OVERVIEW
Tourism in Grenada is predicted to grow by 28% between 2008 and 2017, making Grenada one of the fastest growing tourism destinations in the world.
Paradise Point is well placed to take advantage of Grenada's shortage and under supply of top quality accomodation.
REAL ESTATE MARKET
To ensure Grenada remains a high quality destination, the Government are using lessons learnt by other Caribbean islands and employing careful planning restrictions to ensure that developments are low rise, low density and not over - supplied.
Therefore capital appreciation is currently predicted at 10% p.a. over the medium term, as high levels of demand for both investment / rental property and second home purchases push up yields / returns.
GOVERNMENT POLICY
The Government of Grenada recognizes that private enterprise is the driving force in the Grenada economy and has implemented a policy which encourages increased new private investment. They are now working together with a number of leading business people to stimulate an eco-friendly tourist industry. Grenada is for those seeking lost pleasures and un-spoilt jewels. The Government of Grenada fully supports sensitive quality redevelopment in keeping with it's distinctive heritage. We have a passion and we want to share this with you. You don't just visit Grenada; you become a part of it.
ALIEN LAND HOLDING LICENCE
The land holding licence requires that all foreign persons or firms wishing to buy real estate in Grenada must apply to the Government under the Alien Land Holding Ordinance for a licence. The process generally takes around three months. In order to apply for the licence, the following documents are required:
PROPERTY TRANSFER TAX
Non Residents
Once the land holding licence has been granted, and signed contracts exchanged, the Property Transfer Tax, which is currently 10% of the property value will become payable by the purchaser.
ANNUAL PROPERTY TAX
Annual property tax is the charge levied by the Government on real estate. This is assessed on the market value of the property and a taxable rate is applied based on the land use classification.
Current Rates
Two separate rates are set for each class of property, a rate for the building and the other for land. The rates are as follows:
Classification Land Building
Residential 0.1% 0.15%
The tax is payable by the owner, or by the occupiers of buildings in the case of extended family land. Tenants of Property are also entitled to pay Annual Property Tax where an arrangement is stipulated in the lease agreement. The tax is made payable to the Government of Grenada.
The tax is due and payable from the 1st January each year. The property owner is entitled to 5% discount if 50% of the tax is paid by March 31 and the remaining 50% is paid by June 30th. From July 1st, a 10% fine shall be added plus 2% each month, if the tax remains unpaid.
OTHER COSTS
Legal fees are generally 2% of the agreed purchase price
OUR LAWYERS
Grant, Joseph & Co. are a leading firm of Attorneys at Law and are known for their strict professional standards, and pride themselves on their confidentiality, efficiency and speed.
