Buying Property Costs

Grenada, also known as the Spice Island of the Caribbean is the southern most of the Windward Islands and lies 100 miles north of Venezuela. It is 133 square miles and has a population of approximately 100,000 people. A mix of beautiful white sand beaches, waterfalls, rivers and mountains, Grenada is certainly becoming one of the most desired destinations in the Caribbean. The following is an outline of what is required to own property as a foreigner on the island.

• Alien Land Holding License - In order to own property or land in Grenada, 10% of the agreed purchase price must be paid to the Government of Grenada once the license is granted. It generally takes about three (3) months to obtain the License.
  
• The attorney representing you will require the following documents in order to apply for the License on your behalf:-
  Police Certificate, Character Reference from A Friend, Bankers Reference.
  
• Stamp Duty is generally 1% of the agreed purchase price.
  
• Legal fees are generally 2% of the agreed purchase price.
  
• Land Transfer Tax is to be paid on the selling price of the property and land at the time of sale. If you are a citizen of Grenada, 5% of the selling price is required, if foreign, then 15% of the selling price is required to be paid to the Government of Grenada on completion of sale.
  
• Building costs generally run in the range of US$120/200 per sq. ft.
  
• It takes a minimum of 3 months to complete transaction
  
• The local currency is the Eastern Caribbean Dollar which is linked to the US dollar. The current Exchange rate is EC$2.7169 to every US$1.00. ( January 2010)
  
• Airlines such as British Airways, Virgin Atlantic, American eagle, Air Jamaica service the island.