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Cape Verde Property Buying Process
Cape Verde property law is based on the Portuguese juridical system, but few modifications have been made since Cape Verde gained independence. As the tourism is the main income source, the government
made a lot of improvement in that sector also encouraging the foreign investment, fact which attracted hoards of property investors.
The 1993 "Lei de Investimento Externo"(external investment law) encourages investment and development by offering a five year initial tax exemption and a subsequent tax reduction by 50% on corporate tax (currently 30%) for the following 10 years to non-resident investors.
In order to own a property in Cape Verde one must have a personal fiscal number which can be obtained from a local tax office or by opening a bank account which should automatically grant you the fiscal number.
Once a suitable property has been found and after agreed upon the price with the vendor,
a preliminary contract must be signed in front of a notary and a non refundable deposit must be paid in case the buyer changes his mind about buying the property. This document also binds the vendor as well.
Before starting any buying process, you should hire a lawyer. His duty is to check ownership, as some land disputes are taking place in Cape Verde, also must check if any charges are registered upon the property or any restrictions on title. He must obtain a certificate which must prove the property is not registered in someone else's name and that the vendor has the right to sell and a license of use, which proves that the property is approved for the purpose of its original design.
If the property is new and had never been sold or used, a tax certificate is not required, but the developer will issue a temporary one.
In order to close the sale, the final contract has to be signed in front of a notary from Cape Verde and the buyer has to pay the rest of the money. The transfer of the property
has to be done.
Transfer tax is 3% of the purchase price.
Property capital gain is payable only if a the time of reselling the property value exceeds a 30% increase of
the value at which it was initially purchased.
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Villa Prices
The property prices in Cape Verde are relatively low From 40,000 Euros for a studio flat,
from 60,000 Euros for an apartment and from 150,000 Euros for a villa.
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Real Estate Agents
Albabella Imobibiliária
Morada: Santa Maria-Stª Maria-CABO VERDE
Telefone: 242 13 93
Bovita Imobiliária, Lda
Morada: Sal Rei-CABO VERDE
Telefone: 251 18 73
Arquipélago, Lda
Morada: Rua 3 Agosto-Preguiça-Espargos-CABO VERDE
Telefone: 241 30 58
Fax: 241 30 58
Fagenu Imobiliária, Lda
Morada: Madeiralzinho-Mindelo-CABO VERDE
Telefone: 230 04 60
Gabriel Imobiliária, Lda
Morada: Rua Salina-Santa Maria-Stª Maria-CABO VERDE
Telefone: 242 15 20
Nome: Lembedje Imobiliária, Lda
Morada: Santa Maria-Stª Maria-CABO VERDE
Telefone: 242 18 85
Nome: MASA - Imobiliária e Rep., Sociedade Unipessoal, Lda
Morada: Várzea-Praia-CABO VERDE
Telefone: 261 86 56
Nome: SIC, Lda - Sociedade Imobiliária de Cabo Verde
Morada: Achada Santo António-Praia-CABO VERDE
Telefone: 262 37 60
Fax: 262 37 61
Socimobil, Lda
Morada: Eng Spencer R Angola-Mindelo-CABO VERDE
Telefone: 231 32 80
Fax: 231 85 54
Sociedade Capital Manages, Lda
Morada: Tira-Chapéu-Praia-CABO VERDE
Telefone: 262 86 13
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