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Information On The Offshore Banking System In Grenada
Country name: Grenada
Geographic location: Grenada is a Caribbean Island located between the Caribbean Sea and the Atlantic Ocean covering a 133 sq. mile area, making it about twice the size of Washington D.C. The city of Saint George's is its capital.
Official language: English is the official language, but it is laced with French and spoken with a heavy Creole accent.
Languages commonly spoken in offshore banks: English is spoken in the business community.
Population: 90,739 (July 2009 est.)
GDP per capita: $13,400 (2008 est.)
Currency: East Caribbean dollars (XCD; symbol EC$) and is broken down into 100 cents. 1 East Caribbean Dollar (XCD) = 0.36751 US Dollar (USD)
Summary: Grenada is a beautiful place to vacation and has a reputation strict confidentiality in matters of offshore corporations and banking. Caution is advised however, while Grenada has some of the best bank trust laws in existence, its regulators are lacking in diligence.
Infrastructure and economy: Since 2 devastating hurricanes went through Grenada between 2004 and 2005, damaging its agricultural sector severely, it has had to rely on the tourism industry for a large part of its economic growth. This coupled with a strong construction industry and the growing financial sector has helped country to recover. The growth of tourism has been helped by the construction of of a modern airport Point Salines International Airport in 1985. There is also a cruise ship port in St. George's which has received many improvements.
Grenada's water and sewage systems have been modernized, and the main roads of the country have been upgraded as well. upgrading main roads, improving port facilities, and modernizing water and sewerage systems.
Grenada's telecommunications are being upgraded on a regular basis. Electricity is generated using fuel imported from Venezuela.
Legal system: Grenada has an English Common Law legal system and a parliamentary representative democratic monarchy form of government. The Prime Minister is the head of government, with Queen Elizabeth II as chief of state. She is represented by the Governor General whom she appoints, while the head of government is the Prime Minister. The monarch is hereditary.
The Prime Minister is chosen from the majority party following legislative elections. The Governor General appoints a cabinet, usually with the advice of the Prime Minister.
There are two chambers of Parliament, the Senate with 13 seats, 10 appointed by the government and 3 by the leader of the opposition, and the House of Representatives with 15 seat. Its members are elected by popular vote and serve five-year terms.
Did you know? / Special services: Grenada has become the choice of headquarters for many casino style internet gaming sites, since the The International Betting Act came into force in Grenada in 1998, making provision for the granting of International Betting licenses in a regulated framework.
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