- Alien Landholding Licence Fee: 10% for non-residents (only)
Yes, the average cost for this is 2% of the agreed purchase price of the property/land that you are purchasing.
Approximately 3-6 months
Annual Property Tax Calculations
Tax Calculation Example:
Commercial Land: Property Value $ 100,000.00 x 0.005 = EC$ 500.00 – yearly property tax
Useful tips for buying real estate property
SELLING TO FOREIGN BUYERS: Non-Grenadian Residents are obligated to secure an “Alien Land Holders License” and pay 10% on the purchase price. The application process for the license can take 3-6 months.
Government of Grenada allows an exemption on the first EC$ 20,000 of property value. Value Added Tax – VAT: 15% on Agents Commission and Legal Fees.
Local banking institutions require declaration of ‘source of funds’ from the Buyer. For amounts above EC$ 250,000, approval is required from the Grenada Ministry of Finance.