There are no restrictions on the purchase of real estate in St Vincent & the Grenadines. Prior to purchasing a property in the Grenadines (except for Canouan and Mustique), non-nationals are required to apply for an Alien Land Holding License (ALHL).
This is a relatively short and straightforward document setting out the agreed terms of the transaction between the Buyer and the Seller. It is prepared by the Conveyance Lawyer for the transaction. Buyers pay a deposit of 10% (into an escrow account) upon entering a Purchase Agreement (contract) and the balance of the payment is made once the Alien Land Holding License has been awarded.
The conveyance lawyer is retained by the Buyer. Services include drafting the agreement between parties, secure the ALHL, search and provide clear title and register the deed. Typically only one lawyer is used for simple transactions.
Alien Land Holding Licence
All foreigners are required to apply to the Government for an Alien Land Holding Licence (ALHL) in order to own property in St. Vincent & the Grenadines. This application is made by the Conveyance Lawyer on the Buyer’s behalf and involves providing standard personal details and references.
Time to Complete
Once you decide on your dream property, a Purchase Agreement can be executed in just a couple of weeks. The ALHL process normally takes up to 3 months and closing process of registering the deed and funds transfer will take 1 – 2 weeks. All together, the process can be completed in about 4 months if parties are willing.
Closing cost is approximately 16% of the sales price. It includes: all fees associated with obtaining the ALHL, Legal Fees and Stamp Duty of 5%
The country is known for its friendly and helpful business ethos. The Government pursues a policy of encouragement of inward foreign investment. Mortgage funding is available via several local banks.