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Cape Verde real estate agents

Advice Buying Properties For Sale Cape Verde Real Estate Property Buyers Guide



You have found a Cape Verde property/ Cape Verde real estate you wish to purchase in Cape Verde what next?

Cape Verde propertyBuying Property in Cape Verde - Costs of Purchasing Property.

Cape Verde Real Estate Buyer's Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure when purchasing real estate.

Successfully Buying Real Estate in Cape Verde.


Below are some brief points in purchasing property in Cape Verde.

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

These searches will reveal whether there are charges registered upon the Cape Verde property or any restrictions on title. The existence of a valid habitation permit 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.

The documents which should be obtained are the "Certidao do Registo Predial" (land registry certificate), "Planta de Localizacao" (official map with the Cape Verde property's exact location) and the "Certidao Matricial" (tax information certificate).

If the Cape Verde property is not registered, it is necessary to obtain a "Certidao pela negativa" (a certificate confirming that the property in 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.

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

Obtain a tax card on the real estate purchaser's behalf.

Sign the Promissory Contract of real estate Purchase and Sale (Contrato Promessa de Compra e Venda).

At this stage the real estate purchaser will normally be expected to pay a deposit to secure the real estate, which is negotiable (10% or lately 30% is common practice).

In Cape Verde, the parties are contractually bound on signature of this Promissory Contract of Purchase and Sale of real estate, which sets out the terms of the real estate transaction (property details, price, method of payment, completion date, warranties, penalties, etc.).

This contract should be signed before a Notary Public in Cape Verde. 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.

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 Cape Verde Property. The Deed must be scheduled with a minimum of 30 days' notice.

Register the purchase at the local Land Registry and local Municipal Authority so that title is enforceable 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 approximately 2.5% of the property's attributed value. They are payable on signature of the Deed of Conveyance.

Services

A contract needs to be signed with the providers of services, such as water, gas and electricity

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.

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.

1 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.

2 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 1 and 2, 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.

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These guidelines are meant for guidance only and describe straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take.



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