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

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.

“The crew have been transferred to our anti-submarine ship, the Ladny, where they are being questioned to clarify all the circumstances of the disappearance. The crew are all alive and well.”

The Kremlin instructed warships to find the 4,000 ton Finnish-owned vessel which went missing in European Waters nearly 3 weeks ago and was last sighted on the 30th July in the Bay of Biscay.

Source: telegraph.co.uk

Key
SID: Sal airport
BHX: Birmingham airport
LGW: London Gatwick
MAN: Manchester airport

If the goods being sent to Cape Verde are new then it is necessary to pay import duties upon their arrival even if they are for personal use. In order to clear the goods through customs it is necessary to have an import license for your company or to use an import agent who can act on your behalf to clear the goods.

Import tax in Cape Verde is charged as a percentage of the cost of the goods plus the cost of shipping. On top of this tax you will also have to pay 15% IVA (VAT) which is calculated on the cost of the goods + the shipping cost + the import tax.

Tax rates vary according to the product being import. Below are some examples of products and there applicable tax:

Furniture such as beds, tables and chairs, kitchen units etc generally = 50%
Crockery and kitchen electrical appliances = 30%
TV’s and Stereos = 20%
Clothing = 30%

New vehicles such as a general diesel 4×4’s = 20%
In addition to this 20% tax, for used vehicles there are further taxes. Again these are calculated on the cost of the vehicle plus shipping cost.
Examples of these are as follows:
Over 4 years and up to 6 years = 30%
Over 6 years and up to 10 years = 60%
Older than10 years = 150%

These import duty percentages are guidelines only, taxes may vary on individual products within categories.

Importation of Personal effects:
If you plan on moving to Cape Verde then you are eligible to benefit from a law which stipulates that you are entitled to import your own used personal belongings tax free if living or retiring to Cape Verde.
If you wish to import personal household effects you do not need to pay import tax providing that the goods are used and not new. As with everything being imported, new or used, Customs will inspect the goods on arrival to ensure that they are indeed used and not eligible for taxation.

Cape Verde Imports is an import and shipping agent based on the island of Sal, Cape Verde, specialising in the complete logistics for the transport of goods to any island within Cape Verde from anywhere worldwide.
For any enquiry’s or further information on the full door to door service by either air or sea freight including customs clearance and delivery or just for import agent assistance within Cape Verde please either go to Cape Verde Imports for more information or email info@capeverdeimports.com.

Source Yubanet.com

Source: A semana

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