BUYING PROCESS

Alien Land Holding License
The buying process in Grenada is straightforward, with few restrictions. All Purchasers who are not citizens of Grenada are required to obtain an Alien Land Holding Licence to purchase property in Grenada. This is done via an application to the government, which is made by a local lawyer and must include a police clearance from your country of residence, bank references and character references. The process takes from 8 – 12 weeks.

Legal Costs
Each party bears their own legal fees. A purchaser will need to engage a Practicing Grenadan Attorney. Although standard legal charges range from between 1% and 2% (+VAT ) of the purchase price of the property, the developer has negotiated a reduced rate with a recommended lawyer to act on behalf of purchasers, who is familiar with the project. Purchasers however are not obliged to use any specific lawyer.

Legal and Tax Advice
All Purchasers should seek professional tax planning advice prior to buying properties in Grenada in order to minimalize liabilities to taxes and duties on resale.

General Risks of Real Estate Investment
Purchase of a Private Residence is subject to those risks inherent in real estate investments, including national and local economic conditions, the supply and demand for similar types of improved real property, natural disasters including hurricanes, and increases in real estate taxes and assessments, increases in the assessments of the common expenses and the cost of utility services. There is a possibility of loss as well as gain on resale of a Private Residence.