How to buy on Grenada, Carriacou & Petite Martinique
Foreigners must apply for an Alien Landholding License which costs EC$1,800 plus 10% of the purchase price. Along with your completed application you will need to provide your local lawyer (who will make the application on your behalf) with the following information:
Original plans of the property/land
Certificate of character (From your local police station)
Character reference (Two are needed)
There is no standard procedure on this, but common practice is to offer 10% of the purchase price as a deposit, which is forfeited if the buyer pulls out. In some cases if the vendor pulls out then the buyers 10% is returned as well as 10% from the vendor. In the unlikely event that the Alien’s Landholding License is not granted, then the deposit is refunded.
1% of purchase price
5% of legal fees go to the Government of Grenada for General Consumption Tax (however, this is something your lawyer pays)
Property Transfer Tax
10% for non citizens of the purchase price of the property land or shares in a company valued in excess of EC$20,000.
15% for non citizens
5% for Grenadian citizens
There is no capital gains tax, inheritance tax or gift tax in Grenada.
Local solicitors usually charge 2% of the purchase price.
Local mortgages are available (subject to status) up to 100% of the property value with maximum term of 25 years but both the LTV (loan to value) and the term vary of course according to a number of factors. Interest rates are generally between 7-8%. There is no minimum you can borrow, but you will always need to prove that you have the funds available to finance a mortgage independently from rental income (if you are planning to rent your Grenada property).