Property Transfer Tax
Act No. 37/1998 is an Act to provide for the imposition of tax on the transfer of property.
Transfer of property means any transfer, whether by sale, exchange, gift or other disposition, inter vivos, whereby any property or any estate or interest in any property is legally or equitably transferred to or vested in a purchaser or any other person on his behalf or by his direction.
Alien Licence:
Alien wishing to purchase property in Grenada must apply to the Prime Minister's Office for a Licence to hold property.
Rate of Tax payable on transfer of Property:
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Citizens
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Percentage of market value
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Vendor
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5 %
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Non citizens
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Percentage of Consideration or market value
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Vendor
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15 %
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Purchaser
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10 %
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Special conditions
Where a property is transferred by way of a deed of gift, tax shall be payable on the value of such property exceeding $150,000.00.
Where a transfer does not occur through a deed of gift, the tax shall only be payable on the value exceeding $20,000.00.
Rate of Tax payable on transfer of Property other than land:
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Non citizens
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Percentage of market value
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Vendor
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10 %
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Purchaser
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10 %
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Exemptions
In accordance with Section 6 of the Act the following transfers are exempted from tax:
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Any transfer by way of deed of gift which does not exceed $150,000.
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Any transfer by the Crown or by a statutory board which is in receipt of public funds.
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Any transfer by a charitable organization or a non-profit-company registered under the Companies Act, 1994.
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Mortgage transfers, release or reconveyance regarding the purchase of the property, repair or extension to building(s) on the property.
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Transfer of property affected by operation of law to a liquidator or trustee in bankruptcy.
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Transfer from one trustee to another on a charge of trust.
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Any transfer of property in trust solely for the transferor;