Investors who are not citizens of St. Vincent & the Grenadines or any company incorporated outside of the country (or in the country if it is under alien control) must obtain an Aliens Land Holding Licence from the Government of St. Vincent and the Grenadines before they can legally own real estate in St. Vincent & the Grenadines. We have been through this procedure numerous times and so far all our clients have always received the license, to own property in the country.
To receive the licence the intending purchaser must act through an attorney and provide him/her with the relevant particulars. The attorney would then prepare an application (there is no prescribed form) and submit the application (together with a fee of EC$ 2,500.00) to the office of the Prime Minister for consideration by the cabinet. Consideration of an application usually takes 2 - 3 months.
The particulars which an intending applicant must provide:
- Full name (if more than one person the names of all)
- Date(s) of birth
- Place(s) of birth
- Passport Number(s)
- Date & Place of issue of passport
- Marital status
- Passport size photograph
- Bankers reference
- Police certificate that applicant has no criminal record
- Copy of registered Survey Plan of the parcel of land and any property thereon to be purchased
- The purchase price of the property
Upon approval of the Aliens Licence the purchaser would be required to pay the licence fee and have the licence registered in the St. Vincent and the Grenadines registry. The licence fee is based upon the purchase price of the property. If the purchase price does not exceed EC$ 100,000.00 the licence fee would be EC$ 10,000.00. If it exceeds EC$ 100,000.00 and is anywhere up to EC$ 3,000,000.00, 6% of the total excess amount above EC$ 10,000.00 has to be added to the base amount of EC$ 10,000.00. Usually the legal fee for preparing and submitting the application for the license is EC$ 1,500.00 + VAT of 15%.
Following the approval of the licence the purchaser would be expected to pay the purchase price to the seller upon exchange of the deed of conveyance. This deed of conveyance is required to be registered by the payment of stamp duty at the rate of 10% based on the purchase price of the property. This amount is usually split between the purchaser and vendor (unless otherwise agreed). The registration fee would be EC$ 50.00 for the first EC$ 15,000.00 of the purchase price and EC$ 2.50 for every EC$ 1,000.00 or part in excess of EC$ 15,000,00. The purchaser is responsible for the registration fee and for the legal fees usually calculated at approximately 1.5% of the purchase price + VAT of 15%. The exchange rate used is usually US$ 1.00 = EC$ 2.6882