Cabo Verde Parliament approves permanent residence card for investors

cape verde

The Cape Verdean parliament on Monday approved a bill that creates tax benefits for foreign citizens who decide to buy a second home in Cabo Verde (Cape Verde), while also granting a permanent residence card, known as the Green Card, the local press reported.

The Green Card will be awarded to all foreigners who invest more than 180 million escudos (US$2 million) buying a property in Cabo Verde, according to the newly approved law.

The PAICV, the largest opposition party, voted against the bill arguing that the tax exemptions outlined for foreigners should, among other areas, cover Cape Verdean emigrants scattered in various parts of the world and who have been investing in the development of the country.

Representing the Movement for Democracy (MpD, in power), member of parliament Miguel Monteiro said his party voted in favour because the bill follows other government proposals, namely visa exemptions to increase the flow of tourists in Cabo Verde, and the law to liberalise foreign exchange relations.

In the last few years Cabo Verde has received an average of 500,000 to 600,000 tourists per year, but the country wants to reach 1 million by 2021, with the United Kingdom, Germany, Belgium/Netherlands and Portugal being the main sources of tourists for the archipelago.