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 & Agents 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
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