Have you been dreaming of tax free residency? Grenada tax residency benefits provide exactly what you are looking for. This is the chance of a lifetime. Additionally, the Grenada tax haven is the “Spice Island” of the Caribbean where you can sit on the beach and smell the sweet scent of nutmeg in the air.
This post is a comprehensive overview that includes all you need to know to acquire the Grenada tax haven benefits and also live in Caribbean paradise.
Discover the Grenada Tax Haven
Introduction to Grenada Citizenship
The Grenada citizenship by investment program is your first class ticket to success. Successful CBI applicants can relocate to Grenada and enjoy no tax on international income, no wealth tax, plus no capital gains or inheritance tax. Furthermore, Grenada citizens may choose to reside overseas yet still enjoy Grenada’s tax free benefits. It is indeed the best of both worlds!
Yes, acquiring Grenada citizenship provides you with an immediate claim to Grenada tax residency. Therefore, your new citizenship eliminates your global income tax without even residing in Grenada (if you choose to reside elsewhere).
Proper tax planning always starts with second citizenship. As a result, CBI investors have the foundation to obtain global access and freedom. This includes lowering your tax bill or even eliminating your global income tax obligations altogether.
Read more and calculate your tax exemptions. To be clear, Grenada does charge personal income tax on locally sourced income. There are also business taxes, value added tax (VAT), property taxes et cetera that may apply. Discover the benefits and obstacles for your personal circumstances.
How to Obtain Grenada Tax Residency
Those who reside in Grenada for a minimum of 183 days continuously during the applicable fiscal year qualify for Grenada tax residency. However, since individuals are not required to pay tax on international income, this rule is only applicable to those with local employment.
Your tax residency status pertains to your personal circumstances. Therefore, you can qualify for the Grenada tax residency benefits without ever visiting Grenada. How do you accomplish this? Read more below.
For individuals, Grenada tax residency is most effective if you have already renounced your original citizenship. Dual citizenship creates the risk you may still be liable for tax in another country.
Furthermore, if you are a resident in another country outside Grenada it is possible they may try to impose global income tax on you. As a result, proper tax planning is essential to obtain the full benefits of Grenada tax residency.
In addition, those who choose to reside outside of Grenada can obtain supplemental documentation to support their case for receiving Grenada tax residency benefits while residing overseas. Supporting documents we can help you obtain include a Grenada driver’s license, SIM card/phone bills and certificate of tax registration.
It is also imperative to have a physical address in Grenada. Since purchasing local real estate comes with many benefits, it is highly recommended you choose the real estate option to qualify. The myriad of real estate benefits includes a physical street address!
Government approved real estate is commonly used to qualify for the Grenada citizenship program. As a result, investors can sell the property at the end of the 5 year holding period to recoup their capital while still retaining Grenada citizenship in perpetuity. Plus, earn a 4-5% return on your investment.
Individual Income Tax Requirements
Both resident and non resident Grenada citizens are totally exempt from tax on income sourced outside of Grenada. However, residents and non residents are liable for tax on locally sourced income.
According to the Grenada Inland Revenue Division website all “Corporations, trustees, sole traders, partners within partnerships and all employees who earn in excess of $3,000 monthly or $36,000 annually” are subject to local income tax.
Furthermore, according to the S.R.O. 25 of 2018 Income Tax (Amendment) Order found here the applicable tax rate on all personal income is now 28%.
|Individual Income Tax||Tax Rate|
|$0 – $36,000||0%|
|$36,001 and above||28%|
|Capital Gains||No Capital Gains Tax|
The Grenada Inland Revenue Division Website also clarifies “The assessable income of any person should include the gains or profits from or by way of” –
- Any Business
- Any employment
- Rentals and Royalties
- Interest (unless exempt)
- Premiums, Commissions, Fees and License Charges
- Annuities and Other Periodic Receipts
- Gains or Profits or Amounts deemed to be income under this act and
- Any other gains or profits accrued to that person which are not included under Part V, Division I, subsection 29 of the Grenada Income Tax Act.
Corporate Income Tax Requirements
Corporations that are incorporated in Grenada or centrally managed or controlled in Grenada are considered resident for tax purposes. Therefore, a resident Grenada company is taxed on international income. However, a non resident company is taxed on income derived or sourced from within Grenada. Additionally, branches of the company are taxed at the same rate.
|Corporate Income Tax||Tax Rate|
|$36,001 and above||28%|
|Capital Gains Tax||No Capital Gains Tax|
A company is also required to pay annual stamp tax on its gross receipts which includes revenues from rental income, dividend income, interest income, investment income, cost of materials from stocks, and sale or disposal of goods and services.
|Revenues per annum||Rate|
|$300,000 and under||0.5%|
|$300,000 and above||0.75%|
Value Added Tax (VAT)
VAT is charged by companies to consumers at a rate of 15% on most goods and services or 10% on hotel accommodations and dive operations. In addition, cell phones (talk and text) accrue a VAT rate of 20%. Also, some goods are taxed at a 0% rate.
