Deciding to own a place in the sun in Cape Verde may be one of the biggest decisions you might ever make so it is essential to obtain as much advice as possible before making a commitment. Experts should be contacted to make the correct property selection together with legal and financial advice.

Non resident mortgages are new to these islands and as a result the products available are very basic. In the UK we are used to self certified, buy to let and interest only deals. The situation on the islands regarding finance is very simple and does not have the sophisticated range of products that we have in UK.

Mortgages here are full status – you have to provide proof of your income – and are capital and interest repayment loans with variable rates. As yet none of the big international names we know in the UK, such as HSBC and Barclays, are operating in these islands, most of the banks are either Portuguese or Cape Verdean.

AVAILABLE PRODUCTS

• 50% of the lower of the bank’s valuation or purchase price
• Interest rates from 4-7.5% depending upon development, bank’s criteria and borrowers financial circumstances
• 5-25 year terms, up to age 65
• All income declared must be supported with tax returns, P60s, payslips and bank statements or if self employed accounts and tax returns
• UK mortgages and loans are used to calculate affordability
• If borrowing €100000 the repayments will be between €613-817 per month over 20 years.
• No interest only is currently available
• Mortgages available for purchase, release of equity and construction

These are the current deals available as all of the banks have recently reviewed, and reduced, their terms the due to the world economic climate. Hopefully as the financial markets improve the banks will review their criteria again.

For example, if the purchase price is 100000 euros the local banks will lend 50000 euros over 20 years the repayments will be between 307-410 euros per month. At the end of the 20 years the debt will be fully repaid.

Costs of about 6.5-7% will also be incurred to purchase the property, based on the purchase price. This consists of 3% transfer tax, 2% Notary and 1.5% registration fees, the balance for miscellaneous fees. These are all paid on completion of the property together with the bank opening fee of usually 1-1.25% of the mortgage amount, plus a valuation fee of around €300. There is usually a penalty for early repayment of the loan of between 1-2% depending upon the bank.

Buying in a foreign country can be confusing and complicated due to the various banking systems, language barriers and the distance between yourself and the country in which you are buying. By using an experienced Broker you can be confident that you will save you time and money by obtaining the right mortgage and advice tailored to your needs, taking the worry out of the process for you.

NEXT STEPS

Obtaining your finance locally means that the pound / euro exchange rate fluctuations will have no affect.

In order to give you the confidence to buy you can find out your borrowing capacity before committing to a purchase. By analysing your details it is possible to confirm whether you match any of the bank’s criteria and if needed apply for an approval in principle. This will give you a realistic budget to work with and will ensure you view properties which are affordable.

Once you have a chosen property then a full application can be made – at this stage documentation is needed from the client, their lawyer and the developer and it is the role of a Mortgage Broker to co-ordinate everyone involved in the process and ensure that the most suitable bank is used to match the needs of the client.

GENERAL ADVICE

• If your lawyer has power of attorney to sign for the property on your behalf it is easier to also give them power of attorney to sign for a mortgage at the same time. It is very complicated to arrange this from the UK
• Make a will – it is advisable to arrange for your lawyer to draw up a will which will cover all of your assets in Cape Verde. Main reason for this is it saves having to get all of the UK probate documentation translated, allowing the Beneficiary immediate control of the assets.
• Ensure you have the necessary insurances in place to protect your property
• If you rent out the property you will have to lodge a tax return in Cape Verde

Visa on arrival at the airport
This type of visa is for all foreign persons entering into Cape Verde for tourist or business purposes. The visa is valid for a two week period. This Visa is often organised by the travel agents/entities when you book your trip but upon arrival into Cape Verde one of the passport control desks will be designated to issue this visa then for 25Euros, if the travel agent has not already organised this (you should check this with the tour operator when the trip is booked). A list with the names of passengers and their nationalities, the date and time of arrival, flight number and origin should be provided as well. The maximum duration of this type of visa is 30 (thirty) days and it costs 25 Euros.

