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

Visa exemption for entry into Cape Verde

Visa exemption for entry into Cape Verde As of 1 January 2019, the list of countries exempted from requiring a tourist visa to enter Cape Verde has been extended to include most European countries. Visitors traveling from countries belonging to the European Union (including the UK) plus Switzerland, Norway, Iceland and Lichtenstein will no longer [...]

Charles Darwin in Cape Verde

Charles Darwin in Cape Verde Charles Darwin is best known for his theories about natural selection and the evolution of species and his trip to the Galapagos Islands, but what many may not know is that Darwin was also a geologist and visited Santiago (which he then called St. Jogo)  in Cape Verde on January [...]

Kite Downwind on the Cape Verde Islands

Kite Downwind on the Cape Verde Islands A no-profit project like no other! The kite Downwind was created 4 years ago with the idea and motivation to raise funds for a kindergarten here on the island of Boa Vista. Each participant paid a "registration fee" for the participation and what was left at the end [...]

Praia D’Cruz festival 2018 was a success

Praia D'Cruz festival 2018 was a success Also this year the Praia D'Cruz festival of Boavista, now in its 29th edition, ended a two days of music and entertainment on the beautiful Cruz beach in Sal-Rei, Cape Verde. Although the festival has always been free for many years, this year it was decided to charge [...]

Cape Verde is the new Caribbean

Cape Verde is the new Caribbean It is said that Cape Verde is the new Caribbean, a fashion destination with its mild temperatures and 350 days of sunshine a year. Now it turns out that wants to become like the next Canary Islands, with wonderful beaches as a refuge for sun-hungry tourists even in the [...]

Santa Monica among the 25 most world beautiful beaches according to Tripadvisor

Santa Monica is in the 25 Tripadvisor world beaches ranking The beach of Santa Monica is among the 25 most beautiful beaches in the Tripadvisor ranking. The famous beach of Boavista, 21km long, visited by tens of thousands of tourists every year, is the perfect destination for excursions in the wild nature of Cape Verde. [...]