Grenada is a prime destination in the Caribbean region that offers numerous cultural events, like the Carriacou Regatta Festival, awe-inspiring landscapes from all corners, warm weather throughout the year, and peace and tranquility for retirees and other expats living there.
We’ll explore life as a retiree in Grenada, the benefits of Grenadian living for a US citizen and other foreign nationals, and how to retire in Grenada in 2024. This Caribbean country beckons visitors to embrace island life and enjoy the golden years in paradise.
Why Consider Retiring in Grenada
- A peaceful Caribbean country with stunning natural beauty
- Invest in high-end accommodations or luxury villas and earn rental income
- English-speaking local population
- Tax-friendly environment, including no worldwide income, inheritance, wealth, or capital gains tax
- A cheaper cost of living than the United States
- Contribute to the economy through Grenada’s citizenship program and gain a second passport
- Direct flights to the US, Canada, and Europe
Grenada Cost of Living in for Retirees
Grocery costs
Grenada’s average cost of living is more affordable than that of the UK and the USA. You can find local produce such as white rice and cheese, tropical fruits like papaya and soursop, and vegetables like pumpkin and dasheen at local markets.
Grenada is also known as the “Spice Isle” due to it being one of the largest producers of spices such as nutmeg, cinnamon, and cloves, which are all cheap to buy locally for those living in Grenada.
Like many countries in the Caribbean, imported food items are generally more expensive than in European and North American countries. Here is a comparison of Grenada’s average grocery prices to those of the US and UK.
Item | Grenada | United States | United Kingdom |
Milk (1 liter) | $4.01 | $1.05 | $1.57 |
White rice 1kg | $1.83 | $24.54 | $2 |
Fresh white bread (500g) | $1.31 | $3.57 | $1.55 |
Oranges | $2.06 | $4.48 | $2.69 |
Eggs (12) | $3.57 | $3.68 | $3.73 |
Onions (1kg) | $2.09 | $3.04 | $1.35 |
Potatoes (1kg) | $1.86 | $2.97 | $1.42 |
Bottle of wine (mid-range) | $9.47 | $15 | $10.19 |
Restaurant costs
Grenada is not only known for its vibrant culture but delicious local restaurants. In the capital city of St George’s and other popular destinations like Carriacou, and St Davids, you’ll find numerous mid-range and high-end restaurants.
Eating out in Grenada is cheap overall, with an in-expensive meal at an inexpensive restaurant costing under $8 on average compared to $20 in the United States. Domestic beers are also much cheaper at $2.70 on average compared to $6 in the US.
Utility costs
With electricity primarily generated from diesel, you may pay more for utilities when moving to Grenada than in other regions but less than in many other Caribbean countries. The average monthly cost of basic utilities, including electricity, water, and garbage collection, is $217 in Grenada. The same utilities cost $260 in Puerto Rico, $270 in the Bahamas, and $345 in the US Virgin Islands.
Rent in Grenada
Grenada is the ideal Caribbean island to retire if you want to stretch your retirement income. Average rent prices for apartments in a city center or outside the center are affordable compared to many other countries, costing as little as $370 on average.
Property Type | Grenada | United States | United Kingdom |
One-bedroom apartment (city center) | $640 | $1,750 | $1,345 |
One-bedroom apartment (outside the center) | $370 | $1,440 | $1,105 |
Three-bedroom apartment (city center) | $1,130 | $2,935 | $2,225 |
Three-bedroom apartment (outside the center) | $645 | $2,385 | $1,710 |
Take a look at our Ultimate Guide to the Grenada Citizenship by Investment Program
Grenada Healthcare
Grenada is considered to have one of the best healthcare systems in the Caribbean. It has thirty medical centers, which comprise six health centers and eight hospitals. The country’s primary medical facility is St George’s General Hospital. Grand Bras Medical Centre on the east coast and Sauteurs Health Centre on the north coast also provide quality health services.
While the island’s thirty medical stations cover most primary care needs for foreigners who choose to retire in Grenada, some may need to seek treatment abroad for specific conditions. It is advisable to take out private health insurance with a reputable healthcare provider like Pacific Prime, Sagicor Life, and MSH International.
Depending on your circumstances, these companies offer policies for expats and retirees living in Grenada for $200 to $300 monthly.
Taxes for Retirees Living in Grenada
As a low-tax country, Grenada offers a favorable tax framework for foreigners legally residing there. Grenada tax advantages include tax exemptions on worldwide income, wealth, capital gains, and inheritance.
Best Place to Retire in Grenada
Grenada, along with its sister islands Carriacou and Petite Martinique, are ideal Caribbean retirement destinations. They offer a slower pace of life, beautiful beaches, and a warm, welcoming community.
