Last Friday 15th September 2017 in Praia, the Presidency of the Council of Ministers announced that the Cape Verdean government will grant permanent residence visas to foreign nationals who acquire a second home in the archipelago.
Fernando Elísio Freire said that the measure is intended to increase property tourism, boost competitiveness and attract investments from foreigners who are able to afford a second home.
The measure approved on Thursday 14th at a meeting of the Council of Ministers will offer Permanent Resident’s Card to foreign citizens who invest in tourist properties over £64,000 (8 million escudos) within municipalities with per capita GDP below the national average and £106,000 (or 13.2 million escudos) within municipalities with a greater GDP than the national average.
Announcing the decisions of the Council of Ministers on Friday, the Minister of the Presidency of the Council of Ministers, explained “this is a very important step towards putting Cape Verde back on the investment map in the area of property tourism.”
Once you have a residence visa you qualify for certain privileges, including the import of personal effects such as a car and electrical equipment free from taxes and fees, exemption from property tax when buying your house and no tax on any financial resource brought in from outside the country. Further, utility contracts including phone and TV become less an issue.
