Resicom – Holiday Investment – 04-21 – LB

Cape Verde Offers Residency to Overseas Property Investors

Cape Verde has become the latest country to offer residence to overseas property investors who acquire a second home in the archipelago, situated off the west coast of Africa.

The minister of the Presidency of the Council of Ministers for the Cape Verdean government announced the move in Praia, saying that the measure is intended to increase real estate tourism, boost competitiveness and attract investments from citizens who are able to afford a second home.

The new measure will offer a Permanent Resident’s Card to foreign citizens who invest over 8 million escudos or €80,000 (in municipalities with per capita GDP below the national average) and 13.2 million escudos or €120,000 (in municipalities with a higher GDP than the national average) in tourist properties.

Fernando Elísio Freire, minister of the Presidency of the Council of Ministers, said: ‘This is a very important step towards putting Cabo Verde back on the investment map in the area of ​​real estate tourism.’

At the same meeting, the Council of Ministers also approved a draft law that grants legislative authorisation to the government to review foreign exchange legislation, Fernando Elísio Freire said that the current legislative framework is ‘outdated’ and ‘ineffective.’

Under the proposed law, the government intends to approve the total liberalisation of foreign operations, eliminating prior authorisations and checks by the Bank of Cabo Verde, ‘allowing greater fluidity of capital and total freedom of movement of capital in Cabo Verde’.

Though not part of the European Union, the former Portuguese colony of Cape Verde enjoys a close relationship with the EU including the EU/Cape Verde Special Partnership created in 2007.

There has been much speculation that Cape Verde will apply to join the European Union in the near future, therefore possibly allowing British overseas property investors who have gained residency in Cape Verde to have full access to the EU following Brexit, though there is yet to be any confirmation.

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