Why Invest?
Cape Verde is a very up and coming destination as far as overseas property buyers are concerned. Economically the government of Cape Verde is encouraging both inward and foreign investment and has an aggressive growth strategy when it comes to tourism.
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Market Report
We forecast that the property prices in the country are also "a bargain", capital values of Cape Verde property increase annually by between 10 and 15 per cent.
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Economic Overview
Cape Verde has been on the list of the United Nations Small Island Developing States, and Least Developed Countries. In 2007 the United Nations graduated Cape Verde from the category of Least Developed Countries, only the second time this has happened to a country.
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Visa/Residency Issues
UK visitors need a visa in order to visit Cape Verde. Visas are valid for 180 days after the date of issue and can be granted for a maximum stay of 90 days. There is hearsay that Cape Verde is planning to apply for membership of the EU, which would make it a viable option for anyone considering it as a permanent new home.
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Getting to Praia
An approximate flight time to Praia from London is 6 hours.
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Fees & Taxes
- The public deed of a property in Cape Verde is subjected to notary expenses and stamp duty at the rate of 0.2% of the real estate price.
- Inheritance/Gift Tax: Any property transmitted by inheritance or by gift is taxed at a flat rate of 3% on the attributed value.
- Transfer Tax: flat rate of 3% on the attributed value to be paid before the Deed of purchase and sale.
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Cape Verde
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Basic Information
| Population |
420,979 |
| Languages |
Portuguese, Crioulo (a blend of Portuguese and West African words) |
| Area |
4,033 sq km; 1,557 sq miles |
| Currency |
Cape Verdean Escudo (CVE), pegged to the Euro. |
| Dialing Code |
+238 |
| Emergency Services |
132 |
Cape Verde Overview
Located in the Atlantic Ocean, 600km (450 miles) west-northwest of Senegal. The Cape Verde Island consists of Santo Antao, Sao Vicente, Santa Luzia, Ilheu Branco, Ilheu Raso, Sao Nicolau, Sal and Boa Vista, Maio, Sao Tiago, Fogo and Brava. The Cape Verdian Islands are not far from the main land of West-Africa, but they have a very distinct character. The people on the islands speak Portuguese and mainly live of remittances from migrated family members and fisheries. The islands have an enormous tourist potential that is not yet fully exploited. The most important island is Sao Tiago Island. The capital of the country Praia, Vila velha and the beaches around Tarrafal are the main attractions. Sao vicente is smaller but Mindelo, the capital of the island, is the liveliest city of the country.
In 2007 the United Nations graduated Cape Verde from the category of Least Developed Countries, only the second time this has happened to a country.
Average Property Prices
Coming soon.
Buying Process
- Documentation: The lawyer will obtain the following documents for you: the Certidao do Registo Predial (the land registry certificate), Planta de Localizacao (the official map showing the property's exact location), "Certidao Matricial" (the tax information certificate).
- You will probably need to give your lawyer Power of Attorney so he can represent you when the promissory contract and deed are signed and also to request the necessary tax cards on your behalf.
- Signing the Promissory Contract of Purchase and Sale - Contrato Promessa de Compra e Venda is the next step. At this stage the purchaser is normally expected to pay the deposit, which is negotiable (10% or lately 30% is common practice).
- The final Deed of Conveyance called the "Escritura" has to be signed before a notary public in Cape Verde. This is the document that gives the purchaser complete title to the Property. The signing of the deed must be scheduled with a minimum of 30 days' notice.
- The purchase will have to be registered at the local Land Registry and also the local municipal authority.
- A contract will need to be signed with the providers of services e.g. water, gas and electric. Your lawyer can arrange this if necessary.
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