Global Property Guide

Financial Information for Residential Property Buyers


Income tax is moderate in Grenada

October 10, 2018

INDIVIDUAL TAXATION

Grenada luxury vacation homes

Nonresidents are taxed on their income from sources in Grenada.

INCOME TAX

Income tax is generally levied at progressive rates.

INCOME TAX

TAX BASE, ECD (US$) TAX RATE
Up to 24,000 (US$8,889)
10%
Over 24,000 (US$8,889)
0.25%
Over 100,000 (US$37,037)
30% on all income over US$8,889
Source: Global Property Guide

RENTAL INCOME
Rental income earned by nonresidents is subject to 15% withholding tax, withheld by the tenant.

Annual Stamp Tax

This is a tax on gross receipts, replacing stamp on bills. Gross receipts include investment income, rental income, interest income dividends and other income not of a capital nature. The rates are:

ANNUAL STAMP TAX (AST)

TAX BASE, ECD (US$) TAX RATE
Up to 30,000 (US$11,111)
nil
30,000 - 100,000 (US$37,037)
0.25%
Over 100,000 (US$37,037)
0.50%
Source: Global Property Guide

CAPITAL GAINS
There is no tax on capital gains in Grenada.

Property Transfer Tax

Sales of real property are liable to property transfer tax, which is levied on the sales price or the property value at the time of the sale.

A citizen selling a property pays 5% transfer tax. A non-citizen selling a property pays 15% transfer tax.

A non-citizen buying a property pays 10% transfer tax.

PROPERTY TAX


Property Tax

Property tax is levied on all real property n Grenada, payable by the owner or by the tenant, according to the lease agreement. The tax is levied on the market value of the property and a taxable rate is applied based on the classification of the property.

For residential properties, the tax is levied at 0.20% on land value and 0.30% on the structure/ building value.

CORPORATE TAXATION

INCOME TAX

Income earned by foreign is taxed at the corporate tax rate of 30%. Income-generating expenses are deductible when calculating taxable income.

Comments

Be the first to comment on this article!

Login or Register to submit a comment!
In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.