Studio Residence, South Coast Beachfront Condos, Grenada

A studio in a beachfront condominium scheme on Grenada's south coast, sold freehold and still under construction — the images are the developer's renderings, not photographs of a finished residence. It is bought almost entirely for Grenada's citizenship-by-investment route: the price clears the US$350,000 approved-project minimum with roughly US$10,000 to spare. That suits a single applicant who wants a real asset rather than a donation receipt. If you are picturing somewhere to spend months, this is a hotel room you happen to own, and I would rather you heard that now.

What you actually own

Grenada's Condominium Act makes a unit and its common interest real property, separately conveyable, mortgageable and registrable as its own title in the Deeds and Land Registry. You hold the common property as a tenant in common, and the two cannot be separated. The registered declaration must state, in percentages, each unit's share of common expenses — that percentage is your service charge formula for as long as you own it. The declaration may also restrict leases, sales and gifts, which can quietly undercut both rental income and your exit. Before you pay anything beyond a refundable reservation I want the registered declaration, this unit's expense percentage, any letting or resale restriction, and written confirmation that completion delivers a separate registrable title rather than a share or a right of use.

What it costs to hold

Transfer tax is the largest closing item and it moves. A non-citizen purchaser pays 10% of market value; where Cabinet has declared a development an approved tourism development, a first transfer is 5% from the vendor and 5% from the non-citizen purchaser. Ask in writing whether this project holds that declaration. Citizenship costs sit on top: a US$50,000 government contribution for a main applicant with up to three dependants, US$25,000 per additional dependant, plus due diligence and processing fees — realistically a US$410,000-plus exercise before professional fees. Annually the unit is assessed as its own property; the standing schedule taxes residential land at 0.1% and residential buildings at 0.15%, hotel-class land at 0.3% and buildings at 0.02%, classified by use. I will not quote a service charge before I have seen the budget and your percentage.

This property qualifies for the Grenada Citizenship by Investment program.