Tourist Visa
This type of visa can be granted at the Cape Verde Embassies abroad or in Cape Verde, as an extension of a visa granted on arrival, at the airport.
In order to extend a visa granted at the airport, one must submit the following documents:
• Passport with an entry stamp;
• Photocopy of passport (the page with the person’s identification and the page with the entry stamp);
• 1 (one) passport-type photograph;
• Form dully completed + Model Form B (200 CVE);
• If the person is not staying in a Hotel, he/she must submit proof of financial capacity (cash, travel checks, bank statement);
• 2,000 CVE to pay for the visa (bank deposit through the Model Form B);
• Maximum stay of 90 days (may be extended).

According to information given by the Embassy of Cape Verde in Portugal, the following documents must be submitted for a visa for entry into Cape Verde: Cape Verde Embassy for the UK is in Brussels
• Valid passport;
• 1 (one) passport-type photograph;
• Form duly completed (it can be obtained at the Embassy website www.embcv.pt );
• Price per visa – € 44.14;
• The process for obtaining the entry visa takes about three days.

To obtain the temporary one year residence visa one must stay in the country at least 6 months. During this period, the tourist visa must be renewed at least twice. Therefore, besides the documents listed above, one must submit the following additional documents:
• Lease contract;
• Work contract;
• Medical certificate;
• International Vaccination Certificate.

RESIDENCE VISA
Those who want to get a residence permit in order to work, study or live in Cape Verde, if they’re retired or foreign citizens married to Capeverdean citizens, and living in Cape Verde for the minimum period of 6 months, shall submit the original visa process to the Emigration and Border Department, with a copy of all of the required documents. When the documents are submitted for residency a one year temporary residency visa should be issued by the POP to the applicant whilst they await approval of the resident permit in Cape Verde, since the approval process is not immediate.
Once the residence permit is granted, the applicant is entitled to a resident permit valid for one year. After five years living in Cape Verde with a resident permit, the validity of such card will be extended for three years.

Requirements for obtaining resident card in Cape Verde
• Living in Cape Verde for at least six months;
• Request to be submitted to the Director of the National Police;
• Valid Passport;
• Photocopy of passport (the page with the person’s identification and all the pages with entry stamps in Cape Verde);
• 3 (three) passport-type photograph;
• Form dully completed (200 CVE from Police station);
• Proof of means of subsistence in Cape Verde (Photocopy of work contract certified by Finances or company incorporation documents and Extrato de Conta (bank statement)
• Criminal Record certificate issued by the authorities in the country of the applicant, dully legalised by the Foreign Commonwealth Office or similar authority, translated into Portuguese and certified by Cape Verde consular services;
• Criminal Record for country of current residence (Cape Verde) issued by the registry office in Cape Verde.
• Police certificate issued by the Judiciary Police Department and by the National Police Department;
• Residence certificate issued by the Camara Municipal (required to obtain the police certificate from the National Police)
• Medical Certificate issued by Cape Verde Health Department;
• International Vaccine Certificate.
• Document proving the applicant’s lodging conditions in Cape Verde (property registration certificate or lease contract);

Requirements for obtaining Student Residence Visa:
• Living in Cape Verde for at least six months;
• Request submitted to the Director of the National Police;
• Valid Passport;
• Photocopy of passport (the page with the person’s identification and all the pages with entry stamps in Cape Verde);
• 1 (one) passport-type photograph;
• Form dully completed + Model Form B (200 CVE);
• 500 CVE per visa to the Portuguese Speaking Countries; 300 CVE per visa to Senegal; 5,000 CVE per visa to the other countries without entry visa agreement with Cape Verde (Bank deposit through the Model Form B);
• School/College/University Certificate, proving that the applicant is enrolled in school;
• Document proving that the applicant has economic resources in Cape Verde ensuring his/her survival;
• Document proving the applicant’s lodging conditions in Cape Verde (property registration certificate or lease contract);
• Criminal Record certificate or similar document issued by the authorities in the country of the applicant, dully legalised by the Foreign Commonwealth Office in the United Kingdom, translated into Portuguese and certified by Cape Verde consular services;
• Criminal Record or similar document issued by the authorities of the country the applicant currently lives, dully translated into Portuguese and certified by Cape Verde consular services (issued by the Registry Office);
• Police certificate issued by the Judiciary Police Department and by the National Police Department;
• Residence certificate issued by the City Council;
• Medical Certificate issued by Cape Verde Health Department.

