Cape Verde New Projectos Ecossistemas

12
in the Cape Verde Islands Horizon News www.cape-verde-island-property.com A publication of Sal Sao Vicente Boavista Santiago FREE • LIVRE

description

Whether you are looking to buy on or off plan property in the Cape Verde islands, The Horizon Property Group have a wide selection of Cape Verde property for sale from villas to apartments and land to business premises throughout the archipelago to suit your needs. Well established as both a professional and friendly company The Horizon Property Group should be your number one choice for Cape Verde real estate . We have property in most of the Cape Verde Islands. As the leading Cape Verde estate agents we pride ourselves on being able to offer you a service second to none, identifying your Cape Verde property needs and meeting them in a relaxed but efficient manner. If you can not find what you are looking for then please send us an email with your information and we will be happy to look for you.

Transcript of Cape Verde New Projectos Ecossistemas

Page 1: Cape Verde New Projectos Ecossistemas

in the Cape Verde IslandsHorizon News

w w w . c a p e - v e r d e - i s l a n d - p r o p e r t y . c o m

A publication of

Sal •Sao Vicente •

Boavista •Santiago •

FREE • LIVRE

Page 2: Cape Verde New Projectos Ecossistemas

While every effort is made to check that the information contained within this publication is accurate to the best of our knowledge, Horizon Property Group S.L. do not accept responsibility for any errors, loss or omissions which may occur. Property buyers should allow for extra financial costs such as legal advice, local taxes etc. that is not covered in the advertised prices.

© Copyright notice - The entire contents of this publication are subject to copyright and may not be copied, scanned, stored on any electronic or data retrieval system or reproduced in any form without the prior written consent of Horizon Property Group S.L.

Vila Verde Resort, Santa Maria • Salina Sea • Salina Sand

Tortuga Beach Resort & Spa • Dunas Beach Resort • Sambala Fogo Villas

Administrator

George LauhingfanMNAEA (Overseas)

Sales Director

Stephen EadeMNAEA (Overseas)

Design

Stephen EadeMNAEA (Overseas)

Contact numbers

0871 284 0639 from UK

(+34) 922 798 113 from anywhere else

Head Office

L.G Res Los Seres, Local 9

Calle Oregon, Los Cristianos, Arona, Tenerife

Horizon Property Group S.L are members of these Organisations.

i n f o @ h o r i z o n p r o p e r t y g r o u p . c o m w w w. c a p e - v e r d e - i s l a n d - p r o p e r t y. c o m • w w w. h o r i z o n p r o p e r t y g r o u p . c o m

www. h o r i z o n n ew s . i n f o

Horizon News Cape Verde Information 3

Situated due south from the Canaries and recently made more accessible than ever before by new direct flights from Europe and the UK, the Cape Verde Islands offer home-buying at a snip of the price of any other European destination.

Under Portuguese rule since the 15th Century, the ten islands and eight islets, which make up this independent archipelago are beset with beauty in bountiful proportions. Now independent, but reliant on their Portuguese and African roots for governmental support, the islands are entering a period of development in response to new tourist interest. Surrounded by coral reefs, home to hundreds of species of exotic amphibians, the islands have crisp white sand beaches backed with tropical

vegetation. Much of the flora is similar to the Canaries but with greater density. The Cape Verde islands also sport Dragon trees and every type of palm in

abundance. The islands form an important point for migrating tropical birds flying between Africa and South America.

The Cape Verde Islands represent virgin territory to many considering an overseas

home. But the immense potential of these islands can now be realised.

Page 3: Cape Verde New Projectos Ecossistemas

Activities are available through water sports to pursuits on the rocky volcanic climbs of the islands’ mountainous areas. All areas of the islands are soaked in rich colour and offer an incredible ambience in one of the best climates in the world. Cape Verde has a tropical dry climate, with an average daytime air and sea water temperature of around 24ºC. There is a significant contrast in climate between the mountainous regions which are cooler and wetter when compared to the warm, dry climate on the coast. With all this on offer for some of the most staggering prices when looking at foreign property, we think we’ve found a new piece of property paradise for you to consider.

