Legals - Legal Information for Buyers Bequia

Saint Vincent - Foreign nationals wishing to purchase property in Saint Vincent are required to obtain an Alien Land Holding License. Legal representation is required for an attorney to provide the abstract of title, prepare the Deed of Conveyance and to handle the application for the Alien Land Holding License.

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. Alien Land Holding License applicants have to also provide a police certificate and a bankers reference. Standard procedure is for a deposit of 10% to be paid as security to take the property off the market.

Grenada - Foreigners can purchase property provided they acquire an Alien Land Holding License before the purchase. The license is currently 10% of the selling price. A notary public handles the paperwork. A police clearance from your place of residence and bank reference is necessary to process your application. This can take up to three months to process.

After a license is secured the conveyance process may proceed. A survey is not compulsory but advised. When the conveyance is satisfactorily completed, the buyer will have to accomplish the payments. The lawyer will then register the transfer and pay government duties (stamp duty and sales tax on property transfers).

Note: Important to note is that the Alien Land Holding License applications of all Real Grenadines clients have always been approved by the Government, with the whole process usually taking no more than 3 months.

Transaction Costs

Saint Vincent

 

 

Who Pays?

Alien Landholding License (ALL)

4.00% - 10.0%

buyer

Legal Fees

1.50% - 5%

buyer

Registration Fee

0.25%

buyer

Stamp Duty

5.00%
5.00%

buyer
seller

Costs paid by buyer

10.75% - 20.25%

Costs paid by seller

5.00%

ROUNDTRIP TRANSACTION COSTS

15.75% - 25.25%

See Footnotes for specifics of costs

 

Grenada

 

 

Who Pays?

Alien Land Holding License

10%

buyer

Legal Fees

1.00% - 2.00%

buyer

Stamp Duty

1.00%

buyer

Property Transfer Tax

10.00%
5.00% - 15.00%

buyer
seller

Real Estate Agent´s Fee

5.00%

seller

Costs paid by buyer

22.00% - 23.00%

Costs paid by seller

10.00% - 20.00%

ROUNDTRIP TRANSACTION COSTS

32.00% - 43.00%

See Footnotes for specifics of costs

Note (put this on bottom of page): We cannot be held responsible for discrepancies in the details on this page and encourage all our clients to confirm their own legal requirements, with above only to be used as a general guideline.

Footnotes to Transaction Costs in Saint Vincent

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.

Currency:
St. Vincent and the Grenadines uses the East Caribbean Dollar (XCD) which is pegged to the US Dollar (USD) at USD1 = XCD2.70.

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.

Stamp Duty:
Stamp Duty on registration of the title deed is 10%, evenly split between buyer and seller.

Registration Fee:
Registration fee for the title deed is ECD40 (US$15) for the first ECD15,000 (US$5,556) of sales price plus ECD2.50 (US$0.93) per ECD1,000 (US$370) thereafter..

Legal Fee:
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).

LEGAL FEES

PROPERTY VALUE, ECD (US$)

RATE

Up to 1,000 (US$370)

125 (US$46)

1,000 - 5,000 (US$1,852)

5% on amount over US$370

5,000 - 10,000 (US$3,704)

4% on amount over US$1,852

10,000 - 25,000 (US$9,259)

3% on amount over US$3,704

25,000 - 49,999 (US$18,518)

2.25% on amount 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

Footnotes to Transaction Costs in Grenada

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.

Currency:
Grenada uses the East Caribbean Dollar (XCD) which is pegged to the US Dollar (USD) at USD1 = XCD2.70.

Alien Land Holding License:
Under the Aliens Land Holding Regulations Act No.13 of 1922, all non-nationals are required to obtain an alien land holding license to hold interest in land, real estate and/or shares and/or to be directors of companies that own real estate. The license fee is 10% of property value.

Stamp Duty:
Stamp Duty on conveyance of real property is 1% of property value.

Legal Fee:
Legal fees are negotiable at around 1% to 2% of property value. Legal fees may include registration costs that are very minimal such as the ECD5 (US$1.85) registration fee.

Property Transfer Tax:
Property transfer tax is based on the value of the property exceeding ECD20,000 (US$7,407). The tax rate is different for citizens of Grenada and non-citizens.

A citizen selling a property pays 5% transfer tax. A non-citizen selling a property pays 15% transfer tax. A non-citizen buying a property pays 10% transfer tax.

Real Estate Agent´s Fee:
The real estate agent´s commission is negotiable, typically around 5% of property value.