Grenada real estate is not only an excellent investment opportunity, but also a chance to having a second home and retiring in one of the most unspoiled Caribbean islands. A true gem of the Caribbean, the ‘Spice Island’ is a place of wonders with first-class white sandy beaches, waterfalls, and a rich ecosystem. This article highlights useful tips about purchasing Grenada property.
Market history and overview
Grenada – nicknamed ‘The Spice of the Caribbean’ for its locally grown spices – is an unspoiled Caribbean island, renowned for its beauty and relaxed lifestyle. Grenada and her sister islands Carriacou and Petite Martinique are wonderful places gifted with 40 incredible beaches, fairytale-like waterfalls, lush rainforest, and exceptional diving sites.
Since the introduction of the Grenada Citizenship by Investment Program in 2013, Grenada has seen a tremendous boost in its real estate market. Indeed, it is a fantastic opportunity to set up a second home for individuals looking for a second citizenship, wealthy investors, celebrities, families seeking a holiday house, or retirees.
Grenada real estate listings show that the market is very diverse. You will find a wide range of property options to choose from including luxury villas and modern apartments to historical plantation homes. Some of the best places to buy property are the capital city St George’s, Carriacou, Grand Anse, and Lance aux Epines.
How to buy Grenada property?
If you wish to purchase Grenada island real estate two options are available:
Apply for the Alien Landholding License: All foreigners have to get the Alien Landholding License if they want to buy property in the island. The Alien Landholding License amounts to 10% of the property price.
Apply for the Grenada Citizenship by Investment Program: Thanks to the Grenada Citizenship by Investment Program, you can purchase Grenada pre-approved real estate and get the Grenada passport.
- Option 1: Make an independent investment in pre-approved real estate at a minimum value of $350,000.
- Option 2: Make a joint investment in pre-approved tourism accommodation, at a minimum value of $220,000 per investor.
Condition of investment: The respective investment, be them commercial properties or second residences, must be held for at least five years if the buyer wishes to become an economic citizen of Grenada.
What are the prices of property in Grenada?
Depending on the type of property you wish to purchase, the prices of property for sale in Grenada vary from $160,000 to $7,000,000 on average.
You will find plenty of real estate options in Grenada such as luxury villas, shares in resorts, bungalows, beautiful family homes, colonial houses, and brand new apartments. You can find real estate services is all the six parishes in which the island is divided: St George, St John, St Mark, St Patrick, St Andrew and St David.
A guide to buying property in Grenada
Requirements for non-nationals
- Look for property and make an offer once you find the right one.
- After your offer has been accepted, the seller’s lawyer will write a sales agreement.
- Pay a deposit of 10% which will be held in escrow.
- Your lawyer will finalize the paperwork for the property transfer
- Make the property’s final payment
- Pay all required taxes and fees.
Buying property in Grenada transaction costs
Below you will find the transaction costs according to the property value:
- Alien Landholding License = 10%
- Legal fees = 1.00%-2.00%
- Stamp duty = 1.00%
- Property Transfer Tax = 10%
Is it worth getting real estate in Grenada?
If you are looking to invest, retire, or simply buy a second home, acquiring property in Grenada is absolutely worth it. The island is astonishingly beautiful, and it also has a booming real estate market with various property options for a wide range of prices. All in all, Grenada investment opportunities are plentiful, and turning in a profit is a real possibility. Just check the real estate listings and the agencies offering property management services.
Buying pre-approved properties also gives you the lifetime opportunity to get a Grenada passport for you and your entire family. As a Grenada citizen, you will benefit from great tax exemptions – there are no capital gains, inheritance tax, income tax, or wealth tax on worldwide income or assets in Grenada – and enjoy visa-free travel to more than 140 countries in the world. The Grenada passport is ranked 76th in the Passport Index.
Frequently Asked Questions about buying Grenada real estate
As a foreigner can I buy real estate in Grenada?
Yes, as a foreigner you can buy land or buildings in Grenada if you apply for the Alien Landholding License which amounts to 10% of the property value.
How can I get the Grenada passport?
You can get the Grenada passport via the Grenada Citizenship by Investment Program. If you make an investment in the country’s National Transformation Fund, or in pre-approved real estate, you can get Grenada citizenship.
What are the best places to buy property in Grenada?
Some of the best places to buy property in Grenada are St George’s, Carriacou, Grand Anse, and Lance aux Epines.
What kind of sale houses I can find in Grenada?
There are many types of property for sale in Grenada. You can find historical plantation homes, modern apartments, villas, bungalows, family homes with swimming pools, as well as shares in tourism accommodations.