The Cape Verde archipelago comprises of 10 islands, one of which remains uninhabited to date. Each of the islands is surrounded by clear, emerald green seas.

Each island has its own unique characteristics including lunar landscapes with unspoilt dunes or lush green vegetation.

The flat landscapes often boast vast mountains resulting from the volcanic rocks and some islands host a combination of each of these elements.

4 Cape Verde information & Pictures

Page 4: Cape Verde New Projectos Ecossistemas

In 2004 Channel 4’s “A Place in the Sun” television programme reviewed the 20 best destinations to buy property. At this time most people had never heard of Cape Verde, however the presenters concluded that Cape Verde ranked ahead of the French Riviera, Costa del Sol and Tuscany in terms of price, position and potential.

Their predictions that Cape Verde would become the next tourist hot destination have already begun to be realised. With its accessibility from Europe, year round climate and lifestyle has meant that it has already seen many overseas visitors purchasing property on the islands for investment, personal use or a combination of both.

The Cape Verde government have recently signed a “special partnership” with the EU. This has taken many years of work to align the country to the rest of Europe, in 1990 the local currency was pegged to the Euro and on 19th November 2007 the accord was finally signed.

By being awarded this special status it reflects Cape Verdes’ geographical position to the EU countries of the Canary Islands, Azores and Madeira and its political ties with Western Europe. Due, partly to this, is the focus in tourism and property which is growing daily. The government is supporting this with initiatives to attract foreign investment such as tax incentives.

Boavista’s Sal Rei airport started receiving international flights in October 2007 with charter flights from Italy and the UK, this is the third airport to take international flights and it will fuel the growth of tourism to the island the same as Sal and Santiago. The next international airport to be opened will be on Sao Vicente which is scheduled to open during the first half of 2008, providing yet more impetus for the growth of tourist numbers visiting the islands.

The Cape Verdean government are closely managing the land distribution to major developers, and they also control the masterplans for the developers resorts to ensure that the quality of the resorts is in keeping with their vision of creating a “First Class” destination to compete with and rival any in the world.

Due to this their policy has proved to be effective and this is attracting many of the major brand names to invest in the islands, these brands include such names as: Nikki Beach Club, PGA Golf Tour, Ernie Els, Riu Hotels, Hilton Hotels and Thomson Holidays.

The Cape Verde islands are now growing as a future high class tourist destination, their inflation rate is low at only 3.5%. Foreign investment is booming and the governments incentives on Tourism are paying dividends with a huge increase in tourist numbers.

With a perfect climate and white sand beaches in abundance these are perfect islands for a long period of sustained growth and investment.

Cape Verde

Page 5: Cape Verde New Projectos Ecossistemas

w w w . c a p e - v e r d e - i s l a n d - p r o p e r t y . c o m

Originally named “Llana” meaning flat when it was discovered in 1640, it was given its current name when a lagoon, in a crater of a now extinct volcano was discovered to produce salt after the rains. Sal is flat and relatively small with only two major settlements, the capital of the island Espargos and the tourist resort of Santa Maria.

An International Airport was built here in 1939, making Sal the gateway to the Cape Verde archipelago and the island prides itself on providing high quality tourism which, in turn, has attracted large numbers of migrants from the nearby islands, nearly doubling the population during the last decade.

Santa Maria is the main tourist resort on the island of Sal, it has been growing steadily over the years specifically to accommodate the tourist. There are many things to visit in this town. The salt pits of Santa Maria, although no longer in use, lie about 1km from the town and are well worth a visit. Santa Maria also has some splendid beaches and all the facilities necessary for the practice of sea sports.

Sal

9 Vila Verde Resort - Santa Maria

Some units still available

Prices from € 75,480

Guaranteed rental income!

Situated 15 minutes by car from the airport, just a 10 minute walk to the town centre of Santa Maria and less than 5 minutes walk to the beach, the Vila Verde resort is perfectly placed.

With studio, one, two and three bedroom apartments, two and three bedroom townhouses and three & four bedroom detached villas, all with top class fully fitted kitchens and stunning views. Vila Verde looks set to become a fantastic property investment.

