Real Estate is selling in Cape Verde
Real Estate is selling in Cape Verde

Real Estate is selling in Cape Verde

Real Estate is selling in Cape Verde: About half of the 42,000 population lives on the largest island in Santiago, home to the capital Priya. Nevertheless, tourism is largely centered on Sal Island, which has the only international airport in the country capable of receiving charter flights from Europe. New and larger international airports are set to be opened in Santiago, San Vicente, and Boa Vista.

Just know About Real Estate is selling in Cape Verde:

Taxes and costs

Income tax is moderate in Cape Verde

Rental Income: Rental income earned by non-residents from leasing Cape Verde property is subject to a 20% final withholding tax.

Capital Gain: Capital gains earned by non-residents are taxed at the same rate of 10%.

Inheritance: Any property remitted by inheritance or gift is taxed at a uniform rate of 1.50%.

Resident: Residents are taxed at progressive rates up to 35% of their income from Cape Verde.

Buying Guide

Total transaction costs are higher in Cape Verde

The total roundtrip transaction cost, i.e. the cost of buying and selling assets, is about 13.5%. The seller pays 5% of the real estate agent’s commission. The buyer pays all other costs: transfer tax (3%), registration fee (2.5%), and legal fees (3%).

Property buyers are advised to open two accounts, one in Escudo and the other in Euros. Escudo cannot be transferred out of the country but the euro can.

Landlord and Tenant

Cape Verde’s residential tenancy law is strongly tenant-compliant.

Rent: Landlord and tenant are free to agree on rent and payment due date.

Tenant eviction: The lease is automatically renewed at the end of the term, and the landlord can only terminate in very limited cases. He is required to file a request for eviction in court, which involves substantial delay.

Economic Development

Fastest GDP growth in seven years

According to the National Statistics Institute (INE), Cape Verde, Cape Verde grew at its fastest pace since 2011, with GDP increasing by 3.9% in 2017, manufacturing, electricity and water, housing and catering, public administration.

Between 2005 and 2007, the average per capita gross domestic product (GDP) grew by 4.1%, much higher than the average for sub-Saharan Africa. From 2002 to 2010, the number of national poverty fell from 37% to 26%, while the extreme poverty rate fell from 21% to 12%. But after the economic crisis, the pace of development slowed down.

According to BCV, the economy is expected to continue to improve in 2018 and is projected to grow from 3.5% to 4.5%.

Inflation was 1.2% in April 2018, 0.3% in April 2017 and -0.9% in April 2016. According to INE Cape Verde, unemployment in 2017 was 12.2%, up from 15% in 2016.

Citizenship by Investment in Cape Verde

The Republic of Cabo Verde is an island country spread over an archipelago of 10 volcanic islands in the Middle Atlantic Ocean. It is located 570 km off the coast of West Africa. The end of slavery underwent economic decline and migration in the 19th century, although Cape Verde was gradually reclaimed as an important commercial center and stopover for shipping routes. Incorporated as a foreign department of Portugal in 1951, the islands continued to agitate for independence, which was achieved peacefully in 1975.

It has a population of about 512,000, mostly mixed European and sub-Saharan African heritage, and mainly Roman Catholic, reflecting the legacy of Portuguese rule. A large migrant community exists worldwide, slightly exceeding the number of inhabitants of the islands.

Citizenship law

The citizenship law is primarily based on jus sanguinis, not jus soli. Therefore, birth in the region of Cape Verde does not automatically confer citizenship. In addition, Cape Verdi citizenship can be obtained by naturalization. The minimum residency condition must be met. A person should stay in the country for at least five years. 

Citizenship by Investment in Cape Verde

Cape Verde has no official citizenship by investment program, but the law allows citizenship to be granted to individuals who make a major investment in Cape Verde without the need for residency. The concrete amount to be invested is not mentioned in the law.

From our practice, we can say that 200,000 EUR is normally enough to be considered a large investment worthy of a successful citizenship application. Based on this investment, family members (wife and children) can also get citizenship. The structure of the investment may depend on your circumstances. If you are a retired person you can buy a house in Boa Vista, Sal, or Santiago and apply for citizenship.

If you are an active person, you will be expected to make an investment that generates employment for at least 10 local people.

Investment in foreign property is one such exciting prospect in Cape Verde.

White Sands Hotel & Spa is a completely new, 5-star development on the island of Boa Vista in Cape Verde. A total of 835 luxurious properties spread across 16 different categories will be made available to meet the increasing demand for luxury holiday accommodation on the island.

If you are looking for a fantastic overseas property investment opportunity that will provide fixed returns, capital growth, portfolio-strong security, as well as all lifestyle benefits that are a key piece of Sunny Real Estate – White the Sands Hotel & Spa is where you will find it.

Investing with our 5/6/7% offer could not be easier.

The proposal means that investors enjoy a fixed return for 3 years from opening the resort; It is set at 5% in Year 1, 4% in Year 2, and 7% in Year 3. Subsequently, investors will receive a continuous ongoing return generated by the Hotel Managed Program, supported by a thriving tourism market and guaranteed contracts.

This is in addition to the minimum capital growth estimate of 5% per annum. And up to 5 weeks of personal use.

The situation can hardly be better. With so many investment options at White Sands Hotel & Spa, you will be able to make your ideal investment.

Available properties include a variety of opulent suites that come with their hot tubs, whirlpool baths, and swim-up pools.

Then there are the large penthouses and duplex-style suites, which offer stunning views from the balcony – perfect for watching the spectacular Cape Verdian sunset. Alternatively, there is a selection of exclusive villas with private gardens and a plunge pool for even more luxury.

Each property available at White Sands Hotel & Spa presents a first-class investment opportunity in itself but combined with all the extra luxury amenities you’d expect at a 5-star resort, from potential property investment, not less.

The resort itself is divided into adult and family-friendly areas only, and you can choose to invest in any section to suit your specific needs. A total of six restaurants will feature the full White Sands Hotel & Spa – four themed, fine dining experiences, as well as two large buffet-style eateries. 

Six resort swimming pools, complete with swim-up bars, will also feature – don’t get out of the water to enjoy tropical cocktails or an ice-cold beer while they’re on vacation. And with tennis courts, beach ball courts, a water sports center, fitness center, children’s facilities, and the vibrant YHI Spa all experiencing it, White Sands Hotel & Spa becomes the very definition of luxury in its finest form.

Our strategic partnerships include Melia Hotels International, the world’s largest operator of resort hotels. We have hotel and resort management agreements with Melia Hotel International to operate parts of our three-year island resorts – Melia Dunas Beach Resort & Spa, Melia Tortuga Beach Resort, and Melia Lallana Beach Resort & Spa – plus our first The development is Boa Vista, White Sands Hotel & Spa.

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