Real Estate in Grenada
Who can buy a property in Grenada
Grenada allows citizens, residents and foreigners to buy any property in the country. However, foreigners must obtain a special licence to own land. The cost of the licence is 10% of the land plot price.
Foreigners who participate in the Grenada Citizenship program are exempt from purchasing a Land Holding Licence.
Property values by region of Grenada
Grenada’s real estate market is stimulated by the Citizenship by Investment program. The government does not publish real estate price statistics. But a cost analysis of the island real estate allows us to conclude that prices per 1 m² of housing start at $1,000.
The cost per 1 m² of modern comfortable real estate starts from $2,500 and grows by 4% per year on average. The most expensive properties are located in the capital of St Georges, as well as in the resorts of Guyave, Grenville, and St Davis. Prices for seafront and oceanfront villas reach millions of dollars.
Property purchase procedure in Grenada
Property in Grenada can be chosen remotely. After that, the buyer enters a preliminary purchase and sale agreement with the seller and deposits 10% of the object’s value. The deposit is usually kept in an escrow account.
Foreigners who are not a part of the Grenada Citizenship program receive a special Land Holding Licence. The parties then sign the main purchase and sale contract and pay the associated taxes and fees. The certificate of ownership is issued by the state registry of the country.Read the article
Property purchase taxes in Grenada
The buyer of the property pays a 15% transfer tax. Foreigners acquire a Land Holding Licence — 10% of the land plot price. Participants in the citizenship program are exempt from paying taxes and purchasing a licence.
Buyers also pay legal fees ranging from 1% to 2% of the transaction price.Read the article
Citizenship of Grenada for the purchase of real estate
For real estate investment, foreigners can obtain Grenada citizenship. But there is a condition: buy only government-approved properties. These are mostly hotel complexes.
The minimum real estate investment is $220,000. Investors can buy a share or an entire property, depending on the project. The property must be held for at least five years.Read the article
Real estate investment in Grenada
By making an investment in property in Grenada, you can obtain Caribbean nationality. Eligible property is regulated by the Citizenship by Investment program. Objects include commercial and residential real estate for shared ownership. The minimum investment is $220,000.
Real estate projects that may grant citizenship by investment must be approved by the Grenada government. Those projects include high-end resorts, villas, and apartments in luxury hotel complexes, prime residential complexes, and cottages. Investors purchase a share in an eligible property for at least $220,000. Those who acquired Grenada citizenship can sell their investment property in 5 years.
Investment property in Grenada generates profit for the owner: 2%—5% a year. The high yield is due to the high demand from Caribbean tourists. Students of the renowned St George’s University frequently rent studios and apartments near the campus — one of the high-end projects, approved for investment by the government, is located near the school.
If you’re planning to invest in real estate property and obtain citizenship in Grenada, we’re here to assist you. Immigrant Invest presents only government-approved real estate projects, eligible for the Citizenship by Investment program in Grenada. By your request, we will arrange remote viewing of any property that suits your needs. While your Grenada citizenship application is processing, we will assist in putting the property in escrow, with subsequent purchase. If you wish to resell the investment property in 5 years, you can count on our expertise and assistance as well.
Immigrant Invest is a licensed agent for government programs in the Europe Union and the Caribbean.
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