In case the student is younger than 15 years of age, student residence permit shall be requested by the minor’s parents and attached to their residence permit card. At 15 years of age, the parents may request residence permit in the minor’s name.

Requirements for obtaining residence visa for foreign nationals married to Cape Verdean citizens:
• Living in Cape Verde for at least six months;
• Request submitted to the Director of the National Police;
• Valid Passport;
• Photocopy of passport (the page with the person’s identification and all the pages with entry stamps in Cape Verde);
• 1 (one) passport-type photograph;
• Form dully completed + Model Form B (200 CVE);
• 500 CVE per visa to the Portuguese Speaking Countries; 300 CVE per visa to Senegal; 5,000 CVE per visa to the other countries without entry visa agreement with Cape Verde (Bank deposit through the Model Form B);
• Marriage Certificate;
• Statement of Liability signed by the spouse;
• Document proving the spouse’s economic resources;
• Work declaration of the spouse;
• Document proving the lodging conditions in Cape Verde (property registration certificate or lease contract);
• Criminal Record certificate or similar document issued by the authorities in the country of the applicant, dully legalised by the Foreign Commonwealth Office in the United Kingdom, translated into Portuguese and certified by Cape Verde consular services;
• Criminal Record or similar document issued by the authorities of the country the applicant currently lives, dully translated into Portuguese and certified by Cape Verde consular services (issued by the Registry Office);
• Police certificate issued respectively by the Judiciary Police Department and by the National Police Department;
• Residence certificate issued by the City Council;
• Medical Certificate issued by Cape Verde Health Department.

Requirements for obtaining visa for retired persons intending to live in Cape Verde:
• Living in Cape Verde for at least six months;
• Request submitted to the Director of the National Police;
• Valid Passport;
• Photocopy of passport (the page with the person’s identification and all the pages with entry stamps in Cape Verde);
• 1 (one) passport-type photograph;
• Form dully completed + Model Form B (200 CVE);
• 500 CVE per visa to the Portuguese Speaking Countries; 300 CVE per visa to Senegal; 5,000 CVE per visa to the other countries without entry visa agreement with Cape Verde (Bank deposit through the Model Form B);
• Retirement Pension Declaration;
• Transfer of retirement pension to Cape Verde;
• Document proving that the applicant has economic resources in Cape Verde ensuring his/her survival;
• Document proving the applicant’s lodging conditions in Cape Verde (property registration certificate or lease contract);
• Criminal Record certificate or similar document issued by the authorities in the country of the applicant, dully legalised by the Foreign Commonwealth Office in the United Kingdom, translated into Portuguese and certified by Cape Verde consular services;
• Criminal Record or similar document issued by the authorities of the country the applicant currently lives, dully translated into Portuguese and certified by Cape Verde consular services (issued by the Registry Office);
• Police certificate issued by the Judiciary Police Department and by the National Police Department;
• Residence certificate issued by the City Council;
• Medical Certificate issued by Cape Verde Health Department;
• International Vaccine Certificate.

Click here to view the AboutSal.com classified advertisements!

Why use AboutSal.com?

For sellers
* Superb Value – One-off yearly fee of 24.99 euros – less than 50 cents a week!
* No agent commission to pay once sold
* Instant uploading of your property details with the option to amend your listing at anytime
* Fully self-service and easy to use
* Secure on-line credit card payments with Paypal
* Puts YOU in full control of the sale of your property – no waiting around!

For buyers
* Deal direct with the owner or by an approved agent
* Constantly monitor the very latest properties on the market in Cape Verde
* Secure the property for the best price

FAQ
1) About AboutSal.com Real Estate Classifieds?
To provide a platform enabling sellers to list their property/investment & buyers with a portal to view them

2) Does this website offer real-estate advice?
NO. An important ethic of the AboutSal.com website is that it is NOT a real estate agency website. 

3) How much does it cost?
The introductory price is 24.99 euros per year or 9.99 euros for 60 days.

