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Cape Verde is a tiny archipelago towards the North-Western coast of Africa, which is a popular tourist destination which gets 330 days of sunshine every year. It competes directly with Sharm-el-Sheikh of Egypt from the usual European tourist crowd.
The advantage that Cape Verde has compared to Sharm-el-Sheikh is that it is a completely peaceful region with absolutely no instances of terrorism or political turmoil. As you are probably aware, the downing of the Russian jet, which killed 224 tourists at Sharm-el-Sheikh Airport in 2015 led to many countries such as the UK and Russia banning flights to the region.
Since then, Cape Verde has witnessed a massive growth in the number of visiting tourists from Europe – largely at the expense of Sharm-el-Sheikh. As usual, whenever a country develops as a tourism hotspot, it also becomes a top overseas property destination. This has been witnessed in Cape Verde as well.
So how easy is it to sell overseas property fast in Cape Verde? Unfortunately, it’s not so easy. It’s not because there isn’t enough interest in Cape Verde – in fact, there are a number of cash rich buyers from Russia, China, Germany, Ireland and Scandinavia who are eager to buy holiday homes in Cape Verde.
The problem seems to be that the government is yet to simplify the rules and regulations related to the buying and selling of overseas property in Cape Verde. As someone trying to sell overseas property fast, you will no doubt be left frustrated by the bureaucratic red tape in Cape Verde.
You should hence hire a local real estate lawyer who is well versed with the real estate laws of the country and knows his way around the bureaucracy. He will help you get your paperwork in order and make sure that you have everything you need for selling your overseas property quickly.
There is a serious dearth of good lawyers in Cape Verde, so you should be careful when hiring one. You also need to get a Personal Fiscal Number, this can help you during the process of selling your property on time.
Once a buyer has been found, you will need to draw up a Promissory Contract which has to be signed by the buyer. On doing so, the buyer has to pay a deposit, usually 10 percent of the value of the property. This is a legally binding contract. The buyer cannot walk out of it without facing a penalty.
During the closing, you will be expected to sign an Ecscritura along with the buyer in the presence of a Notary. This is the final sales deed which authorises the transfer of the property to the buyer.
Finally, a word on the taxes: taxes on property sale or purchases are very low in Cape Verde. There is no capital gains tax, but the buyer will be required to pay a tax of around 6 percent of the purchase price.
Contact us to find out more about the process of buying or selling your overseas property in Cape Verde.