Investment property on Sal Island

There are at least eight good reasons why you should make a real estate investment on Sal Island:

• Its excellent geographic position
• Convenient travel, thanks to the many direct flights now available throughout Europe
• Unpolluted beaches
• The absence of mosquitoes and tropical diseases
• The pleasant and constant climate year-round
• Political stability
• The democratic structure of the Republic
• The Catholic religion

Real estate investments are generally recognised as being among the safest investments, and on Sal Island this concept remains valid and is reinforced by the continual growth in demand: more and more people come to this island as tourist, discover the beauty of this place, and understand the profitability of real estate investments on this island. Over recent years, in fact, the average annual appreciation of property is estimated between 10 and 15%, and forecast are estimating a further increase of more than 20% over the next 3 years. In the case in which your property is managed by a third party, it is also possible to add further earnings from your initial investment with average annual profits of 8%.

Finally, the Cape Verdian tax regime makes opportunities offered by Sal Island even more interesting.

The Cape Verde archipelago has been living a rapid economic-tourism growth over recent years, which translates into a net appreciation of investment property. Furthermore, buying a house in Cape Verde guarantees considerable income: for example, in Santa Maria, one of the main cities on Sal Island, apartments of modest quality in low season are rented for more than 250 Euros per week.

Purchasing Cape Verde property means buying full ownership of the property, with the freedom to sell it whenever you wish, with no restrictions.

In 1991, Cape Verde became a Democratic, Multi-party, Presidential Republic following free elections. During its first government administration, Cape Verde actuated a reformist policy, privatizing some sectors of the economy to stimulate the flow of real estate investments and private initiatives.

The conditions for the authorisation of permanent residents were established by Law n. 19/V/96 dated December 20 and approved in Praia, regarding retired foreign citizens. Authorisation may be obtained under the following conditions:

• Demonstrate an individual monthly income, or income in conjunction with a spouse, of no less than 130.000 Escudos (1179.00 Euros)
• Be legally capable of managing oneself
• Not have a criminal record with detention of more than two years
• Declare to respect the laws and customs of the nation
• Demonstrate possession of means for residing in Cape Verde
• Declare the willing to assume, in case of illness, the costs of medical assistance and medicines

The authorisation for permanent residence can be extended to spouses and dependent relatives who are under the legal age of adulthood. You will also have the right to import a means of private transport, furniture, and personal effects with the exemption of any tax or customs duties.