Sandals moves into Grenada

Sandals Resorts International (SRI) recently announced the purchase in Grenada of LaSource Resort, a previously family-owned business, for an undisclosed sum. The agreement to acquire the resort was reached after discussions with the government of Grenada, which has reportedly agreed to waive the company’s payment of corporate tax for 25 years. Other concessions disclosed by Finance Minister Nazim Burke include waiving VAT for 15 years on consumer goods, waiving import duties for 25 years, and also placing a cap on Sandals’ property taxes for 25 years.

The Grenada Foundation (UK) has written an open letter to Minister Burke expressing grave concerns about the one-sided incentives being granted to this capitalist venture, the precedents being set for future investments in Grenada , and the wider Caribbean, in addition to the adverse consequences likely to ensue for local people and enterprises.

Read the Open Letter