Those who buy a house in Cape Verde can obtain permanent residence

Those who buy a house in Cape Verde can obtain permanent residence

On 24 January 2018, the Cape Verdean parliament approved the granting of permanent residence permits (Green Card) to foreign citizens who purchase a second home in the archipelago.

The proposed law creating a differentiated status for second residence holders in Cape Verde was approved by 40 votes – 38 by the Democracy Movement (MpD, majority) and two by the third party of Cape Verde (UCID) – and 22 against, the Cape Verde African Independence Party (PAICV).

The proposal provides for the issuance of a green card for foreign citizens investing in tourist properties of over 80 thousand euros in municipalities with a gross domestic product per capita (GDP) lower than the national average and 120 thousand euros in municipalities with GDP above national average. The permanent residence permit will be indefinitely and its holders will have priority services in the services of the “Direcção de Estrangeiros e Fronteiras” (DEF).

The green card is extended to the spouse and to the under 14s who are responsible for the holder. The bill also provides for exemption from the property tax (IUP) for the buildings concerned and a reduction of 50% over the next ten years. Retirees with income outside of Cape Verde also benefit from tax exemptions.

The idea is to promote the construction sector and the promotion of employment, with the aim of putting Cape Verde in the investment map in the area of ​​real estate tourism.

Source: Dinheiro Vivo

Other interesting news

Number of Visitors Increased in Cape Verde

The number of visitors in Cape Verde increased 6.8% in the third quarter of this year and overnight stays 1.9% over the same period of 2018, according to the National Statistics Institute (INE). According to Tourism Statistics - Guest Turnover data for the third quarter 2019, the United Kingdom remains the leading source of tourists [...]

National Morna Day

Last year, December 3 was the National Day of Morna, celebrated with various cultural activities with concerts throughout the country. This date is celebrated for the second time in honor of the composer and musician B.Leza, born on that day. According to the Ministry of Culture and Creative Industries, the initiative aims to celebrate morna [...]

Museum of the castaways – First in Boavista, Cape Verde

The first Cape Verdean History and Art Museum in Boa Vista. The castaways Museum was founded and developed by the Shipwreck DOS Association. After three years of hard work for an entire family, one of Cape Verde most beautiful museums opened in Boavista in the city of Sal Rei on November 17.Extraordinary work that must [...]

The establishment of a small cruise ship line in Boa Vista or Sal

On Friday October 25 the chairman of the board of directors for Enapor- Portos de Cabo Verde, Jorge Maurício stressed that there is a possibility that a small cruise ship company may establish a base port in Boa Vista or Sal.  He also indicated that tourists who come to Cape Verde can use this as [...]

Cape Verde to become new travel hub linking four continents

Cape Verde’s position in the eastern Atlantic Ocean makes it an ideal location for connecting flights between North and South America, Africa, and Europe. Cabo Verde Airlines has a number of flights from Sal island to destinations on each of these continents, all within eight hour of flight time. The airline was recently acquired by [...]

New Alcohol Law – IGAE clarifications

A new alcohol law took effect last Friday, October 4, but much of the public are in doubt or confused with the applicability of the new law. Of the many questions raised, what stands out is, if it would be prohibited to sell alcohol in bars, restaurants, grocery stores and bars with tables outside on [...]