The Vila Verde Resort is a completely self contained complex, all apartments have parking facilities and easy access to shops, restaurants, bars, supermarkets and swimming pools with the interior being a pedestrian zone.

Plazas, meeting points and leisure spaces are strategically placed along the pedestrian boulevard. Shops and cafes are randomly distributed along this access, thus creating an old village environment.

From the entrance, a main road distributes traffic in a ring around the resort so that it does not inter fear with the pedestrian access.

Areas with higher buildings are located inside the pedestrian ring. Lower density zones on the outside areas establish a transition to the waterfront and the protected dune landscape.

The central area along the pedestrian access will be divided into 13 gated communities with apartment blocks around private open gardens with swimming pools.

Completions started on this resort in December 2009.

w w w . c a p e - v e r d e - i s l a n d - p r o p e r t y . c o m

Page 6: Cape Verde New Projectos Ecossistemas

10 Salina Sand - Sal Salina Sea - Sal 11

SalinaSand SalinaSea

SalinaSand occupies a part of the plot with an area of 26,472 square meters. It comprises 316 accommodation units with a 4 star rating. There are no existing buildings or other structures within the site.

This block consists of two adjoining buildings in the shape of an E, linked by the central “arm” of the E at the ground level. The reception is located in this arm and the other arms, to the North and to the South, will have two small concierge areas supporting users entering and leaving the building.

The building is almost entirely three storeys high, matching the other buildings being constructed along the same line of tourist development. It is raised from the ground in order to avoid problems arising from the minute distance between the thin surface of soil and the water table.

The shape of the building creates two large external spaces, one designed for private use and the other for public use, separated by a central reception area. The space designed for private use contains several facilities for the exclusive use of the residents of SalinaSand, such as swimming pools, wet bar and large expanses of shallow water. The public space incorporates a series of commercial areas.

The plot on which SalinaSea is located, is to the west of St. Maria, within the first line of hotels, next to the south facing side of the beach.

SalinaSea is positioned in a section of the plot with an area of 15,000 square meters. It consists of 244 accommodation units with a 4 star rating, with 56 one bedroom, and 188 studio apartments. Site contours vary by only 0.2m. It is, therefore, a plot that can be considered level. It’s worth mentioning that in the area of intervention there are no buildings or other structures as it is an empty plot of land.

The block is in the shape of an E lying horizontally and facing the sea ensuring that the great majority of rooms enjoy good solar orientation and panoramic views towards the south. In the future, rooms facing north will enjoy views over the Avenue and the colorful life it will generate.

SalinaSea comprises a building with three wings perpendicular to the water line, two storey’s high, which, in common with the other hotels in the first tourist line, is elevated from the ground to avoid any problems arising from the minimal distance between the ground and the water table. The central wing is 0,70m higher than the two lateral ones, allowing the introduction of a dedicated service area at raised ground level which supports this wing’s restaurants and apartments.

The area between the lateral wings will have a large swimming pool, a pool for children as well as leisure areas around large shallow water zones with excellent views and a flowing dynamic relationship with the beach that adjoins it.

Rental Guarantee

We believe this is a great chance to invest in a top quality development which is unique in Cape Verde, in the last major beachfront location on Santa Maria Beach. There will be no plots left in Sal which will be able to have developments of this type directly on the south beach. Add to that the experience of the developers in the Cape Verde rental market, and this seems an opportunity not to be missed. 3 YEARS GUARANTEED RENTAL AT 5%. After the first three years, owners earn a 60% share of the profits of the unit.

Benefits• A 10% discount on the menu price for food and drink• Free access to all the public areas in the complex, namely: swimming pools, gym, kids club.• Access to the spa with a 20% discount on the over-the-counter price• Access to the diving club with a 20% discount on the over-the-counter price• Internet access with a 20% discount on the over-the-counter price• Access to the hire car service with a 20% discount on the over-the-counter price• Free client card for the Oasis Atlantico hotels• To take the 4 weeks in other units run by the Oasis Atlantico Group

Prices from 68,500 Euros

Page 7: Cape Verde New Projectos Ecossistemas

w w w . c a p e - v e r d e - i s l a n d - p r o p e r t y . c o m

Dunas Beach Resort is a premium development of new villas and apartments set in a beautiful unspoilt reserve situated just 15-20 minutes from Sals’ international airport. The resort is being built to a very high specification, from the individual properties and their aesthetics to the luxury surroundings, with every facet receiving the highest attention to detail.

