Buying Property in St. Vincent & The Grenadines, and Grenada
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 License (ALHL).
Buying property here 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 License.
- Upon the license application being approved, your lawyer will arrange payment of the balance, including the taxes & fees.
In Saint Vincent and the Grenadines, there is usually a non-refundable application fee of EC$2,500 for the license. This license 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 license usually takes 2–3 months.
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%.
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.
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.