4) What can I list?
Apartments, villas, commercial property and land for sale in Cape Verde.

5) Are there any hidden costs or commissions to be paid on the sale?
No. If you would like professional quality images taken or the text written for the advertisement then this can be arranged separately 

6) Can I change or add to my advertisement once it is online?
Yes, you will be sent the access codes to your email.

7) How do I pay?
Via credit card or Paypal.

Money back guarantee?
If you are unhappy with the service for any reason a full no-questions-asked refund will be made as long as you notify us within 24 hours

Click here to view the AboutSal.com classified advertisements!

Important Note: AboutSal.com is not a Real-Estate agent nor does it give advice on real-estate investment. This service is provided on AS-IS basis to provide sellers and buyers with a service to list/view real-estate in Cape Verde.

Portugal Telecom has committed to invest $25 million US dollars in a new undersea cable system in Cape Verde, as part of the project covering the entire West Coast Africa. The system, which is part of a joint venture with national provider Cabo Verde Telecom, will “guarantee connections to some of Portugal Telecom’s main operations on the African continent as well as internet connectivity with the main European telecommunications centre in London” and will be ready by the end of 2010.

Source: Telecompaper

The report assesses the “economic impact of Travel & Tourism for 181 countries. It measures spending on Travel & Tourism by households, businesses, governments and foreign visitors, in order to capture fully the economic contribution of both domestic and international tourism, thereby quantifying Travel & Tourism’s contribution to gross domestic product (GDP) and employment.”

The following are the highlights of the report for Cape Verde presented in a 10 year forecast:

Gross Domestic Product (GDP)
2009: 27.6%
2019: 37.0%
The contribution of Travel & Tourism to Gross Domestic Product (GDP) is
expected to rise from 27.6% (CVE39.3 bn or US$497.0 mn) in 2009 to 37.0%
(CVE107.2 bn or US$1,243.1 mn) by 2019.

Employment
2009: 25.1%
2019: 33.6%
The contribution of the Travel & Tourism Economy to employment is expected to
rise from 24,000 jobs in 2009, 25.1% of total employment, or 1 in every 4.0 jobs to
40,000 jobs, 33.6% of total employment or 1 in every 3.0 jobs by 2019.

Growth
2009:-5.6%
2019: 7.7%
Real GDP growth for the Travel & Tourism Economy is expected to be -5.6% in
2009 and to average 7.7% per annum over the coming 10 years.

Exports
2009: 69.1%
2019: 70.8%
Export earnings from international visitors and tourism goods are expected to
generate 69.1% of total exports (CVE37.4 bn or US$472.7 mn) in 2009, growing
(nominal terms) to CVE105.9 bn or US$1,228.0 mn (70.8% of total) in 2019.

Capital Investment
Travel & Tourism Capital Investment is estimated at
CVE3.9 bn, US$49.6 mn or 6.2% of total investment in year 2009. By
2019, this should reach CVE8.8 bn, US$102.5 mn or 6.2% of total.

The report can be viewed in full at www.wttc.org

The French Development Agency has created a credit line of over 1 billion Cape Verdean Escudos (approximately 9 million euros) in order to allow local municipalities to finance local projects, namely improving infrastructure.

The announcement marks the second phase of a program, which originally allowed the local governments to promote tourism and improve water supply projects and will be managed by commercial banks. The director of the Department of Local Administration, Salomão Furtado, indicated that the program should be ready by the end of March or the beginning of April.

The French Development Agency is a major partner of Cape Verde, and is currently financing a water supply project in Santiago.

Source: A Semana

“Hilton will become the first upscale international brand to operate in Cape Verde, a region with encouraging economic and tourism growth projections, some liken to that of the Canary Islands. Expansion in Africa is key to Hilton’s development strategy, as is identifying new emerging destinations like Cape Verde. The new Hilton Worldwide Resort, located in the heart of the main resort area of Sal Island will draw visitors year round to enjoy an outstanding resort experience in fantastic sunny weather, and we are delighted to have signed this management agreement,” said Jean-Paul Herzog, president, Hilton Hotels, Middle East & Africa.

