There are three property types now on offer in Phases 2 and 3, which are as follows:

1. Single Title Studios (full ownership)

The King studios and Double Queen studios in the Phase 2 Matura building at the beachfront (floor plans shown in green and purple in the Matura brochure). These deeded properties are priced from USD 425,000. Purchasers receive a full equal share interest in the rental programme and are entitled to two weeks of usage per year.

2. Dual Title Studios (half ownership)

Phase 3 Kiawah building (floor plans shown in green and purple in the Kiawah brochure). These are one-half studio ownership properties priced at USD 350,000. Each King and Double Queen studio in the Kiawah building is being sold to two purchasers as tenants in common. This form of dual ownership means that each purchaser holds an individual freehold half share in a property by title deedwith the right (subject to the mandatory rental programme) to possess, sell, mortgage and will their half ownership in the property without the need for consent of the other purchaser. This makes it an ideal structure for dual ownership of an investment property.

For this offering (following approval of the citizenship application) the developer will pay USD 50,000 towards each purchaser’s costs and, an additional USD 50,000 will be paid upfront in the form of a security deposit for the leaseback of their interest in their property to the developer for the first five years after the Kiawah building commences hotel operations.

In consideration of the USD 50,000 security deposit, each dual title purchaser assigns their usage and rental revenue rights to the developer for the first five years after the Kiawah building commences hotel operations. At the end of the five year term, each dual purchaser will be entitled to participate in the rental programme, thereby receiving half of the revenue attributed to the dual title studio. Each purchaser will also be entitled to one week’s free annual occupancy at the resort.

3. Multi Title Suites and Studios (multi ownership)

In the Phase 3 (Kiawah building) and Phase 4 (Rekawa building – as of the date of this manual, Rekawa has not yet launched for sale), there are one-sixth suite ownership properties (these are shown in tan in the Kiawah brochure) that are priced at the new minimum investment amount of USD 220,000. Each suite is being sold to six purchasers as tenants in common. This form of multi-ownership means that each purchaser of a suite holds an individual freehold one-sixth share in the property.

As of the date of this manual, Multi Title Studios have not yet been launched for sale. It is however planned that studio properties will be sold to three purchasers as tenants in common, such that each purchaser holds an individual freehold one-third share in a property.

All multi title properties are owned by way of a title deed with the right (subject to the mandatory rental programme) to possess, sell, mortgage and will their ownership interest in the property without the need for consent of the other purchasers; making it an ideal structure for multi-ownership of an investment property. Purchasers will receive a one-third equal interest in the rental programme and are entitled to a one-time usage of one week in a suite or two weeks in a studio.

Unless a purchaser is buying the property for investment purposes without citizenship, a purchaser may only take title to the property if the Government of Grenada has approved their citizenship application. If the purchaser’s application for citizenship is denied by the Government of Grenada, the purchaser will be entitled to terminate the Purchase and Sale Agreement and will have no obligation to pay the balance of the purchase price. The processing/reservation fee paid by the purchaser will not be refunded. In addition, all government and other fees already paid by the purchaser are non-refundable.

No, annual assessments (including property tax and insurance) will be paid out of the purchaser’s share in the rental management programme after the hotel opens; no assessments will be levied before such time. Thereafter, any shortfall is paid by the rental manager and recouped, plus interest, from subsequent rental programme revenue attributable to the purchaser.

In addition to the purchase price for the property, other costs include the government CBI fees, professional fees and legal conveyancing costs. The total cost will vary depending on the number of dependents, and their ages, in any one CBI application. On an investment of USD 220,000 for a family of four (main applicant plus three dependents – spouse, one minor child and one dependent child over 17 years of age), the total will be just over USD 300,000. This does not include professional fees which are generally negotiable and can vary depending on the service provider.

Five years.

