Seon & Associates
Can anyone (including foreigners) own and occupy real estate in your jurisdiction (including shares in property owning companies)? Are there any restrictions?
Yes, a foreigner can own/occupy real estate in Grenada subject to the grant of an Alien’s Licence by the Government of Grenada to hold interest in the real estate whether as legal owner, or tenant where the lease is for a term exceeding one year.
Are there restrictions on lending for the purchase of real estate by foreign companies? If so briefly give an outline?
There are no restrictions on lending money to a foreign company purchaser of real estate except that the foreign company must have an alien’s licence to hold the interest in the real estate and if the Lender is a foreign entity it will require an Alien’s licence to hold the real estate as mortgagee or obtain by way of application, Approved Lending Agency status under the Alien’s Land-Holding Regulation Act from the Government of Grenada
Buying
Please provide a short summary of the fees and costs (including tax) relating to buying real estate in your jurisdiction.
Fees and disbursements for Purchaser of property, approximately 13% of the consideration for non-citizen or approximately 3% for Citizen. All professional fees are subject to 15% Value Added Tax payable to the Government. If the purchase is to be financed by a lender involving a mortgage of the real estate, another 2.6254% of the mortgage sum should be added, plus VAT.
Owning
Are there taxes applicable to owning real estate and can the burden of the taxes be passed to someone else (e.g. a tenant or an occupier - not being the owner
Yes, property tax is due and payable annually by the owner of the real estate. It cannot be passed onto a Tenant or Occupier.
Tax Breaks
Are there tax breaks or other incentives for foreigners to buy real estate in your jurisdiction? If so, what are they?
There are tax breaks and incentives available for the purchase of real estate but not for private residential use. If the real estate is part of a project qualified for concessions as part of an economic sector (tourism, agriculture etc) tax exemptions or incentives can apply.
How is the ownership of Real Estate evidenced in your jurisdiction?
Ownership of real estate is evidenced by registered ownership records for tax purposes held at the Inland Revenue Department Valuation Division and by conveyances/deeds registered at the Deeds and Land Registry of Grenada.
Is it possible to keep the identity of owners of real estate confidential in your jurisdiction?
It is not possible to keep the identity of owners of real estate confidential in Grenada.