St George’s in the parish of St George, Gouyave, Victoria, Grand Anse, and Lance aux Epines are some of Grenada’s best cities for retirement. While some cities are less known, they offer retirees affordability and a quality lifestyle. Popular destinations like Grand Anse Beach and St Geroge’s are popular among retirees moving to Grenada and have established expat communities.
If you’re looking for the best things to do in Grenada besides strolling along its white sandy beaches, St George’s is the ideal location. It is close to the world-renowned Molinere Underwater Sculpture Park in the Happy Hill fishing village, the Grenada National Cricket Stadium, and the Grand Étang National Park and Lake.
Grenada Immigration Options
If you’re an American retiree, you can visit Grenada for up to three months without a residency permit. Retirees considering moving to Grenada have several options for permanently living there.
- Permanent residence visa: You can apply for Grenada permanent residency provided you have been legally residing in the country for at least two years.
- Citizenship by naturalization: Grenada permanent residents can apply for Grenadian citizenship by naturalization after seven years of residency.
- Citizenship by investment: Grenada offers a citizenship program, allowing foreign retirees to invest in the country by donating to the Grenada National Transformation Fund or purchasing pre-approved real estate and obtaining citizenship in return. The minimum investment to obtain a Grenada passport is $150,000 for the donation option, $220,00 in a joint real estate investment, or $350,000 in a sole real estate purchase.
Find out how to obtain a Grenada Passport
Grenada Expat Communities
Grenada’s economic citizenship program has elevated the country’s profile, with many retirees relocating to the country after obtaining citizenship.
The friendliness of both expats and the locals in Grenada makes it easy to feel welcomed and form new connections. Grenada attracts many retirees from the United States and other parts of the world, and many Americans retire in destinations like St George’s, Petite Martinique, Grand Anse, and Carriacou.
Groups such as the Grenada Association of Retired Persons (GARP) provide valuable resources and support for retirees, helping them integrate into the community and enjoy their retirement.
Frequently Asked Questions about Retiring in Grenada
Grenada has a relatively low cost of living compared to many other Caribbean islands, the US, and European Union countries. A single retiree can comfortably live in Grenada with a monthly budget of $1,500 to $2,000, covering rent, groceries, and entertainment. The money you need to reside in Grenada may differ slightly depending on whether you have private health care insurance or own a vehicle on the island.
To gain permanent residency in Grenada, you must legally retire on the island for at least two years. This would initially require a legitimate reason to live on the island, such as having a work permit and being married to a Grenadian national. Alternatively, you can gain permanent residency through the Grenada citizenship by investment program, which offers Grenada citizenship to foreigners buying property in approved developments or donating to the country’s National Transformation Fund.
For those wondering “Is Grenada safe? The island is known for its low crime rates and friendly communities, making it a secure destination for foreigners to retire. A major factor contributing to Grenada’s rapidly growing expat community is its status as one of the safest Caribbean countries regarding hurricane threats. Its location outside the Caribbean’s hurricane belt makes buying Grenada real estate a secure investment in the Caribbean.
There is no designated Grenada retirement visa, but the Grenada citizenship program allows foreigners to retire in Grenada permanently and obtain dual citizenship by contributing to the Grenada’s economy through real estate investment or the country’s national fund.
Many expats and retirees view Grenada as the best Caribbean destination for retirement. The “Spice Island” offers retirees numerous benefits, such as an affordable cost of living, a tropical climate, an English-speaking population, lush rainforests and landscapes, and properties by the Caribbean Sea.
Moreover, the island provides financial advantages, as its official currency, the Eastern Caribbean Dollar, is pegged to the US dollar, ensuring pricing stability. Retirees can optimize their taxes as the country does not tax foreign income, impose inheritance tax, or impose capital gains tax.
Besides benefits like English being the official language, natural beauty, and low taxes, it is easy to retire in Grenada through the Grenada citizenship by investment program. If your home country allows dual citizenship, you can gain a Grenada passport by investing in the country’s economy.
There are some potential drawbacks to consider before moving to Grenada as a retiree. One notable concern is healthcare services; while generally adequate at primary facilities like St George’s General Hospital, they may not meet the standards of retirees accustomed to advanced medical facilities.
Other cons may include the cumbersome bureaucratic processes and paperwork for banking and other administrative tasks, which can be frustrating for retirees to navigate and are not helped by the country’s “island time.”
Additionally, while Maurice Bishop International Airport offers direct flights to many key destinations, the flight options are limited compared to larger airports. This can impact travel convenience and accessibility for retirees visiting family or exploring other destinations.
Retirees living in Grenada can access social support through various avenues. One method is through the Grenada Association of Retired Persons (GARP), which serves as a primary resource, offering support, advocacy, and social events specifically for retirees.
