St. Vincent & Grenadines: Living There - Tax Issues
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Living There
INDIVIDUAL TAXATION
Residents of St. Vincent and the Grenadines are liable to pay income tax on their worldwide income.
INCOME TAX
Taxable income up to ECD10,000 (US$3,710) are exempted from income tax. Personal income tax is levied at progressive rates.
INCOME TAX |
|
| TAXABLE INCOME, ECD (US$) | |
| Up to 5,000 (US$1,852) | |
| 5,000 – 10,000 (US$3,704) | |
| 10,000 – 30,000 (US$11,111) | |
| 30,000 – 45,000 (US$16,667) | |
| Source: Global Property Guide | |
Each resident taxpayer is entitled to a personal allowance of ECD1,200 (US$444). Additional allowances are given to residents:
- spouse allowance: ECD700 (US$259)
- child allowance for every child up to 16 years old: ECD400 (US$148)
- child allowance for every child over 16 years old but still studying: ECD400 (US$148)
- handicapped child: ECD400 (US$148)
- dependent relative: ECD200 (US$74)
- overseas education expense allowance for every dependent child studying outside the islands: ECD700 (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: ECD200 (US$74)
- life insurance deductions: maximum of ECD3,600 (US$1,333)
- medical expense deductions: maximum of ECD500 (185)
- Mortgage interest expense deduction: maximum of ECD10,000 (US$3,704)
- Credit union savings deduction: maximum of ECD600 (US$222)
CAPITAL GAINS
There is no capital gains tax in St. Vincent and the Grenadines.
PROPERTY TAX
Property Tax
All developed land (i.e. land with buildings) and land in urban districts are currently taxed at a rate of 5% on the annual rental value. A minimum tax of ECD10 per acre is imposed on all properties.
For properties that are rented out as guest houses, property tax may be levied at 2.5%. For tourism related development where the occupancy tax is applicable and the annual rental value exceeds ECD20,000 (US$7,408), this tax may be levied at 1.5%.
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. There are four scales of taxes; one for the mainland and three for the Grenadines.
LAND TAX IN ST. VINCENT |
|
| LAND ARE, IN ACRES | TAX RATE |
| Up to 10 acres | ECD1.50 (US$0.60) per acre |
| 10 acres – 100 acres | ECD3.00 (US$1) per acre |
| 100 acres – 500 acres | ECD6.00 (US$2) per acre |
| Over 500 acres | ECD9.00 (US$3) per acre |
| Source: Global Property Guide | |
LAND TAX IN BEQUIA, UNION ISLAND AND MUSTIQUE |
|
| LAND ARE, IN ACRES | TAX RATE |
| Up to 10 acres | ECD0.75 (US$0.30) per acre |
| Over 10 acres | ECD1.20 (US$0.45) per acre |
| Source: Global Property Guide | |
LAND TAX IN CANOUAN |
|
| LAND ARE, IN ACRES | TAX RATE |
| Up to 10 acres | ECD0.60 (US$0.20) per acre |
| Over 10 acres | ECD1.20 (US$0.45) per acre |
| Source: Global Property Guide | |
LAND TAX IN BALLICEAUX, PETIT NEVIS, |
|
| LAND ARE, IN ACRES | TAX RATE |
| Up to 10 acres | ECD0.30 (US$0.10) per acre |
| Over 10 acres | ECD0.60 (US$0.20) per |
| Source: Global Property Guide | |
St. Vincent & Grenadines - more data and information
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