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FAQ when Buying Real Estate in Grenada

Q. What taxes and fees do I have to pay?

Purchaser:

  • Alien Landholding Licence Fee : 10% for non-residents (only)
  • Legal Fees : 2% of the purchase price, approximately
  • Stamp Duty : approximately 1% of the purchase price
  • VAT : 15% on Legal Fees & Agent’s Commission

Seller:

  • Property Transfer Tax :
    – 5% of the market value for nationals and members of the OECS
    – 15% of the market value for non-nationals.
    ( The government of Grenada allows an exemption of the first EC$ 20,000 on property. )
  • Legal Fees : Approximately 2% of the purchase price + 15% VAT
  • Real Estate Commission: 5% of the purchase price + 15% VAT

Do I need any legal representation to complete the sale process?

Yes, the average cost for this is 2% of the agreed purchase price of the property/land that you are purchasing.

How long does a sales transaction take to complete?

Approximately 3-6 months

What documents are required by a foreign purchaser applying for Alien Land Holding License?

Police Record and 2 character references

Who pays Real Estate agency commission?

The Seller

What are your annual property tax?

Annual Property Tax Calculations

  • Commercial : Land 0.005 and Building 0.003
  • Residential : Land 0.001 and Building 0.0015
  • Agricultural Land : 0

Tax Calculation Example:

Commercial Land
Property Value $ 100,000.00 x 0.005 = EC$ 500.00 – yearly property tax

Published by Century21 on . Last Updated .

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