The Cape Verdean government will grant residence permits to foreign nationals who acquire a second home in the archipelago, the minister of the Presidency of the Council of Ministers announced on Friday in Praia.
Fernando Elísio Freire said that the measure is intended to increase real estate tourism, boost competitiveness and attract investments from citizens who are able to afford a second home.
The measure approved on Thursday at a meeting of the Council of Ministers will offer Permanent Resident’s Card to foreign citizens who invest over 8 million escudos or €80,000 (in municipalities with per capita GDP below the national average) and 13.2 million escudos or €120,000 (in municipalities with a higher GDP than the national average) in tourist properties.
The Minister of the Presidency of the Council of Ministers, on Friday announcing the decisions of the Council of Ministers, said “this is a very important step towards putting Cabo Verde back on the investment map in the area of real estate tourism.”
The same meeting of the Council of Ministers also approved a draft law that grants legislative authorisation to the government to review foreign exchange legislation, Fernando Elísio Freire said that the current legislative framework is “outdated” and “ineffective.”
Under the proposed law, the government intends to approve the total liberalisation of foreign operations, eliminating prior authorisations and checks by the Bank of Cabo Verde, “allowing greater fluidity of capital and total freedom of movement of capital in Cabo Verde.” (macauhub)