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St. Vincent & Grenadines: Guide to Buying Costs and Procedures

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Buying costs are high in St. Vincent & the Grenadines

How high are realtors’ and lawyers’ fees in St. Vincent & Grenadines? What about other property purchase costs?

How difficult is the property purchase process in St. Vincent & Grenadines?

Foreign nationals wishing to purchase property are required to obtain an Alien Land Holding License.

When entering into a real estate transaction in St. Vincent and the Grenadines, lawyer’s services are very much needed. The lawyer will provide the abstract of title and prepare a Deed of Conveyance. The lawyer will also handle the application for the Alien Land Holding License of the buyer. The License registration fee must be paid to the lawyer, while the registration cost of the Deed of Conveyance (transfer tax) must be paid directly to the Government.

A deposit of 10% is required as security to take the property off the market. After which, the lawyer will also take care of the application for required permanent residency.

The whole process of buying takes about 6 to 10 weeks.

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:
St. Vincent and the Grenadines uses the East Caribbean Dollar (XCD) which is pegged to the US Dollar (USD) at USD1 = XCD2.70.

Alien Land Holding License (ALL):
All foreigners must obtain an Alien Landholding License from the government to be able to buy landed property. Aside from the Alien Landholding Tax which is pro-rated based on property value, the buyer must also pay a filing fee of XCD2,500. The license is also subject to a stamp duty of XCD5.00.

Foreigners also pay XCD2,500 annually for holding an ALL.

Stamp Duty:
Stamp Duty on registration of the title deed is 10%, evenly split between buyer and seller.

Registration Fee:
Registration fee for the the title deed is XCD40 for the first XCD15,000 of sales price plus XCD2.50 per XCD1,000 thereafter.

Legal Fees:
The St. Vincent and the Grenadines Bar Association regulates the amount lawyers can charge. Legal fee for properties worth XCD50,000 and above is XCD1,538 plus 1.5% of amount in excess of XCD50,000.

St. Vincent & Grenadines - more data and information

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