Investing in Grenada
Overview
Investing in Grenada is very easy. There are no restrictions for investment in property or businesses for locals or foreigners. Grenada is one of the most politically stable countries in the region. It is a democratic state with a Westminster-style Parliamentary form of government and constitutionally held elections every five years. It has a governor general (representing Queen Elizabeth II, Head of State), a prime minister and a cabinet (executive branch), and a bicameral Parliament with an elected House of Representatives and an appointed Senate (legislative branch).
The Judiciary is independent of the executive and the legislature. Jurisprudence is based on English common law. The Privy Council of the United Kingdom serves as the highest appellate court.
Grenada has one of the most pristine physical environments in the Caribbean and offers residents, investors, tourists, migrant workers and overseas students a high quality of life, low crime, and a relatively unspoiled natural environment. The country is classified as an upper middle-income country by the World Bank.
The physical beauty and tropical climate of the country are complemented by its rich history, and vibrant living cultural heritage. The Island’s easy rhythms and friendly openness of its residents evoke an atmosphere that has long since vanished elsewhere. Residents are famous for their friendly and hospitable nature.
The country counts 110,000 inhabitants and the island of Grenada is 21 miles long by 12 miles wide making the total area 133 square miles.
Information For Land Buyers
Alien landholding Licence
All non-nationals are required to obtain an Alien Landholding Licence to hold interest in land, real estate or shares or to be directors of companies that own real estate. The process takes approximately three months.
Property transfer tax
Non-Nationals
Once the landholding licence has been granted a fee of 10% on the value of the land or interest in land, share or debenture is charged and payable to the Government of Grenada upon completion. When selling 15% of the selling price is charged. The first $20,000 E.C. is exempted.
Grenada Citizens
When selling, 5% of the selling price is charged and payable to the Government upon completion.
Property tax
Property tax is the charge placed by the Government on real property. The property is assessed at market value and a taxable rate is applied based on the land use classification.
Information for property developers
Land Development
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Three copies of the application form
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Three copies of drawings to include a location plan, site plan, floor elevation and sectional plans and structural engineering plans
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A topography plan.
Government concessions
The Government of Grenada encourages tourism development and the development of new businesses and offers a range of incentives and concessions to potential investors.
These include tax exemptions, exemptions on customs duties on materials for construction, articles of hotel equipment, and commercial vehicles.