A Guide to Buying Property in Grenada for Foreign Buyers
A gem of the southern Caribbean, Grenada is breathtakingly beautiful, friendly and serene with an emerging property market ideal for second home buyers and retirees.
If you are currently considering investing in real estate in Grenada but you are wondering “where are the best places to buy property in Grenada?” or “how do I go about owning property in Grenada as a foreign buyer” then this guide is for you.
Our guide takes you through the process of buying property in Grenada from beginning to end, including an introduction to the real estate market, the buying process and the taxes you will need to be aware of.
Overview – The Grenada Real Estate Market
Known as the “Isle of Spice” because of the nutmeg, cinnamon, and cocoa produced on the island, Grenada is lush and green, with verdant rainforests, spectacular waterfalls, and more than 45 beautiful beaches. The waters surrounding Grenada and sister islands Carriacou and Petite Martinique are equally spectacular, offering some of the best diving sites in the world and the world’s first underwater sculpture park. Capitalizing on the allure of the turquoise sea and its proximity to the Grenadines, including the Tobago Cays and Bequia, Grenada is emerging as an international yachting hub, with its own superyacht marina. The southern Caribbean island also retains unspoiled tranquility and natural friendliness that has been lost elsewhere, all of which adds to the appeal of the Grenada real estate market.
Real estate for sale in Grenada includes properties with docks that are ideal for yachting enthusiasts. Beachfront homes and historic plantations houses are also available for sale. Property prices are, for the time being, typically lower than other Caribbean islands with a more established market.
Having followed the lead of nearby St Kitts & Nevis and Antigua & Barbuda in launching a Citizenship by Investment Program, the Grenada real estate market is expected to develop rapidly. Grenada real estate prices are consequently expected to gradually rise.
Buying Property in Grenada
Can a foreign national buy property in Grenada?
Foreign buyers can acquire real estate in Grenada but require an Alien Landholding License.
Can foreigners buy property in Grenada?
Yes, foreigners can buy property in Grenada and the Government of Grenada welcomes investment from overseas buyers. There are no restrictions on foreign buyers acquiring real estate in Grenada and foreign buyers enjoy the same rights as Grenadian citizens. In order to purchase real estate in Grenada, foreign buyers need to apply for an Alien Land Holding Licence (ALHL) which has a fee of 10% of the purchase price and takes 1 to 6 months for approval. Alternatively, purchasing property in an approved real estate project may qualify the buyer for full citizenship of Grenada through the Grenada Citizenship by Investment Programme.
Buying property in Grenada is a relatively simple process, which typically involves the following steps:
- Begin your property search.
- Find your perfect property and make an offer.
- Once you have made an offer in writing which has been accepted, the seller’s lawyer will prepare a sale agreement.
- You will need to pay a 10% deposit which will be held in escrow by the seller’s lawyer.
- Your lawyer will then conduct a title search and due diligence and make the final payment to complete.
- Pay all required taxes and fees.
Buyers are required to pay Stamp Duty of 1% of the purchase price of the property. Some developers have negotiated concessions from the government of Grenada which have significantly cut the total paid in property taxes and fees.
Non-citizen property sellers are required to pay a Land Transfer Tax of 15% of the purchase price of the property to the Government of Grenada.
Buyers are typically required to pay legal fees of 2% of the purchase price of the property.
There is also an annual property tax of 0.3% of the property value or 0.2% of the land value.
Search Grenada Real Estate Listings
As specialists in luxury Caribbean property, we can introduce you to a wide selection of the finest residential property in Grenada.
Homes for Sale & Condos for Sale
Land for Sale
You can also browse undeveloped land. Purchasing a lot of land provides you with a blank canvas and the opportunity to build your dream home in Grenada.
Whether you are looking for beachfront land or a centrally located lot, we’re here to help you find the perfect lot of land for sale in Grenada.
For larger parcels of land for commercial development, please see our commercial real estate listings.
Hotels for Sale
Searching for hotels for sale in Grenada? Browse hotels, B&Bs and guests houses right here.
Finding the Perfect Property for Sale in Grenada
Discover the most sought after real estate investment opportunities and benefit from unrivaled insight into the market.
To find your perfect property in Grenada, search our Grenada real estate listings.
Best Places to Buy Property in Grenada
Discover Carriacou – Read our guide to buying property in Carriacou.
Discover Fort Jeudy – Read our guide to buying property in Fort Jeudy.
Discover Grand Anse – Read our guide to buying property in Grand Anse.
Lance aux Epines
Discover Lance aux Epines – Read our guide to buying property in Lance aux Epines.
Discover Levera – Read our guide to buying property in Levera.
Discover Westerhall Point – Read our guide to buying property in Westerhall Point.
How long can a foreign citizen stay in Grenada?
Citizens of the USA, Canada, UK, and member countries of the Commonwealth and CARICOM are permitted to remain in Grenada on holiday without a visa for up to 3 months.
How do I become a resident of Grenada?
Individuals looking to stay longer than 3 months in Grenada can apply for an extension.
Individuals who have lived in Grenada for 2 years lawfully can apply for permanent residency.
How do I become a citizen of Grenada?
Individuals who have resided in Grenada for 7 years (including 2 years as a permanent resident) can apply for citizenship by naturalization.
In addition, Grenada operates a Citizenship by Investment Programme which offers qualified investors the opportunity to obtain full citizenship of Grenada in exchange for a significant contribution to the nation’s finances, either through a financial contribution to a government fund or via investment in an approved real estate project.
Read more: Grenada Citizenship by Investment.
Mortgages in Grenada
Looking for financing to fund the purchase of property in the Caribbean?
Contrary to popular misconception, it is possible for foreign nationals looking to invest in Grenada real estate to apply for a mortgage.
Our partner – a very well respected international financial organization – offers mortgages for qualifying non-residents buying, building or improving a second home in Grenada.
For more information, see our page on: Caribbean mortgages.
Sending Money to Grenada
You could save money when investing in Grenada real estate by using a foreign exchange expert to get the best rate for your property purchase. We have partnered with Halo Financial, a specialist in foreign exchange, to help you get the best exchange rates when making one-off or regular international payments for a property purchase in Grenada. To see how you could save money, read more: Foreign Exchange.
How to Get to Grenada
There are direct flights to Grenada from various cities in the USA, Canada and Europe.
International flights arrive at Maurice Bishop Airport on the south-western coast of Grenada near Lance Aux Epines, Grand Anse and St Georges.
From Europe, fly with British Airways or Virgin Atlantic from London or with Condor from Frankfurt.
From North America to Grenada, fly with American Airlines from Miami, with Delta from New York or with Caribbean Airlines from Miami, New York, Orlando or Toronto.
London Gatwick to Grenada: 10 hours 20 mins
New York JFK to Grenada: 4 hours 30 mins
Miami to Grenada: 3 hours 37 mins
Toronto to Grenada: 5 hours 25 mins
To get to Carriacou take a short connecting flight from Grenada which takes 20 minutes.