Taxes in Grenada

2023-05-23
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Grenada is an attractive option for individuals and corporations looking for a tax-efficient location. Grenada has a number of advantages over other countries. For example, it has no taxes on capital gains, inheritance or wealth.

Grenada also provides incentives, loan programs and attractive tax rates, making this country a desirable choice for wealthy individuals and corporations.

One of the unique features of Grenada is that even tax residents are only taxed on income earned within the country. This means that if you plan to retire or retain most of your business interests outside Grenada, your tax bill could be significantly lower.

Although Grenada is considered a tax haven, there are still some taxes that individuals and corporations must pay.

Taxes for Individuals

In Grenada, residents and non-residents pay tax only on income earned in the country, including income from employment, business and rental property.
The tax rate depends on income and is the same for everyone. Income tax rates for non-residents: 10% up to EC$24,000 and 30% above EC$24,000. For residents: 10% up to EC$60,000 and 28% above this amount.

There is no tax on dividends, royalties and interest, unless the dividends are received from a source in Grenada and the payer is not a tax resident – tax rate 15%.

Social security contributions on wages are paid by residents and non-residents and the tax rate is 5%.

Taxes for Legal Entities

Legal entities in Grenada pay an income tax rate of 28%. The tax is levied on the company's profits.

Value added tax (VAT) replaced the general consumption tax.
The standard rate is 15%. A higher rate of 20% applies to certain telecommunications supplies, and a 10% rate applies within the tourism sector.

All legal entities, both residents and non-residents, pay a social contribution of 4% of wages.

Property Tax

Property tax is a charge the government places on immovable property. The tax is levied ad valorem, i.e. each property is assessed at market value and a taxable rate is applied based on the land use classification.

Valuation takes the following into account: location, land prices in the area, development potential, condition of building, type of land, size of land and other relevant factors.
Property taxes are between 0% and 0.15% of the property price.

Grenada has tax agreements with 13 countries, and is a member of the Organisation for Economic Co-operation and Development (OECD) and the Commonwealth.

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