CAPE VERDE | Essential Guide | Buying Property in Cape Verde

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Buying Property in Cape Verde | Essential Guide | Cape Verde

Can foreign nationals own property in Cape Verde?

Yes, foreign nationals are free to purchase property in Cape Verde. The Islands positively welcome foreign investment as a means to create a sustainable growing economy through job creation and resulting capital revenues.

Cape Verde welcomes private foreign investment as a way to create a sustainable growing economy through job creation and capital investment and thereafter through the collection of tax revenues.

Why should I choose Cape Verde?

Because today Cape Verde is one of the top investment hotspots of the world, it is currently undergoing huge development in its tourist infrastructure.

Property prices are currently very low and are sure to appreciate as Cape Verde begins to establish itself as a top international holiday destination with direct flights from the UK started in 2006.

The 'Lei de Investimento Externo' ('External Investment Law'), introduced in 1993 includes a 5-year initial tax holiday to foreigners purchasing property in Cape Verde, and a subsequent tax reduction of 50% on corporate tax (currently 30%) for the following 10 years. These incentives can be extended indefinitely, so long as adequate re-investment is made.

If you invest in tourism, an exemption is also granted on import duties for materials necessary for construction and installation of projects. All net revenues are guaranteed full transference out of Cape Verde and foreign currency bank accounts are widely available.

What is the economic and political situation?

Currently on the brink of an economic boom, Cape Verde is investing heavily in tourism, creating a perfect environment for profitable returns on investment within this emerging market. A healthy tourist industry is regarded as the main driving force for economic development and investment potential.

According to the United Nations Development Programme, in 2003 and 2004, Cape Verde was a middle-income country, with the fourth highest Human Development Index (which takes into account various factors, such as GDP per capita, life expectancy, adult literacy, education etc.) of all African nations behind only the Seychelles, Mauritius and Tunisia.

The National Development Plan (NDP) in areas such as transportation (air, maritime, inter-island and road) as well as communication, banking, health, electricity, water, sanitation provision and professional training are being developed and these further increase investor confidence in Cape Verde and boost economic growth.

Cape Verde continues to be one of Africa's most stable democratic governments.
Cape Verde supports macroeconomic and reform policies recommended by the IMF and the World Bank. Policies are in place to control public spending, reduce domestic debt, privatize companies and improve social services. All political parties are determined to attract foreign private investment, particularly to the development of the tourism sector.

How do we travel to Cape Verde?

The easiest way to get to Cape Verde is via Lisbon airport in Portugal and then directly to Sal or Santiago. There are many airlines now offering daily flights to Lisbon not only via the major airports but also through many of the smaller “local” airports.

Travel to the other islands can then be via daily flights or ferry.

November 2006 will see direct flights from UK airports initially starting from Birmingham. In addition, there will be an 'Open Skies' policy allowing other airlines to fly to Cape Verde and forcing lower air fares through competition.

With the opening of the new international airport in the Capital Praia, on the largest island of Santiago, Cape Verde is experiencing the dawn of a bright future in tourism for the Islands.

What is the direct flying time from UK to Cape Verde?

Cape Verde is approximately 5 ˝ hours flight from the UK and investors will be taking full advantage of the new direct flights became available from the UK in November 2006.

Is a visa required to enter Cape Verde?

Most visitors to Cape Verde require a visa. The process is very simple and you will require: ç

valid passport
2 x photographs
copy of the reservation of a return flight
copy of the reservation of accommodation

Visas are valid for 180 days after the date of issue and can be granted for a maximum stay of 90 days. Applicants are able to apply for either a single or multiple entry visa. Although fees do fluctuate slightly from time to time, the cost of a single entry visa is approximately 40€, while those requiring a multiple entry visa will be charged approximately 75€.

Application forms can be obtained through Cape Verdean Embassies or Consulates and, once completed and returned, a visa will normally be issued within 24 hours. Travellers from countries in which there is no Cape Verdean Embassy can obtain visas via a reputable Visa Agency or may apply for a visa upon arrival at Sal Airport

You will not require a visa if you are:

nationals of ECOWAS countries (Economic Countries of West African States), Angola and South Africa.
former nationals of Cape Verde, their spouses and children.
those continuing their journey to a third destination and who, upon arrival in Cape Verde, will not be leaving the airport.