Grenada

Grenada can be described as the ‘old Caribbean’, with a rich heritage. Once an associate state within the British Commonwealth, and an independent nation since 1974, attractions here include the lush tropical scenery, rain forest, clean sandy beaches, warm waters, cooling winds, music and friendly people. It’s known too for its spices. There is little crime, excellent sailing, fishing and diving.

There is a laid back lifestyle, with some things expensive, others not so. Cars are expensive, so there doesn’t tend to be any traffic jams and there are no traffic wardens or parking meters in Grenada! Property prices are higher some than other locations in the region but still offer good value. There is a range of property and land investment options, with the north less developed. The capital, St George’s, Carriacou, Lance aux Epines and Grand Anse are some of the best places to buy property. Mourne Rouge is popular with expats too.

The system for buying and selling is based on the UK. Property titles are recorded at the Land Registry, although some land in more remote parts may not be included (yet). Land boundaries may be unclear in some cases, where it is wise to employ a Land Surveyor to re-stablish the boundary markers before completion of the purchase. A qualified lawyer with local knowledge, especially around local covenants that may apply, may be best and our partners will be able to help with contacts.

Foreigners can buy, sell and let property. It is an attractive second home, investment or retirement location, with residency and citizen by investment schemes, subject to fees, terms & conditions. Citizenship may be possible through pre-approved real estate purchase, from $220,000 per investor in a joint investment, or $350,000 or more as an independent investment, if it is held for at least five years. Property prices range from the low hundred thousand’s to luxury villas in the millions.

Foreign buyers pay 1% stamp duty on top of sale price - the same as Grenadians - plus 10% Alien Landholder Licence and a 10% property transfer tax. Foreign sellers pay a 15% property transfer tax, while Grenadians pay 5%. There is an exemption amount (the first EC$20,000) and some variations and conditions may apply, so do check with the agent in advance.

In an Approved Tourism Development, the Property Transfer Tax may be reduced to 5% for both buyer and seller. Annual Property Tax is 0.01% of the value assessed by the Government. There is no wealth tax, capital gains or inheritance tax. Income tax applies to locally sourced income, with non-residents being charged a flat rate of 15%. There is no tax on personal foreign income.

Please do get in touch with us and we can connect you to our partners and industry pioneers in Grenada.

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