Mortgages are still difficult to obtain through Cape Verde banks, but this is changing
quickly as banks are beginning to realise the need to provide more finance for their
The steps to finding a property are straightforward;
Ohlsson's will ensure that the representative of the purchaser (solicitor / family
member/ friend) or ourselves will obtain a tax card on behalf of the purchaser.
Sign the Promissory Contract of Purchase and Sale ("Contrato Promessa de Compra
e Venda"). This is simply a contract which you sign to say that you are buying a
property for a specific price. Once this is signed, the purchaser will be expected
to pay a deposit, 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, 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. 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.
We advise that you should only transfer the money to a developer or nominated account
upon the notification of ourselves or the solicitor. This always occurs after the
promissory contract has been checked and signed.
Signing for your property must occur in front of the public notary in Cape verde.
The Deed of Conveyance or "Escritura" is the document that gives the purchaser the
proper title to the Property. The Deed must be scheduled with a minimum of 30 days'
The purchaser or their representative must 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 3% 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. We can assist in this process for
our clients. Clients are advised to arrange for final meter readings to take placed
prior to completion. Purchasing a Property top
Since the direct flights, there has been a proliferation of estate agents and developers
on the islands. Make sure you use a recognised agent that works out of an office.
Presently there are numerous 'agents' working from bars, home and even some taxi
drivers from their cars. While we advise you speak to as many people as possible
to get a broader picture of the islands, please seek professional investment advice
to avoid being mislead. While Ohlsson Properties suggests that you seek out developers
directly, we also know that more and more developers are seeking agents to take
care of their sales. This is due to the time devoted by agents to look after clients
needs. Its not that we can do it better than the developer, it is just that the
developer is in need of the time for organising and planning construction. There
are numerous property developers in Cape Verde. It is, therefore, important to check
their standards of construction. We have experienced many stories of buildings where
electric cables go unchecked and water pipes not connected to the right taps or
meters. If you want to check out any of the construction, feel free to email us
at firstname.lastname@example.org Our knowledge and experience over the last couple
of years may help you to avoid potential problems in the future.
Please click the link below to request for your free brochure.
Ohlsson Properties International:
Cape Verde property specialists and experts in investment property throughout Brazil,
Dubai, Tenerife, Italy, United Kingdom, Montenegro and the Caribbean.