Positioned on the beautiful Ponta Preta beach and close to the popular town of Santa Maria, Dunas Beach Resort is perfectly situated to capitalise on Cape Verdes fast-rising prominence. An adjacent planned golfing facility will complete the resorts superb range of tourist resources.

The resort presents an outstanding investment opportunity for rental or resale buyers, as well as those looking to buy a holiday residence. The excellent facilities on offer at Dunas Beach Resort guarantee an immediate and enduring interest, representing one of the finest developments on Cape Verde.

Dunas Beach Resort is made up of over 400 luxury front-line units, including exclusive villas - each with their own private pools - and a range of deluxe 1, 2 and 3 bedroom apartments, all integrated within beautifully landscaped green spaces, green spaces, pool areas, secluded walkways and other select amenities.

Apartment Prices from € 109,950 - Villa Prices from € 449,950

w w w . c a p e - v e r d e - i s l a n d - p r o p e r t y . c o m

Located on prime front-line beach on the south of Sal Island, the resort is one of the finest developments on Cape Verde. Villas on Tortuga Beach Resort and Spa feature a stunning specification with private pools and gardens, and apartments include terraced areas - all set within an exquisitely landscaped site. Tortuga Beach Resort and Spa is expected to be one of the fastest-selling Sal Island developments to date, and more importantly one of the best overseas investment opportunities globally.

Exclusive amenities on Tortuga Beach Resort and Spa include 4 star apart-hotel facilities including expansive gym, saunas, steam room, selection of pools and a great variety of bars and restaurants. The whole resort is served by a 24-hour reception and concierge, guaranteeing a personal level of consideration for all those at the development. Tortuga Beach Resort and Spa is also perfectly positioned to enjoy the wider benefits of the increasingly popular Sal Island, with its fantastic water sports, nightlife and more. A full property management service is also available to seamlessly facilitate rental lettings throughout the year. Due to the high demand and low supply, rental yields are set to be staggering, and capital appreciation will be visible within the first few months.

12 Tortuga Beach Resort & Spa - Sal Dunas Beach Resort - Sal 13

SOLD OUT

Page 8: Cape Verde New Projectos Ecossistemas

w w w . c a p e - v e r d e - i s l a n d - p r o p e r t y . c o m

Sao Vicente is the third smallest of the islands that make up the Cape Verde archipelago but it is home to the country’s second largest city, Mindelo, as well as an airport, which will receive it’s International licence early next year and an 18 hole golf course.

Roughly rectangular in shape, it measures 24km from East to West and only 16km from North to South. Although volcanic in origin Sao Vicente has not erupted in recorded history and the island is quite flat with few traces of its volcanic past remaining.

Its highest point is at Monte Verde at an altitude of 774 meters. Discovered on Saint Vincent’s Day, 22nd January, in 1492 it only began to grow in population in 1838 when it became a supply stop for ships on Atlantic routes from all over the world. Sailors from many different nationalities met together in the local bars and cafes of Mindelo and it became an important cultural centre where music, literature and sports were developed and encouraged which it still cultivates to this day.

Sao Vicente

Boavista

Boavista is an island of sand dunes, long white beaches, and crystal clear emerald waters. There are few properties on the island and the towns are quiet places, although there are many new developments planned.

Originally named S. Cristovao when it was discovered in 1480, Boavista earned its new name when a sailor on a vessel facing a terrible storm spotted it and in his joy yelled “Captain, good sight (Boavista)” instead of “Land in sight”. Boavista did not begin to be populated until 1620, when Captain Rodrigo Afonso was given the island for the purposes of raising cattle in the hands of a small group of shepherds and the economy of the island did not improve until years later when salt was discovered attracting other industries such as weaving and ceramics. Boavista is the most Eastern of the Cape Verde Islands and is quite near to the African continent.