Hilton Cape Verde will be Hilton’s ninth property in Africa. The principal airport for Cape Verde is a short 18km (11.2 mile) drive from the resort. The three-storey new build beach resort will feature a spa, health club and swimming pool, in addition to a restaurant, two bars and a nightclub. For special events and business travel, the hotel will also house a ballroom, conference and meeting rooms, and a business centre.

Jacques Monnier, CEO, Vela Verde Tourismo SA said, “The signing of this agreement with Hilton is a clear indicator of Cape Verde’s economic and tourism potential. We are excited about bringing the first Hilton hotel to this archipelago that will offer a world-class guest experience and resort standards.”

“The Hilton Cape Verde is an exciting addition to our stellar resorts portfolio and to the greater collection of Hilton Hotels around the globe,” said Jeff Diskin, senior vice president, Brand Management – Hilton Hotels & Resorts. “We look forward to continued growth in Africa, across the continent’s incredible diversity of destinations, cultures and business opportunities.”

Hilton currently operates eight hotels in Morocco, Algeria, Nigeria, Ethiopia, Kenya, Cameroon and South Africa. Additional Hilton properties are under development in Africa in Equatorial Guinea (Malabo), Uganda (Kampala) and Ghana (Accra).

In the U.A.E, properties under development are the Residence, Beach Club and Conrad – all in Dubai, two Worldwide Resorts in Ras Al Khaimah, and the first Conrad Hotel in Abu Dhabi. The signed development pipeline also extends to Qatar, Kuwait, Lebanon and Jordan (Amman & Aqaba). Furthermore, the new-look Hilton Luxor Resort & Spa is scheduled to open after a complete facelift is completed in October 2008.

Hilton Hotels Corporation is the leading global hospitality company, with more than 2,900 hotels and 490,000 rooms in 76 countries and territories, including 100,000 team members worldwide.

The company currently operates 43 hotels in the Middle East and Africa – 18 hotels in Egypt, nine hotels in the UAE, four in Saudi Arabia and one each in Oman and Kuwait, plus another ten hotels in Africa and the Indian Ocean.

Hilton’s heritage in the Middle East stretches back nearly 50 years, when it became the first international hotel brand to open a property in Egypt – the Nile Hilton in 1959. It was also the first international hotel brand to open a property in the UAE over 35 years ago – the Hilton Al Ain in 1971 and has a signed development pipeline of an additional 15 properties across Middle East & Africa in the U.A.E, Qatar, Kuwait, Egypt, Lebanon, Jordan, Equatorial Guinea, Uganda and Ghana.

The Hilton Family of Hotels adheres to founder Conrad Hilton’s philosophy that, “It has been, and continues to be, our responsibility to fill the earth with the light and warmth of hospitality.” The company put a name to its unique brand of service that has made it the best known and most highly regarded hotel company: be hospitable®. The philosophy is shared by all brands in the Hilton Family of Hotels, and is the inspiration for its overarching message of kindness and generosity (www.behospitable.com)

Cape Verde’s national information agency, Inforpress, has announced the government is currently assembling a vast infrastructure programme capable of attracting public and private Arab investment, through Morocco. Read the full story

The national airline of Cape Verde, TACV, has announced that as of June it intends to service the high demand from Spanish tourists by providing a weekly direct flight from the Spanish capital to Sal.

The airline, which has been heavily promoting Cape Verde in recent months along with Cabo Verde Investmentos, the national agency for foreign investment, intends to make the prices “competitive”, in order to boost tourism.

Cape Verde government revokes the bank’s operating license as Banco Insular is stripped of its status as an international financial institution

According to Cape Verde’s National Press website, Banco Insular, which has been connected with one of the largest financial scandals in Portuguese history, failed to meet “prudential norms, namely regarding the replacement of own funds, respect for the solvability ratio limit and respect for the credit risk concentration limit.”

In addition, the bank “has not respected the deadlines established by supervising authorities regarding the submission of annual reports and the presentation of audited accounts, with no plausible justification.”

Banco Insular was created in 1997 and began its activities in Cape Verde in the second half of 1998. In 2002, it was acquired by Insular Holding Limited in London.

Source (A semena)