GeoCaboVerde

Why Investing in Cape Verde:

PROPERTY INVESTMENT
Cape Verde: invest in an island of treasures... Situated 500 km from the Senegalese coast, Cape Verde is only 5 hours flight from Europe and is considered one of the last remaining unspoilt corners of the world. The islands have become one of the most sought-after places because of their tropical climate, their rich sea life and their endlessly long white sandy beaches.

PROPERTY RIGHTS
If you’re thinking of buying property in Cape Verde, you can be sure that your investment is safe and well protected. Following the free elections in 1991, Cape Verde became a multi-party Presidential Democratic Republic. The first government introduced political reforms and freed up several sectors of the economy in order to stimulate foreign investment and private initiatives. On 29 December 1997 Italy approved law no. 527, which has since been extended to cover all EU citizens. It sealed an agreement between the Italian government and the government of the Republic of Cape Verde covering the promotion and protection of investments. This law guarantees EU citizens all rights to property in the Republic of Cape Verde.

TAXES AND NOTARY FEES
Taxes and fees payable in Cape Verde are as follows. Taxes payable on the part of the buyer: a) The final contract and land registry taxes, payable on signing, are set at 2.4% of the value of the property; b) The SISA property tax, set at 3% of the value of the property, payable on signing the final contract; c) The SISA property tax is paid at the time of signing the final contract; from the second year onwards, a property tax is paid equal to 0.5 % of the value of the property.

LEGISLATION
Law number 19/V/96 approved on 30 December 1996 in Praia lays down the conditions governing permanent residency for retired foreign citizens intending to live in Cape Verde. As such, EU citizens are not liable for taxation within Europe on their European pensions and are eligible for other benefits in Cape Verde. The following conditions apply: 1.Applicants must be able to demonstrate that their monthly incomes, or joint monthly incomes with spouse, amount to at least 130,000 escudos (Euro 1,179.00) 2.Applicants must be in full possession of their faculties. 3.Applicants must not have served a prison sentence of more that two years. 4.Applicants must respect the laws and customs of the country. 5.Applicants must be able to demonstrate that they have the finances required to set up life in Cape Verde. 6.Applicants must agree to pay all medical expenses in the case of illness (or must have private health insurance). 7.Authorisation for permanent residency can be extended to cover spouses and all dependants under the age of 18. Rights and exemptions of permanent residents: 1.Permanent residents have the right to import their own vehicles, furniture and personal possessions and are exempt from all import taxes and customs charges. 2.Permanent residents are exempt from the SISA property tax when buying houses in which they themselves intend to live.


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		Why Investing in Cape Verde: PROPERTY INVESTMENT Cape Verde: invest in an island of treasures... Situated 500 km from the Senegalese coast, Cape Verde is only 5 hours flight from Europe and is considered one of the last remaining unspoilt corners of the world. The islands have become one of the most sought-after places because of their tropical climate, their rich sea life and their endlessly long white sandy beaches. PROPERTY RIGHTS If you’re thinking of buying property in Cape Verde, you can be sure that your investment is safe and well protected. Following the free elections in 1991, Cape Verde became a multi-party Presidential Democratic Republic. The first government introduced political reforms and freed up several sectors of the economy in order to stimulate foreign investment and private initiatives. On 29 December 1997 Italy approved law no. 527, which has since been extended to cover all EU citizens. It sealed an agreement between the Italian government and the government of the Republic of Cape Verde covering the promotion and protection of investments. This law guarantees EU citizens all rights to property in the Republic of Cape Verde. TAXES AND NOTARY FEES Taxes and fees payable in Cape Verde are as follows. Taxes payable on the part of the buyer: a) The final contract and land registry taxes, payable on signing, are set at 2.4% of the value of the property; b) The SISA property tax, set at 3% of the value of the property, payable on signing the final contract; c) The SISA property tax is paid at the time of signing the final contract; from the second year onwards, a property tax is paid equal to 0.5 % of the value of the property. LEGISLATION Law number 19/V/96 approved on 30 December 1996 in Praia lays down the conditions governing permanent residency for retired foreign citizens intending to live in Cape Verde. As such, EU citizens are not liable for taxation within Europe on their European pensions and are eligible for other benefits in Cape Verde. The following conditions apply: 1.Applicants must be able to demonstrate that their monthly incomes, or joint monthly incomes with spouse, amount to at least 130,000 escudos (Euro 1,179.00) 2.Applicants must be in full possession of their faculties. 3.Applicants must not have served a prison sentence of more that two years. 4.Applicants must respect the laws and customs of the country. 5.Applicants must be able to demonstrate that they have the finances required to set up life in Cape Verde. 6.Applicants must agree to pay all medical expenses in the case of illness (or must have private health insurance). 7.Authorisation for permanent residency can be extended to cover spouses and all dependants under the age of 18. Rights and exemptions of permanent residents: 1.Permanent residents have the right to import their own vehicles, furniture and personal possessions and are exempt from all import taxes and customs charges. 2.Permanent residents are exempt from the SISA property tax when buying houses in which they themselves intend to live.