Frequently Asked Questions
General Cape Verde background
- Where is Cape Verde?
- What is the climate like?
- How far is it from the UK and how easy is it to get to?
- Is it politically and economically stable?
- What is the currency in Cape Verde?
Buying in Cape Verde
- What is the legal system in Cape Verde?
- What is the title of the property - Freehold or Leasehold?
- What is the public deed?
- What are the charges involved with a purchase in Cape Verde?
- What other costs are there?
- Does the contract have to be in Portuguese?
- What rights do I have in the event that things go wrong?
- Can I sell on my contract before the completion date?
Estrela Santiago - the development
- Who are the developers of Estrela Santiago?
- Where is Estrela Santiago, Cape Verde?
- What will Estrela Santiago have to offer?
- Why invest in Cape Verde?
General Cape Verde background
Where is Cape Verde?
Cape Verde a former Portuguese colony, comprised of 10 islands and five islets in the Atlantic Ocean, is situated 385 miles off the west coast of Senegal, West Africa.
What is the climate like?
The Cape Verde islands boast beautiful beaches, stunning mountainous scenery and a climate reminiscent of the Caribbean.
Cape Verde is in the tropical zone and has one of the world’s most stable climates, offering year round sunshine. Average temperatures range from 24 °C (75 °F) in January and February to 29 °C (85 °F) in September. The average annual rainfall for Cape Verde is 68.4 mm (2.7 in), with September being the wettest month with 33.6 mm (1.3 in). Conversely, the months April to July record less than one millimetre of rainfall each.
How far is it from the UK and how easy is it to get to?
Flights to Cape Verde take approximately five and a half hours. There are regular direct flights from Lisbon to Praia International Airport, on Santiago Island and weekly direct flights from Amsterdam. Sal is served at least weekly by many European cities including Paris, Amsterdam and Frankfurt. TACV operate several flights per day between Sal and Santiago, as well as many other islands.
TACV launched its first flights between the UK and Cape Verde in October 2007. The carrier has scheduled direct flights between Stansted and Sal every Monday and Thursday, with outgoing connections to Fortaleza, Brazil. This route joins a weekly direct service already operated by independent airline Astraeus since November 2006 between London Gatwick and Manchester to Sal.
Is it politically and economically stable?
Politically
The politics of Cape Verde take place in a framework of a parliamentary representative democratic republic, whereby the Prime Minister of Cape Verde is the head of government, and of a pluriform multi-party system. The government is supportive of foreign direct investment and there is no ethnic or religious conflict, nor any political violence.
Economically
Most of the nation's GDP comes from the service industry. Cape Verde's economy has grown since the late 1990s, and it is now considered a country of medium income. Cape Verde has significant cooperation with Portugal at every level of the economy, leading it to link its currency first to the Portuguese escudo and, in 1999, to the euro.
What is the currency in Cape Verde?
The exchange rate value of the local currency, the Cape Verdean Escudo is fixed to the Euro at 110 CVE to 1 Euro.
Buying in Cape Verde
What is the legal system in Cape Verde?
It is a Civil law system based on Portuguese law with alterations to suit local traditions.
What is the title of the property - Freehold or Leasehold?
All land on Cape Verde is freehold.
What is the public deed?
In simple terms, the public deed is a document signed by both the buyer and seller of the property upon its completion. It transfers title of ownership from the seller to the buyer.
What are the charges involved with a purchase in Cape Verde?
There are a small number of government fees that must be paid when purchasing property in Cape Verde. These include, an acquisition tax called the IUP; this is 3% of the purchase price and is paid at the time of the public deed.
The public deed itself costs 1.5% of the purchase price and registration of the property with the local authority costs 1%. All these costs are subject to change. Another cost factor to remember would be solicitors fees, which can vary.
What other costs are there?
Other costs to budget for include management fees to cover the running of the complex and utility fees for using the service provider.
Does the contract have to be in Portuguese?
It is not essential for the contract to be in Portuguese but it is preferred. Estrela Santiago uses a dual split contract with both Portuguese and English versions.
What rights do I have in the event that things go wrong?
In the event that something goes wrong, it will be dealt with in a fair and impartial manner by the judiciary system in Cape Verde. If you are still unsatisfied with the outcome, there is the option to take legal recourse in an international court of arbitration.
Can I sell on my contract before the completion date?
Yes.
Estrela Santiago - the development
Who are the developers of Estrela Santiago?
ARCK Estrela Ltd, a Jersey company is the developer.
Where is Estrela Santiago, Cape Verde?
Estrela Santiago is situated on the south coast of Santiago island. It is the largest island of Cape Verde, its most important agricultural centre and home to half the nation's population.
It was the first of the islands to be settled, the town of Cidade Velha being founded as Ribeira Grande in 1462 and it is also home to the nation's capital city, Praia and to one of the islands' international airports.
What will Estrela Santiago have to offer?
Estrela Santiago will be Cape Verde’s first fully integrated five star resort. It will feature some 2,500 residential properties that encompass both the traditional and ultra-contemporary architectural designs.
The one thousand acre development will offer a variety of properties including apartments, townhouses and villas.
Residents and holidaymakers at Estrela Santiago will be able to take advantage of the extensive selection of facilities available. The harbour village will be home to shops, restaurants and leisure facilities. The resort will also include a spa, an equestrian centre and sports academy. The two sandy beaches will provide for relaxation and a wide array of water sports, whilst diving will be available from the harbour village. The Resort even incorporates the island’s original and only seaplane harbour.
And at the heart of Estrela Santiago there will be a magnificent championship golf course, created by the acclaimed Faldo Design. A nine-hole executive golf course and practice facilities are also planned.
Why invest in Cape Verde?
The investment case for Cape Verde is as follows:
- Privileged strategic position – accessibility to Northern Europe
- Political stability with continuing economic growth
- IMF reports steady 6% growth in GDP
- €1.5 Billion private investment forecast for the next 5 years
- Stable economy
- Currency linked to the Euro
- 12 month holiday season
- Year-round sunshine
- Voted number 1 tourist destination for 2007 by Expedia.com
- Strong potential for capital growth as still largely undiscovered
Island News
21/12/2007
Tourism boom fuels Cape Verde economy »
During the past two years Cape Verde has continued its strong economic growth.
21/12/2007
Direct flights from Stansted to Sal, Cape Verde with TACV »
The National Flag Carrier of Cape Verde, TACV, launched its first flights between the island of Sal and London Stansted in October 2007.
Escape to a perfect Climate - All year round