Yes, secondary purchasers of properties in the Kimpton Kawana Bay development will qualify to apply for citizenship under Grenada’s CBI programme, provided the first purchaser does not sell the property before five years from the grant of their citizenship. This benefit is only available to purchasers of “real estate”. Properties at Kimpton Kawana Bay are considered “real estate” and thus, are eligible. This means that if a purchaser holds their property for at least five years from the grant of citizenship, they can sell to a secondary purchaser who can also obtain Grenadian citizenship. Note that the five-year hold requirement and the resale provisions only apply to CBI applications submitted after May 23^rd, 2019.

There is no guaranteed return for Kimpton Kawana Bay purchasers. Many of the projects in the Caribbean who have promised guaranteed returns, have defaulted on paying those guaranteed returns. Rather a prospective purchaser should take comfort from the alignment of interest between the developer and the purchaser, as only the successful operations of the hotel will result in a profit for the developer and a good return for the purchaser. Prospective purchasers may use the worksheet, available on request, to arrive at a rate of return that purchasers are likely to earn once the hotel is operational.

Yes, all the properties at Kimpton Kawana Bay will be in the same mandatory rental management programme.

Rental distributions will be paid within 60 days after June 30^th and December 31^st in each year, so at the latest payments will be made by August 29^th and March 1^st in each year.

Single Title Studios – The purchaser gets use of a studio, in the same category, but not necessarily the studio purchaser’s own studio, for up to 14 nights each calendar year, of which seven nights may be reserved for use during the high season from December 1^st to April 30^th. Note, a maximum of 20% of all the properties in the resort will be available for purchasers during the peak period from December 15^th to January 15^th on a first-come, first-served basis. During the low season, May 1^st until November 30^th up to 14 consecutive nights can be booked.

Dual Title Studios – After the five-year leaseback has ended, the purchaser gets use of a studio in the same category, but not necessarily the studio purchaser’s own studio, for up to seven nights each calendar year. Note, a maximum of 20% of all the properties in the resort will be available during the peak period from December 15^th to January 15^th on a first-come, first-served basis.

Multi Title Suites and Studios – The purchaser can choose either:

• One-time use of a suite for up to seven nights of continuous occupancy within four years of the purchaser’s building commencing hotel operations. Occupancy may only occur during the months of May, June, July, September or October, and will be subject to availability and will be considered on a first-come, first-served basis.
• One-time use of a studio for up to 14 nights of continuous occupancy within four years of the purchaser’s building commencing hotel operations. Occupancy may only occur during the months of May, June, July, September or October, and will be subject to availability and will be considered on a first-come, first-served basis.

The developer of Kimpton Kawana Bay is True Blue Development Limited, an affiliate of the Tau Capital Group of Companies. Tau Capital specializes in development projects internationally and has a successful track record across numerous industries spanning 20 years.

The Escrow Agent is also a Local Agent (responsible for submitting the purchasers’ citizenship applications) and is licensed by the Government of Grenada in this respect. All Escrow Agents used for the Kimpton Kawana Bay development are also qualified attorneys-at-law in Grenada. The Escrow Agent/Local Agent can provide copies of their relevant licenses/certificates.

Kimpton Hotels & Restaurants is an internationally recognised hotel operator and upmarket boutique brand, which is part of the InterContinental Hotels Group. Kimpton began solely with hotels in the United States and has more recently expanded internationally with hotels in Amsterdam, London, Taipei and the Cayman Islands. Kimpton’s worldwide expansion is continuing with hotels under development in Hong Kong, Shanghai, Tokyo, Bangkok and Paris, to name a few.

In Grenada, citizenship can be passed on from generation to generation. The main applicant upon acquiring citizenship can apply for citizenship for any minor child. In future, the main applicant’s child who has been granted citizenship can apply for their minor children (i.e. the main applicant’s grandchild to become a Grenadian citizen), and so on for generations to come.

As of July 2019, Grenadian citizens have visa-free or visa-on-arrival access to over 140 countries. Uniquely, Grenada has the benefit of visa-free travel to both China and Russia. The list is evolving as Grenada continues to forge new/strengthened diplomatic relations.