Closing Costs & Fees When Buying Property in SVG

Stamp duty, deed and mortgage preparation, registration fees, and annual property tax — what it really costs to close on a property in St. Vincent & the Grenadines.

Beyond the purchase price, every property transaction in St. Vincent & the Grenadines carries closing costs. This guide breaks down the costs for a cash purchase, the extra charges when you take a mortgage, and the annual property tax you will owe afterward. All amounts are in East Caribbean dollars (EC$).

Closing costs for a cash purchase

When you buy with cash (no loan), there are three main closing costs:

  1. Deed / conveyance preparation (the lawyer's fee to prepare the deed): EC$3,000 for the first EC$50,000 of the price, plus 1.5% of the excess above EC$50,000.
  2. Government stamp duty: 5% of the value assigned by the Government Valuation Department — based on the government's assigned value, not necessarily the agreed sale price.
  3. Registering the deed: divide the sale price by 1,000, round to the nearest 100, subtract 15, multiply by 2.5, then add EC$50.

Additional costs when you take a mortgage

Financing with a bank loan adds several charges on top of the cash-purchase costs. (Banks let you hire your own lawyer for the deed, but the bank's lawyer must prepare the mortgage.)

  • Mortgage document preparation: EC$3,000 for the first EC$50,000, plus 1.5% of the excess.
  • Mortgage stamp duty: 1% of the mortgage.
  • Registering the mortgage: divide the mortgage amount (the loan, not the sale price) by 1,000, round to the nearest 100, subtract 15, multiply by 2.5, then add EC$50.

Annual property tax

Once you own the property, property tax is due yearly:

  • Land only (no structure): a flat EC$10 per year.
  • Land with a structure (house or building): 0.0008 of the property's value per year (0.08%).
Example: a property valued at EC$600,000 with a house owes about EC$480 per year (0.0008 × 600,000); an empty lot owes the flat EC$10. When a property is sold, the deed is checked with the Tax Department for any outstanding property tax before closing.

A note on deposits

Under the standard sales agreement, a 10% deposit is due within 7 days and the purchase must complete within 90 days, or the deposit is forfeited. See the step-by-step buying guide for the full process, and financing & mortgages for how much a bank will lend.