We reported that the McLaren driver's $35m deal to buy a luxury beachside hotel development on the Caribbean island was being probed, following a change of government.
But Grenada tourism minister Peter David says the review showed the deal to be "completely legitimate", according to the news agency Associated Press.
"The attorney general has reviewed the contractual deal ... and has found no case of impropriety on the part of the Lewis Hamilton team," he said.
David added: "To suggest any underhanded dealing by the purchaser or his agents is not only unfortunate, but incorrect."
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