Grenada wooing rich Africans

Grenada has opened its shores to Nigerian and African high-net-worth individuals, looking to invest in the Spice Island, while it rewards them with second citizenship.

The Grenada government is looking to attract foreign direct investment, particularly in tourism, hotels, agriculture, manufacturing, and the services sector, and create both direct and indirect jobs for its citizen.

Known as the Citizenship by Investment (CBI), the programme promises investors additional free visa travels to over 149 countries including the United States, Russia, China, the European Union, the UK, India, just for a fee, after passing through the due diligence criteria of the Grenadian government.

“Our biggest challenge is hotels. And that is why we welcome investors since we have a need for more rooms,” said Peter David, Minister of foreign affairs, labour and investment.

“Our manufacturing and service as well as our agricultural sector are not well developed. In those sectors, we are seeking investors. The CBI has helped in bringing some of our best investors hence, we continue to encourage more investors in all of those sectors.”

David said the government has earmarked an expansive concession and industrial packages that are appealing to investors.