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Cabo Verde approves Green Card for foreigners who buy real estate property

The Government of Cabo Verde has approved the creation of a different status for anyone who owns a second home in Cabo Verde, by issuing a “Green Card” to foreigners, which offers a permanent residence permit for an indefinite period of time, under a decree published in the country’s Official Bulletin.

The new law sets out the possibility of exemption from excise duty on assets (IUP), aiming to ensure that the process of issuing the “green card” to foreigners who buy property in Cabo Verde is swift, effective and efficient.

It added that if green card holders are retired and their retirement income was not generated in Cabo Verde, they qualify for exemption under the Individual Income Tax Code (CIRPS).

“However, with the approval of the law that created a different status for the owner of a second residence in Cabo Verde a number of situations to be regulated by the government has been identified, in terms of the completeness of Law No 30/IX/2018, of 23 April,” noted the document quoted by the Inforpress news agency.

The Casa do Cidadão (Citizen House) has been assigned the task of granting the Green Cards and the Directorate for Borders and Foreigners is the responsible public entity.

The diploma approved by the government entered into force immediately after its publication. (macauhub)

Cabo Verde Government approves “Green Card” for foreigners who buy real estate property