St. George’s (Grenada) – November 19, 2015 (travelindex) – Grenada Sustainable Aquaculture (“GSA”) intends to scale offshore, deep water, hi-tech fish production in Grenada to 10,000 tons per annum of sashimi grade fish. The fish will be sold to regional resorts and the booming South American market as well as US distributors to capture part of the growing $18.9 billion dollar US seafood import market.
GSA is designed to be a profitable business with significant local impact. While initial investment is required, this profitable venture will continue to sustain jobs and grow investor wealth without ongoing infusions of capital. All aquaculture farms to date utilizing this offshore, deep water, hi-tech methodology have been successful.
This effort requires a total investment of around $34 million USD. Based on initial discussions with the US Overseas Private Investment Corporation (“OPIC”), GSA’s goal is to combine $19 million of Grenada Citizenship by Investment (“CBI”) funds or private investor funds with $15 million of OPIC debt to further compound the return to investors. GSA is a Grenada Government approved project under the CBI.
The projected returns to the CBI investors are a minimum of 6% with upside in the double digits. Additionally, the CBI investors have a Buy-Back Guarantee of their shares at their original invested amount at year five. The Teammates in this project are the Government of Grenada, Lockheed Martin, Forever Oceans, Aspen Assurance, OPIC, Virginia Tech and St. George’s University.
Initial funds of 20% will be deposited with a Government appointed Escrow Attorney. Once Approval of Citizenship is granted by the Government of Grenada and the Certificate of Citizenship is deposited with the Escrow Attorney, the remainder of the funds is transferred to the Escrow Attorney; GSA then places the appropriate amount of preferred shares with the Escrow Attorney and the investment amount is transferred to GSA.
Investors will be able to apply for citizenship in Grenada after investing a minimum of USD300,000 in GSA and pay appropriate Government and related fees. Investors do not have to go to Grenada and can receive their passports after 60 business days. Citizenship is lifetime and enables the passport holder to travel visa free to around 120 countries including the UK, Schengen, China and Hong Kong. Additionally, Grenada’s Treaty with the USA allows E2 visa application at the US Embassy in Barbados which is quicker than other busy embassies.
Please do not hesitate to contact HLG Managing Partner Mr. Bastien Trelcat for any questions you may have regarding the Grenada Citizenship by Investment – Sustainable Aquaculture.
Harvey Law Group