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grenada government - documents
Constitution Review
Throne Speech
(Latest) Incentives Returning Nationals
Release on Incentives for nationals
Private Sector Study
Crime Prevention Strategy
New Incentive Package for Returning Nationals
The Government of Grenada introduced a special incentive package for returning nationals in its 2003 Budget.
This was announced on November 15, 2002 during the Budget Speech presented by Minister of Finance Anthony Boatswain to the House of Representatives.
The decision to introduce the new incentive package was taken following consultation with nationals who have returned to live in Grenada after living abroad, many of whom have expressed their frustrations at several Face to Face sessions.
In presenting the 2003 Budget Speech, Minister Boatswain stated that “Government has decided to overhaul the existing policy for returning nationals” and introduce the new “Welcome Home Programme.”
Some of the measure included in this new Programme are as follows:
- The establishment of a “one-stop” Returning Nationals Facilitation Bureau in the Ministry of Finance. This Bureau will relieve the Customs and Immigration Departments of the administrative burden of processing applications of returning nationals thereby freeing them up to focus on their core mandates.
- A 100 percent exemption on all household and personal effects whether new or used up to $75,000. The current allowance is $25,000.
- A 100 percent exemption on one personal vehicle instead of the current exemption of 50 percent. The exemption will be valid for three years.
- If vehicles are sold before 3 years, the duties and taxes will be payable on the unexpired term of the exemption. Returning nationals will be able to purchase their vehicles locally if they wish to so do.
- Environmental levy of $2,000 will be payable on vehicles, new or used, with no age limit. This flat fee will replace the 2 percent environmental levy on new vehicles and the 30% environmental levy on used vehicles over five years, for returning nationals only.
- Returning Nationals desirous of setting up businesses will be allowed the usual tax incentives offered to local and foreign investors. For the time being, these incentives will be handled by the Grenada Industrial Development Corporation.
- The Customs Service Charge will continue to apply on all imports under this new programme.
Government Information Service
November 15, 2002
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