Grenada 'offers affordable property investments'

Investors wondering where to purchase their second home may want to transfer money to the Caribbean after hearing what the region has to offer.

According to agents and media manager for Propertyshowrooms.com Terry Hobbs, Grenada is one of the best areas to own a house abroad.

He claimed the island offers some of the "most affordable" property in the Caribbean and noted that it was voted in 2008 by Knight Frank and Citibank as one of the top ten hotspots for future growth.

It was suggested the attractive landscape and "beautiful, unspoilt" scenery is one of the key selling features of Granada.

Lonely Planet describes the island's largest town of St George's as having "one of the most picturesque waterfronts in all of the Caribbean".

In addition, Mr Hobbs noted how "friendly and hospitable" locals combined with low living costs are bound to be attractive.

"[There is] fantastic diving and snorkelling, including the shipwreck of Bianca C, the Titanic of the Caribbean," the expert commented, adding that a "high quality of life" can be found on the island.

Crime rates are also noted as being low as there are only around 100,000 people living in Grenada.

Those interested in transferring money abroad and purchasing a property in the nation have been advised that there are a number of things they must do first.

"If you are not a national of Grenada, you must first of all find the property you would like to purchase and then apply for an 'Alien Land Holding Licence'," Mr Hobbs explained.

He described how this will involve a background reference, police check and character reference, followed by payment of ten per cent of the property price for tax purposes.

Individuals hoping to work in Grenada will also have to acquire a working visa, which is approved annually.

Posted by Sarah Pitton

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