Only companies registered with the government can charge VAT. Furthermore, the taxable amount is payable to the Grenada Government through the Inland Revenue Division VAT office.
Real Property Tax
The government of Grenada charges tax on real property. Real estate tax is calculated based on a percentage of the assessed market value of the property. Annual tax assessment is sent out starting on January 1st.
Property owners who pay 50% of the due amount before March 31st receive a 5% deduction. The remaining 50% must be paid by June 30th to avoid late penalties.
Furthermore, there is a homestead exemption of $100,000 for owner occupied property. However, if the owner owns multiple properties, only one can be classified as a homestead.
Multiplication of the applicable property tax rate by the property value (minus any exemption) equals the payable amount. Property tax rates are as follows:
|Type||Land Rate||Building Rate|
Property Transfer Tax
Those who buy or sell property by deed transfer in Grenada are required to pay transfer tax whether the transaction is a sale, gift or other method of disposition. *Note – the transfer of real estate held by share ownership does not attract transfer taxes.
Additionally, property transferred by Deed of Gift is only taxable on the amount that exceeds $150,000. Property dispositions by other means are taxed only on the amount exceeding $20,000. The tax rates paid on the aforementioned amounts are as follows:
|Subject to Tax||Tax Rate|
|Seller (Grenada Citizen)||5% non CBI property|
|Seller (Grenada Citizen)||2.5% CBI property*|
|Seller (non citizen)||15%|
|Buyer (Grenada Citizen)||0%|
|Buyer (non citizen)||10%|
|All Buyers||1% Stamp Duty Tax|
*Our real estate trust structure allows the CIP investor to transfer ownership of their unit without attracting transfer taxes.
How To Qualify for Grenada Citizenship
In exchange for investment into the local economy the Grenada government will grant Grenada citizenship to qualified applicants of the Grenada citizenship by investment program. As a result, successful applicants will be able to successfully obtain Grenada tax residency and many other benefits.
Qualified investment options include a minimum US$150,000 donation or a minimum US$200,000 investment into government approved Grenada real estate. Furthermore, all application documents must be completed and submitted along with supporting documents for review by our legal team.
After thorough review the complete application package is submitted to the Grenada CBIU. Your passport(s) and certificate of naturalization will be received within 2-4 months time.
Enjoy Grenada Tax Residency Benefits
There are no nationality restrictions to apply for the Grenada citizenship program. Additionally, successful applicants receive many other benefits of the Grenada passport including:
- US E-2 Visa Eligibility and the right to live and work inside the United States.
- Visa free or visa on arrival access to over 144 countries including China, UAE, UK, Russia and India.
- Grenada Legal System is based on English Common Law.
- The national Language is English.
- As a Grenada citizen you become a citizen of the British Commonwealth.
- The right to live and work in all OECS and CARICOM countries.
- No requirement to ever visit the Grenada during or after the application process.
- No personal interview requirement.
- Offshore asset disclosure is not required by Grenada e.g. FBAR.
- The application process is completely confidential with no requirement to notify your country of origin.
Contact me today and begin you journey to global access and freedom. The Grenada citizenship program is the key to successfully establishing Grenada tax residency and enjoying the many benefits of global citizenship.
Acquire Grenada Tax Residency Today
By way of Grenada citizenship by investment, you may be able to get the benefits of Grenada tax residency even if you reside overseas. In addition, you can rest assured that Grenada citizenship is your first class ticket into the protection of the Grenada tax haven. Therefore, you can rest assured that your tax residency status is ingrained in the constitution. Indeed, your tax benefits will be perpetual and long serving.
Make no mistake, Grenada is a 100% legitimate tax haven for individuals. Your children will also benefit and their children after them. Grenada tax residency offers protection from governments of developing economies that have declared war on high net worth individuals. As a result, the time is now to secure your assets and your freedom. Pay a small price in the short term for your lifetime of huge financial gains.
The real cost of acquiring Grenada citizenship is negligible after accounting for the elimination of your income tax. Additionally, the real estate option allows you to sell after the holding period. Plus, you earn a 4-5% investment yield. You have got everything to gain and nothing to lose.Edwin Morgan, Go Global Corporation PTE LTD
Email: [email protected]
My partners and I have 35+ years of experience working with the Caribbean citizenship programs including Grenada. We are well integrated with the local real estate developers and government agencies.
You can acquire Grenada citizenship without ever visiting the country in addition to Grenada tax residency benefits. Be assured of accomplishing your objectives in the most efficient manner possible at the lowest possible cost.
Contact me today to begin your path to tax freedom. Protect your family, your wealth and your future with second citizenship! Global access and economic freedom are lifelong benefits available to qualified applicants.