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Grenada individual taxation overview

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Wealth tax

Foreign income tax

Capital gains tax

Gift tax*

Inheritance tax

Capital duty

Stamp duty

* Gifts may be subject to transfer tax (see below)

Income tax

Taxable income includes employment and business income, less allowable deductions and allowances.

Type of income Derived/sourced in Grenada Arising outside Grenada
Residents Chargeable at progressive rates, see below
Non-residents Chargeable at progressive rates, see below 0%

Income tax rates are applied as follows:

  • 10% on income up to XCD 24,000.
  • 30% on income over XCD 24,000.

Allowances and deductions

Resident personal allowance is XCD 36,000.

Other taxes

Transfer tax

5% to 15% on the transfer of real property, payable by the seller.

Non-resident buyers must obtain an alien landholding licence for 10% of the purchase price.

Property tax

0% to 0.5% depending on the type of property.

Land and buildings are taxed at separate rates, subject to exemptions.

Social security contributions

The employee must contribute 4% of their gross salary.

The employer’s portion is 5%.

Maximum amount of monthly contributions for both employee and employer is XCD 5,000 each.

VAT

VAT is charged at a rate of 15% on almost all goods and services imported to and sold in Grenada. A reduced rate 10% applies to the tourism sector; 20% VAT is charged within the telecommunications sector. Some goods and services are tax exempt.

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