1What 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
Seller:
- Property Transfer Tax:
- – 5% of the agreed sales price for nationals and members of the OECS
- – 15% of agreed sales price for non-nationals.
- ( The government of Grenada allows an exemption of the first EC$ 20,000 on property.)
- Legal Fees: Approximately 1% of the purchase price + 15% VAT
- Real Estate Commission: 5% of the purchase price + 15% VAT
2Do 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.
3How long does a sales transaction take to complete?
Approximately 3-6 months
4What documents are required by a foreign purchaser applying for Alien Land Holding License?
- Police Record
- 2-Character references
- Bankers reference
5Who pays Real Estate agency commission?
The Seller
6What 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 (Check out Government of Grenada Website for more info)
Tax Calculation Example:
Commercial Land: Property Value $ 100,000.00 x 0.005 = EC$ 500.00 – yearly property tax