Political stability (democracy) with continuing economic growth
Strong ties to Portugal, as well as investment programmes with the US, China and the United Nations
€1.5b private investment scheduled for the next 5 years
Modern, well-equipped medical facilities and services
Year-round sunshine giving it a 12-month holiday season
Expansive infrastructure being put in place for sustainable, long-term development and growth
Seen by many insiders as the “next Canary Islands” – a belief supported by Expedia.com, which voted Cape Verde as the Number 1 tourist destination for 2007
Buying in Cape Verde
First and foremost, property in Cape Verde is available on a Freehold rather than Leasehold basis, meaning that you own it outright and are free to pass it on or sell it at any time.
When buying in Cape Verde, there are a number of small fees that you should bear in mind. An IUP (or Acquisition Tax) of 3% of the purchase price is paid on completion, when signing the Public Deed and the Public Deed itself carries a cost of 1.5% of the purchase price. There is also a charge of 1% to register the property with the local authority.
You should also consider solicitors fees, a budget for management fees for running the property and utility fees. These all vary depending on the type of and size of the property, please consult Rosa del Mar Developments.
The legal system in Cape Verde is a transparent and relatively simple one based on Portuguese Law with a few adjustments to fit local customs.
Although your contract does not have to be in Portuguese, on the whole the authorities would prefer it this way. Rosa del Mar will provide you with a dual-language contract to satisfy both parties.
The stage payments are : 30% of purchase price less deposit, to be paid within 28 days of signing the contract; 10% on pouring foundations; 10% on windows fitted; 10% on internal tiling and 40% on completion.
All monies will be deposited into escrow account until stages have been certified by architect.
When the property has been completed, both the buyer and seller of the property sign a Public Deed which officially transfers ownership of the property from the seller to the buyer.
If you wish to sell on your contract before the completion date, this is possible but only with the developer of the Rosa del Mar development.
