Buying Property in St. Vincent and Grenada (including the Grenadines)
CAN FOREIGNERS AQUIRE PROPERTY HERE?
Yes, there are no restrictions, and foreigners can buy property with the Governments of both countries welcoming foreign investment. In order to purchase property here, non-citizens need to apply for an Alien Land Holding Licence (ALHL).
BUYING PROCESS
Buying property in St. Vincent and Grenada is a lot simpler than it looks, which typically involves the following steps:
- Begin your property search.
- Find your perfect property and make an offer.
- Once you have made an offer in writing that has been accepted, the lawyer of your choice will prepare a purchase agreement.
- You will need to pay a 10% deposit, which is usually held in escrow.
- Your lawyer will then conduct a title search and due diligence and apply for the Alien Land Holding Licence.
- Upon the licence application being approved, your lawyer will arrange payment of the balance, including the taxes & fees.
LICENCE FEES
In Saint Vincent and the Grenadines, there is usually a non-refundable application fee of EC$2,500 for the licence. This licence is specific to the property and does not require annual renewal. In Grenada, there is a fee of 10% of the purchase price. Approval for the licence usually takes 2–3 months.
STAMP DUTY
Buyers in Saint Vincent are required to pay a 5% stamp duty on the purchase price of the property, while in Grenada they are required to pay a stamp duty of 1%.
LEGAL FEES
It is advised that all buyers seek the advice of a local attorney. The legal fees in Saint Vincent and Grenada are typically between 1 & 2 percent of the purchase price.
PROPERTY TAX
There are low annual property taxes in both Saint Vincent & The Grenadines, and Grenada.
Note: We cannot be held responsible for discrepancies in the details on this page and encourage all our clients to confirm their own legal obligations and requirements, with the above information only being used as a general guideline.