It has a surface area of around 620km², with its longest distance (from North to South) being only 31 km. It is a beautiful, relaxing island, known as the island of beaches and dunes, it is bordered by over 55 km of white, sandy beaches and is mostly flat, but its volcanic origins can be seen in the formations of Rabil and Fundo das Figueiras and on its highest point, the Pico d’Estancia which climbs to 390 meters.

The coastline has beach after beach, Curralinho beach is thought to be the best in all of Cape Verde. Known as Santa Monica because of its resemblance to the beach of the same name in the USA, it is perfect for either lazing on its clean, white sands, swimming in its crystal clear, blue-green waters, or for sports such as windsurfing, scuba diving or fishing.

Page 9: Cape Verde New Projectos Ecossistemas

SantiagoThe biggest of the Cape Verde islands and home to more than half the national population and Cape Verdes capital city, Praia, Santiago was the first island in the archipelago to be inhabited after the Portuguese discovery.

The economy of the island was developed mainly through the use of African slave labour and it became a commercial trading post with the African continent, naturally assimilating more of the African influence than the other islands. An island of contrasts, the capital city is a bustling, hectic place but the interior is lush and green with some impressive landscapes

The island is full of beautiful scenery, stunning beaches and charming examples of its historical past. There is also now an International airport in praia.

Viviendas de Santiago - IntroductionViviendas de Santiago is the 2nd phase of the Sambala Project and occupies a 28 acre parcel of land within the main Sambala Resort adjacent to the central amenities of the Sambala Village at the head of the Sao Francisco Valley, Santiago. The generous individual plots for the 96 villas have all been carefully positioned to maximise the panoramic views of this spectacular site towards either the dramatic mountains of the interior, the undulating expanse of the Sao Francisco Valley or the vast Atlantic Ocean beyond.

The PropertiesViviendas de Santiago comprises three distinct townhouse types each with a similar design style to ensure visual uniformity throughout the phase. Sambala offers investors the choice of purchasing either a two bedroom Fragata style townhouse or either of the three bedroom designs - the Passarinha or Dragoeira Townhouses. All properties have private balconies and roof terraces from which to enjoy

the wonderful Cape Verde climate and dramatic Santiago sunsets.

All Townhouses have direct access to our beautiful communal areas which feature water features, generous central swimming pools, landscaped tropical gardens, pool side bars and sun decks.

17 Sambala Resort - Santiago

Passarinha

Fragata

Dragoeira

Page 10: Cape Verde New Projectos Ecossistemas

Fogo Villas - IntroductionFogo Villas is the 3rd phase of the Sambala Project and occupies a 25 acre parcel of land within the main Sambala Resort close to the central amenities of the Sambala Village at the head of the Sao Francisco Valley, Santiago. The generous individual plots for the 96 villas have all been carefully positioned to maximise the panoramic views of this spectacular site towards either the dramatic mountains of the interior, the undulating expanse of the Sao Francisco Valley or the vast Atlantic Ocean beyond.

The PropertiesFogo Villas comprises four distinct villa types each with a similar design style to ensure visual uniformity throughout the phase. Sambala offers investors the choice of purchasing either 5 bedroom, 4 bedroom or 3 bedroom villas, each sited within a generous individual plot with garden to maximise both privacy and views when looking out from the property.

The majority of villas come with private swimming pools and if not, with carefully integrated communal swimming pool areas.

The Country ClubCentral to the Fogo Villas phase is the integrated Fogo Country Club which will offer a wide variety of leisure and sports activities as well as a colonial style restaurant and roof top bar. The Country Club will serve as the key focal point for Fogo Villa residents and a range of ancillary resort services will be on offer on a daily basis including child care, beauty and massage, gymnasium facilities and a small business centre.

