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.
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 ½
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:
- 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.