For the latest discussions on Real Estate, Investment & Island life visit the new Cape Verde Forum here

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

Click here to view the latest availability of flights to Sal Island, Cape Verde from Birmingham, Manchester and Gatwick airports.
For more information contact the Thomson office in Sal on (00238) 2429110.

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

Click here to view the latest flight offers direct from Thomson.
Last update Monday 20th July 2009

Airport codes
SID: Sal Airport Amílcar Cabral International Airport, Sal Cape Verde
BHX: Birmingham Airport, West Midlands, UK
LGW: London Gatwick Airport, UK
MAN: Manchester Airport, Uk

For more information or to book contact the Sal office on (00238) 2429110

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Price shown is inclusive of all taxes, charges and fuel supplements, they do not include meal on flight
Please note that the web price is with hand luggage only and the cost, per item, to add on hold luggage is £8.50
Whereas our price includes 20 kilos of hold luggage and no limit on number of bags plus 5 kilos of hand luggage
All prices are subject to change – please confirm at time of booking
All payments must be made in cash Euro or Escudo

BBQ Includes:
Fish, chicken, pork kebabs along with fechoada & salad

1,000 CV Escudos per person.

Between 13.00 – 17.00

To make a reservation or for more information contact Carlos on 9953690

Applicants should:-
- Have proven Management experience and demonstrate at interview a real understanding of the job requirements
- Have a good understanding of Financial systems and stock management.
- Recognise the importance of developing a proactive marketing plan to build our Customer base.
- Provide references from previous employments and details of continuous employment since leaving School / College or University.
- Speak additional languages (especially Portuguese) – whilst not essential this is a distinct advantage
- Be prepared for hard work, long hours – and at unsociable times

The position will offer a Cape Verde level wage structure, but with a Profit Related Bonus scheme to bring this up to European Standards.

We are going to make the Turtle Shack the most recommended and visited Tourist attraction on Sal. If you are up for the challenge of helping us achieve this – then please apply, by email only – to steve@turtle-shack.com – attaching a full CV of your background and experience – and outlining what you think you can bring to the job.

Applications close on 31st March – and interviews will be held in early April

From all the countries I have lived, Cape Verde most closely fits the saying “paradise where you can forget all your troubles”. Although geographically located close to Europe and main land Africa and Brazil, its location in the middle of a vast ocean, its climate, and its people, seduces you to forget all that is beyond the boundaries of the island.

Rarely is there a day where you wake up without the company of the sun and a breeze that makes the heat more comfortable than intolerable. You are never more than 10-15 minutes from the ocean. This constant presence of the ocean and all the sounds that accompany it, allows you to feel in touch with nature and ease the stresses often associated with “life”. Although everywhere you turn there is construction and the influx of new investment, the glorious beaches, the ocean, and the occasional sight of whales, dolphins, and turtles, allows you to quickly forget the mortar.

Complimenting this scenic environment are the people. Cape Verdeans, although lackadaisical to a certain extent, show a love for life that is contagious. There is laughter to be heard and an ease that gives off a sense that they have morphed with their island and are at ease with the life that comes with living on an island. They are a talented population excelling in languages, water sports, fishing and partying. The music of Cabo Verde, seeps into your soul and fills you with this tremendous excitement for life, the island, and all that it offers your senses. It is difficult to put words to the feeling I get every time I hear their music, watch the locals and tourists flirt with the beach, toy with the water, play volleyball on the beach or kite/wind surf across the ocean.

I cannot help but smile at the ease in which Cape Verdeans move through life, amidst the obstacles that confront them. Although each island is different, each offering something different, there is this common spirit that connects them to each other and to their country. “No Stress” is a way of life.

The shimmering reflections of the ocean are enticing to all those who love to play in the water. Whether it is wind surfing, kiting surfing, or surfing, the island of Sal has something to offer every surfer off every level. It is heaven on water.

Nowhere in the world are there such a variety of locations at which to surf, kite surf and wind surf, all within 10-30min range. Each spot has a unique quality, allowing for a spectrum of sensations for the most beginner to the most advanced of all surfers, kite surfers and windsurfers. Contrary to popular belief, Sal is not only for the advanced. The Bay of Santa Maria and the Surf School at the Riu hotel on the west coast, offers perfect conditions for those just entering the surfing (wind, kite and surf) world as well as for those more at the intermediate and advanced level.

The months of June to October, are for those wanting to learn to windsurf. The water in the main bay of Santa Maria and often in front of the Riu hotel is flat, warm, and wind ranges between 9 and 15 knots. For new and intermediate surfers, the area beside the main pier in Santa Maria is perfect, when that south swell arrives.

From November to May, the trade winds shift and it start to blow across the island, great for learning to kite surf as well as for seasoned wind surfers and kite surfers.
The only down side of these months is the water gets a little cooler and you have to wear a wetsuit (shortie or long depending on your preference). More specifically, for those wanting the sensation of wave riding, January and February, normally deliver some gob smacking waves at Punta Preta that even the most experienced of surfers, feel a little tremble.

If anyone were to ask me, “What is 1 good reason to come to Cabo Verde?” I would have to say the water sports. But I admit I am biased. We have 2 windsurf, kite surf, and surf schools on the island. However, we have them, because we love all 3 surf sports, and could not think of a better place in the world to merge work and pleasure, 365 days a year.

Trust me, try out the island, you will not be disappointed!

Sheena
Surf Zone Cabo Verde
surfcaboverde.com

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“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)