“Emotions can bring you home, but they cannot bring you business,” warned Ron Beard, founder of an award-winning Grenadian rum company, at Wednesday’s Grenada Diaspora Homecoming Forum.

Speaking during a panel discussion titled “Diaspora Investment: Sharing the Experience,” Beard joined other entrepreneurs in offering a realistic look at doing business in the region.

Their collective message to foreign-based Grenadians looking to navigate the local landscape? It requires immense patience, and there are no shortcuts through the paperwork.

“You have to have the belly to do things in the Caribbean,” summed up Sioban Lloyd, (with a knowing laugh) a legal consultant for Range Developments, a leading luxury hotel developer in the region.

Lloyd has successfully navigated the local market, having assisted various Eastern Caribbean governments with their Citizenship by Investment (CBI) programs.

Drawing on her professional experience in both the UK and Dubai, Lloyd noted that the Caribbean can be “a bit anti-change,” suggesting that increased interconnectivity between government ministries would make the process “much more seamless”.

Listening closely in the audience was Grenada’s Finance Minister, Denis Cornwall. He got firsthand feedback from returnees who have successfully transitioned from organized, fast-paced societies to the laid-back Caribbean system, where bureaucratic red tape can strangle a good idea.

Still, panelist Colin Francis of the Grenada Chamber of Commerce offered encouragement earlier in the day. “There are institutions that are willing to listen and work with you,” Francis said, while also urging returnees to remain patient.

Elo Akin, a chartered accountant and the CEO and founder of Island Pure Wipes, stressed the need for compliance. “Don’t try to avoid the paperwork,” Akin warned, emphasizing the critical importance of taxes. She noted that while the process demands diligence, success is entirely within reach. Today, her manufacturing company is proudly based in Grenada and she looks forward to the benefits of exporting directly to the CARICOM market.

Relationships Matter

For Beard, success required active, on-the-ground management. Just two years after experimenting in his uncle’s kitchen during the COVID-19 lockdown, Ron Beard Rum won double gold  at the 2023  World Liquor Awards for its innovative Soursop and Sea Moss flavors.

“You cannot operate from afar based on assumptions,” Beard stated. “A strong Grenadian business has to make sense to both Grenadians and tourists. If the locals don’t respect your product, the tourists will feel that distance.” He emphasized that anyone looking to establish a venture must return home with a serious mindset and deep respect for the local environment.

Lloyd echoed his sentiments, noting that building genuine relationships is vital, especially in the construction business where Range Developers are building luxury hotels (Six Senses and Inter Continental) and apartments at La Sagesse in St David’s.

Junior George, an entrepreneur who introduced a ride-sharing service to Grenada, agreed. He explained that building trust with locals—some of whom initially feared his business would threaten their livelihoods—requires face-to-face dedication. “You have to put in the time,” George said. “You cannot remote-control or manage a business from abroad.”

Navigating Concessions

To ease the transition, the Government of Grenada offers concessions to returning residents; providing a one-way ticket and proof of retirement can yield tax breaks ranging from 50 to 100 percent.

However, entrepreneurs warned that the policy is strictly a “one-and-done” opportunity.

“When you apply for concessions, you don’t always know every piece of equipment you will need,” Beard explained. “If it isn’t on the master list, and you realize later that you need a specific piece of machinery, you won’t be able to benefit from the concessions.”

His feedback at the forum was a loud hint for the Ministry of Finance to consider updating its framework. Currently, the Concessions Desk works closely with Grenadian embassies worldwide to assist returning citizens.

There has been a notable spike in the number of Grenadians returning from the United States, including a growing segment of the diaspora who opted to “self-deport” .