18 Sambala Resort - Santiago

w w w . c a p e - v e r d e - i s l a n d - p r o p e r t y . c o m

Villa Type 2

Villa Type 5

Villa Type

1

The Santiago Lake & WaterfallA beautiful lake and waterfall plunges dramatically into the Sao Francisco valley below situated between the Viviendas de Santiago and Fogo phases. The area surrounding the freshwater lake will be landscaped with tropical plants and fringed with palms and a sandy shoreline. Other features of the lake include the Creole Island Bar and Restaurant, perfect for light lunches, evening grills and all manner of local delicacies which is easily accessed by a timber walkway.

Bars & RestaurantsThe Sambala Resort will also offer a diverse range of food and beverage services to cater for all tastes and temptations. Our wide range of catering facilities will offer everything from starlit beach grills to full a la carte cuisine. Sambalas’ vision places great emphasis on promoting the local Santiagoan delicacies which are heavily influenced by Portuguese techniques and the close proximity of Brazil, and the finest quality beef imported from South America. Furthermore the abundance of fresh lobster, octopus and a wide variety of fish always guarantee that the resort is also very much a seafood lovers’ paradise.

Sambala Resort - Santiago 19

w w w . c a p e - v e r d e - i s l a n d - p r o p e r t y . c o m

Villa Type 3

“an inspiring sustainable development of 96 private villas and fully integrated Country Club set within 25 acres of landscaped tropical gardens Santiago Island, Cape Verde”

Fogo Villas Master Plan• 96 High specification Private Villas comprising:-

• 5 Bedroom Villas c/w own pool• 4 Bedroom Villas c/w own pool• 3 Bedroom Villas c/w own pool

• 25 Acres landscaped tropical gardens

• 2 x Communal Swimming Pools with Water Bars

• The Fogo Country Club comprising:-• Sports Bar, A la Carte Restaurant & Shops• Gymnasium, Squash Courts, Billiards & Snooker• 3 x Tennis Courts, Croquet Lawn & Bowling Green• Massage Therapy, Thermal Bath & Plunge Pool

• Incorporated connections to existing infrastructure:-• Sambala Resort private desalination plant• Sambala Resort private waste water treatment• Sambala Resort private electricity plant

• Immediate access to all Sambala Resort facilities• Excellent access to Sao Francisco beach, 5 mins• Integrated island road connections (airport 15 mins)

Villa Type Key

Villa Type 1

Villa Type 2

Villa Type 3

Villa Type 5

Sambala Resort Master Plan - Phases 1, 2 & 3Fogo Villas (Phase 3) Viviendas de Santiago (Phase 2) Sambala Village (Phase 1)

FOGO VILLAS

Page 11: Cape Verde New Projectos Ecossistemas

The process of purchasing property in Cape Verde

generally involves the following steps:

Information provided by:

Neville de Rougemont & Associados - Sociedade de Advogados. UK officeGreentree, Ascot Road, Holyport, Maidenhead. SL6 2JBTel: 0162 877 8566Fax: 0162 877 8399

Sal officeEdificio Garantia, 1st Floor Left

Rua Travessa Amilcar Cabral, Santa Maria

Sal

1. Carry out Land Charges Searches at the local Municipal Authority and Land Registry Offices.

These will reveal whether there are charges registered upon the property or any restrictions on title. The existence of a valid habitation permit or utilization license depending on the purpose of the purchase (for residential or business purposes) is a precondition for a valid conveyance of built property to take place in Cape Verde and the existence of such permit presumes that a valid building licence was issued previously. It may also be necessary to obtain a company search in respect of a vendor company to ensure that it legally exists and that the signatory has the necessary powers to sign the contracts.The documents which should be obtained are the “Certificado do Registro Predial” (land registry certificate), “Planta de Localizacao” (official map with the properties exact location) and the “Certidao Matricial” (tax information certificate). If the property is not registered, it is necessary to obtain a “Certidao pela negativa” (a certificate confirming that the property is not registered in anyone’s name) and a “Certidao matricial para o efeito” (a tax certificate confirming this). With these two documents, it will be possible to register the property.

2. Check the payment of tax regarding the property, and bills for electricity and other services by asking the vendor to produce evidence of payment of such invoices.

