Grenada: Guide to Buying Costs and Procedures

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Very high buying costs in Grenada

How high are realtors’ and lawyers’ fees in Grenada? What about other property purchase costs?

How difficult is the property purchase process in Grenada?

Foreigners can purchase property provided they acquire an Alien Land Holding License before the purchase. The license is currently 10% of the selling price. A notary public handles the paperwork. A police clearance from your place of residence and bank reference is necessary to process your application. This can take up to three months to process.

After a license is secured the conveyance process may proceed. A survey is not compulsory but advised. When the conveyance is satisfactorily completed, the buyer will have to accomplish the payments. The lawyer will then register the transfer and pay government duties (stamp duty and transfer tax).

Land Transfer Tax is at 15% for non-national sellzers and 5% of the property value after the first ECD54,000 (US$20,000) for national sellers.

Footnotes to Transaction Costs Table

The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.

Currency:
Grenada uses the East Caribbean Dollar (XCD) which is pegged to the US Dollar (USD) at USD1 = XCD2.70.

Alien Landholding License:
Under the Aliens Landholding Regulations Act No.13 of 1922, all non-nationals are required to obtain an Alien Landholding license to hold interest in land, real estate and or shares and or to be directors of companies that own real estate. The license fee is 10% of property value.

Stamp Duty:
Stamp Duty on conveyance of real property is 1% of property value.

Legal Fees:
Legal fees are negotiable at around 1% - 2% of property value. Legal fees may include registration costs that are very minimal such as the XCD5 registration fee.

Property Transfer Tax:
Property Transfer Tax is paid on the transfer of real estate valued in excess of XCD20,000. The transfer tax rate is different for citizens of Grenada and non-citizens.

Real Estate Agent's Commission:
Agent's commission is negotiable, typically 5%.

Grenada - more data and information

• How landlord-friendly is the law in Grenada?

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