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St. Vincent & Grenadines: Living There - Tax Issues

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Last Updated: Jul 19, 2006

Living There

Residents of St. Vincent and the Grenadines are liable to pay income tax on their worldwide income. Taxable income up to XCD10,000 (US$3,710) are exempted from income tax.

PERSONAL INCOME TAX
TAXABLE INCOME, XCD (US$) MARGINAL TAX RATE
10,000 – 15,000 (US$5,556) 10%
15,001 – 20,000 (US$7,407) 20%
20,001 – 40,000 (US$14,815) 30%
Over 40,000 (US$14,815) 40%
Source: Global Property Guide

Each resident taxpayer is entitled to a personal allowance of XCD1,200 (US$444). Additional allowances are given to residents:

  • spouse allowance: XCD700 (US$259)
  • child allowance for every child up to 16 years old: XCD400 (US$148)
  • child allowance for every child over 16 years old but still studying: XCD400 (US$148)
  • handicapped child: XCD400 (US$148)
  • dependent relative: XCD200 (US$74)
  • overseas education expense allowance for every dependent child studying outside the islands: XCD700 (US$259)

Other deductions extended to resident taxpayers are as follows:

  • housekeeper allowance of a widowed taxpayer enlisting a nanny or housekeeper to help take care of the children: XCD200 (US$74)
  • life insurance deductions: maximum of XCD3,600 (US$1,333)
  • medical expense deductions: maximum of XCD500 (185)
  • Mortgage interest expense deduction: maximum of XCD10,000 (US$3,704)
  • Credit union savings deduction: maximum of XCD600 (US$222)

A taxpayer earning income from employment or self-employment can deduct the lesser of XCD500 (US$185) or 1/10 of his earned income.

Land Tax

All land owners in St. Vincent and the Grenadines are liable to pay land tax. Land tax is imposed at varying rates, depending on the location and size of the land. A minimum land tax rate of XCD10 (US$3.70) is payable by all owners.

 

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