3. We will also need to obtain a power of attorney from you to represent you in the promissory contract and deed (unless you will be signing these yourselves), and also to request the necessary tax cards on your behalf. We will draft

the power of attorney in Portuguese and attach a translation to English for your perusal. This document will have to be signed before a Notary who’s signature is then certified by the Foreign and Commonwealth Office and duly legalised by the Cape Verde Honorary Consul in Liverpool before it is returned to us. Please note that we may deal with the legalisation of this document on request.

4. Obtain a tax card on the purchaser’s behalf. This will allow the purchaser to set off his tax liabilities more often incurred prior to completion.

5. Sign the Promissory Contract of Purchase and Sale (“Contrato Promessa de Compra e Venda”).

This often follows the signing of a Reservation Contract which normally stipulates a time limit for entering the Promissory Contract. At this stage the purchaser will normally be expected to pay a deposit, which is negotiable (10% or lately 30% is common practice). Any reservation fee previously

paid is generally deducted from this deposit. It is generally beneficial to open an account with currency brokers to facilitate transfers of money to Cape Verde and who often offer better rates of exchange and reduced costs than banks.

In Cape Verde, the parties are contractually bound on signature of this Promissory Contract of Purchase and Sale, which sets out the terms of the transaction (property details, price, method of payment, completion date, warranties, penalties, etc). This contract should be signed before a Notary Public in Cape Verde. However, in practice, both parties may agree to waive this formality, in which case the exchange is complete with the signature of both purchaser and vendor. Until such contract is exchanged the vendor is not committed and can change his mind. Payment of the property tax called “IUP” tax, respecting the transfer.

6. Sign the final Deed of Conveyance called the “Escritura” which has to be done before a Notary Public in Cape Verde. This is the document that gives the purchaser proper title to the property. The deed must be scheduled with a minimum of 30 days notice.

7. Register the purchase at the local Land Registry and local Municipal Authority so that title is enforcable against third parties. In Cape Verde, subsequently to the signature of the deed, the Notary will prepare and send a report to the local Municipal Authority regarding the transaction. The Municipality will then update its records accordingly and register the new ownership of the property.

Notarial and registration fees and stamp duty can be expected to be approximatly 3.2% of the properties attributed value. They are payable on signature of the Deed of Conveyance.

8. Services - A contract needs to be signed with the providers of services, such as water, gas and electricity. We do not normally arrange this for clients, but can assist on request. Clients are advised to arrange for final meter readings to take place prior to completion, as well as inspect the property at this stage.

9. The taxes regarding property can be listed as the following:

Transfer Tax - flat rate of 3% on the attributed value to be paid before the Deed of Purchase and Sale.

Stamp Duty – As from 1st January 2009 Stamp Duty is payable on the purchase of property at a rate of 1%.

Holding property/Annual rates - flat rate of 3% on 25% of the attributed value to be paid annually in April (or in two installments in April and September of each year)

Capital Gains Tax

(i) Capital gains regarding plots for construction are taxable if their sale value exceeds a 100% increase of the value at which they were initially purchased.

(ii) Capital gains regarding any other property are taxable if their sale value exceeds a 30% increase of the value at which they were initially purchased.

In both (i) and (ii), the capital gain is taxed at a flat rate of 3% and should be paid within 30 days of the Deed, together with the submission of a “Declaracao de mais valias” (Capital Gains Statement).

Inheritance/Gift Tax - Any property transmitted by inheritance or by gift is taxed at a flat rate of 3% on the attributed value.

Capevedian WillOnce you have acquired the property, it is advisable that you execute a Capeverdian will to deal with your property in Cape Verde. Although an English will is valid, obtaining a probate in Cape Verde is easier if there is a Capeverdian will. This is particularly important for buyers who have contracted a civil partnership.

20 Cape Verde Legal Information

Purchase of

Propertyin the

Cape Verde Islands

Page 12: Cape Verde New Projectos Ecossistemas

As new developments and updated information is being added all the while. You can keep up to date of all the new

complexes we have available by going to our website:-

www.cape-verde-island-property.com

Alternativly if you are interested in property in the Canary Islands, you can

view everything we have available by going to our website:-

www.horizonpropertygroup.com