Buying costs are high in St. Vincent & the Grenadines
July 28, 2016
How high are realtors' and lawyers' fees in St. Vincent & Grenadines? What about other property purchase costs?
|Alien Landholding License (ALL)||4.00% - 10.0%||buyer|
|Legal Fees||1.50% - 5%||buyer|
|Costs paid by buyer||10.75% - 20.25%|
|Costs paid by seller||5.00%|
|ROUNDTRIP TRANSACTION COSTS||15.75% - 25.25%|
| See Footnotes
Source: Global Property Guide
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 29 to 42 days.
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.
Alien Land Holding License (ALL):
All foreigners must obtain an Alien Landholding License from the government to be able to buy landed property. The Alien Landholding License is around 4% to 10% of the property value.
Foreigners also pay ECD2,500 (US$357) annually for holding an Alien Landholding License.
The St. Vincent and the Grenadines Bar Association regulates the amount lawyers can charge. Legal fee for properties worth ECD50,000 (US$18,519) and above is ECD1,538 (US$570) plus 1.5% of amount in excess of ECD50,000 (US$18,519).
|PROPERTY VALUE, ECD (US$)||RATE|
|Up to 1,000 (US$370)||125 (US$46)|
|1,000 - 5,000 (US$1,852)||5% on band over US$370|
|5,000 - 10,000 (US$3,704)||4% on band over US$1,852|
|10,000 - 25,000 (US$9,259)||3% on band over US$3,704|
|25,000 - 49,999 (US$18,518)||2.25% on band over US$9,259|
|50,000 (US$18,519)||ECD1,538 (US$570)|
|Over 50,000 (US$18,519)||ECD1,538 (US$570) plus 1.5% on ban over US$18,519|