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

Cape Verde – improvements in telecommunications and healthcare

Cape Verde to break investment barriers through improvements in telecommunications and healthcare Cape Verde’s Minister of Finance Olavo Correia met with important investors to discuss the country’s potential for growth. Poverty and a lower capacity for innovation were identified as barriers to economic growth however, Cape Verde is poised to make important changes that can [...]

Cabo Verde – melhorias nas telecomunicações e cuidados de saúde

Cabo Verde para quebrar barreiras ao investimento através de melhorias nas telecomunicações e cuidados de saúde O ministro das Finanças de Cabo Verde, Olavo Correia, reuniu-se com importantes investidores para discutir o potencial de crescimento do país. A pobreza e uma menor capacidade de inovação foram identificadas como barreiras ao crescimento econômico, no entanto, Cabo [...]

German TUI Group to build four star resort in Boa Vista

Within 30 months the island of Boa Vista will receive a 575 room hotel from the German TUI group. The hotel construction will cost 78.4 million euro, representing one of the largest investments of its kind in Cape Verde. The extensive resort will be located directly on Praia de Chaves, just outside of the capital [...]

Goat Cheese from Boa Vista Island

From the archipelago’s discovery, Boa Vista Island was used to raise livestock, especially goats, whose meat and skins supplied ships transporting slaves to Brazil and were products of trade with Europe. The island had no agricultural production other than cotton. The corn and beans for the sustenance of the population came from Santiago. To improve [...]

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 [...]

Cape Verde Inter-Island Maritime Travel

The new company that manages the public service concession is led by the Portuguese company Transinsular, and will also provide ships to secure connections between Cape Verde islands. The public service concession came into force last months under the new maritime transport model. According to the schedule, Cape Verde Fast Ferry “Liberdadi” will make three [...]