinner for two can be organized for about $100.
Reduced cost also applies to renting housing. A cozy one-room apartment within the city can be rented for $600-700, and a three-room apartment – $1,100-1,200. On the outskirts of cities and outside the prices are even lower. Utility payments are not burdensome for the population. In addition, the country actively uses solar energy, which significantly reduces citizens’ electricity costs. Therefore, retirees can live comfortably in the country, enjoying a favorable environment, visiting cafes and restaurants, as well as other organized leisure establishments.In addition, pensioners do not need to spend money on trips to resorts, since now their life is a continuous resort with year-round living at the sea in a tropical climate. On average, a person will need between $1,500-2,000 in retirement to live comfortably on the island, without needing anything.
Healthcare and insurance for retirees
Grenada’s healthcare system is of a high standard. In Grenada, as in any other country, there are private and public medical institutions. In a public hospital like St. George’s Hospital, you can get basic medical care. To get advice, treatment from highly specialized specialists and additional options you may have to go to private clinics. In total, there are 30 medical centers, 6 private medical centers and 8 clinics in the country.
Sometimes the cost of treatment can be extremely high, and therefore, all retirees without exception are recommended to take out an insurance policy in one of the insurance companies of the country. Insurance coverage includes not only payment for treatment in the country, but also, if necessary, payment for transportation and treatment in another country. Grenada’s healthcare is undoubtedly its benefit, and therefore, retirees can live without problems and receive timely medical care.
Real estate and housing options
Expats living in Grenada give the following advice on issues related to purchasing real estate on the island:
- we should carefully study the legislation in this area to avoid problems in the future;
- retirees are advised to hire a lawyer who will accompany them at all stages of the real estate purchase transaction and monitor the legality of the transaction;
- when purchasing real estate on your own, do not forget to check its status – it is important that there is no ban on registration actions;
- when buying a new private house, you need to make sure that the land is registered legally;
- contact a real estate appraiser who will conduct an independent assessment of the property being purchased. This will allow you to make sure that the price is reasonable and corresponds to the average for the country;
- correctly draw up a purchase and sale agreement, since it is the main document when registering a transaction.
In addition, do not spare money to insure the purchased property. Grenada, like other islands, is prone to natural disasters. Insurance will help you feel protected in case of unforeseen circumstances. Foreign citizens who have decided to retire in Grenada should keep in mind that before purchasing real estate, they will need to obtain a license allowing foreigners to own land. When obtaining it, you will even need permission from the police of the country where the buyer is from. The procedure can take up to three months – this is important to remember when planning your budget, since you may need to rent a residency during this time. Taxation on the purchase of real estate is 10% of the cost. In addition, you must pay an annual property tax of 0.10% for owning a land plot, as well as 0.15% of the market value of your property.
Best places to retire in Grenada
Often retirees do not know which city in Grenada to choose in order to enjoy their retirement in peace. The best places to retire in Grenada for expats are:
- George’s;
- Grand Anse;
- Lance Oaks Epines;
The capital of Grenada, St. George’s, is a colorful combination of cultural heritage and fantastic landscapes. Shopping enthusiasts can spend their retirement at numerous crowded markets, where you can buy not only the freshest products, but also craft products. In addition, retirees will definitely not get bored there: the city regularly hosts festivals where local talents demonstrate their skills in the field of choreography, singing and cooking.
Have you ever dreamed of a retirement vacation somewhere by the sea? Then you need to go to Grand Anse. Clear sea water, sandy beaches, an abundance of seafood, a large number of shops afordable nearby – all this makes thctie life of a retire a paradise. Those who have not yet lost their grip can try themselves in ave recreation, swimming on a SUP board or snorkeling.
Lance Oaks Epines is a great choice for a retire looking for a quiet life. The residential area is famous for its luxury real estate and private landscaped beaches. In addition, walking along the walking trails will be a great leisure activity for retirees, which will allow them to get acquainted with the surrounding area and local attractions.
Carricou is an ideal choice for a retire tired of socializing. Colorful nature, wild beaches, a small population – all this will help you take a break from the bustle of the city and be in harmony with yourself and nature. As for leisure, you can go hiking, explore coral reefs or watch amazingly beautiful birds. There are also annual festivals that help expat retirees to feel the local traditions and customs more deeply.
Grenada expat community will not let anyone feel abandoned or lonely. Here you can find like-minded people who will share your hobbies and brighten up your retirement time. The community even has its own forum, “Expats in Grenada,” where retirees can chat with each other, share their own experiences of moving, and give useful advice to those in need on how best to move and adjust to life in a new country. In addition, expats can take part in local significant events, which will help them feel less like strangers and more like welcome guests in a foreign country.
