Property Green Card for Cape Verde – New rights for property investors
Green Card for Cape Verde
In 2018, the Cape Verdean Government approved the Green Card to attract property investors.
In January 2020, there details were published in the Official Bolletin / Gazette of the Cape Verdean Government that publishes laws of the country.
Please contact us for the Portuguese and English versions of the Green Card details and regulations. We have provided a snapshot below.
What is the Green Card?
The green card is a right for Foreign investors to be given additional benefits to the Country when purchasing a property of a certain value.
The main benefit to investors is that is gives them the right to remain in the country for as long as they want up to a 10 year period (the duration of the visa).
Remember, all foreign investors can purchase in Cape Verde regardless if your property qualifies for the Green card or not.
What qualifies for the Green Card?
- The property has to be the investor’s main residence in Cape Verde. A property within a hotel rental scheme will not qualify. A commercial property does not qualify e.g. shop, warehouse, etc. Land under construction will qualify if it has a superior value than 85,000 euros or 120,000 euros.
- A property of 120,000 euros or more qualifies for a Green Card on the islands of Sal, Boa Vista, Sao Vicente and Santiago. Land with a construction value 120,000 euros or above also qualifies (construction must be underway).
- A property of 80,000 euros or more qualifies for a Green Card on the islands of Maio, Brava, Fogo, Santo Antao and San Nicolau.
- The length of the green card is 10 years from the date on the property’s title deed.
- Buyer’s are exempt from paying the IUP tax on their purchase (1.5% of the value on the deeds) as well as a 50% discount on the annual IUP municipal property tax (Equal to the Council Tax in the UK) for 10 years.
- 0% taxes on retirement incomes, pensions or money paid in from abroad for living in CV.
- No airport entry tax to pay (currently at 31 euros per person) for the house owner and his / her immediate family. Children up to the age of 14 will be exempt.
- Once he green card is obtained, the property buyer does not need to continually extend their visas every 3 months or leave the country every 3 months to renew their visas as per the current visa laws.
How do I obtain the Green Card?
The property buyer or a member of his immediate family must apply in person at the Casa Cidadao of the respective island.
Property buyers will need a copy of your title deeds and a number of other documents listed in the attachments in the Official Bolletin of January 2020.
Please take legal advice on this process.