Law No. 31/IX/2018, of 23 April 2018, enters into force today thereby regulating the new legal status of Cape Verde-second residence owners, through the issuance of the so-called “Green Card”, which grants the right to permanent residence in the country.

The granting of Green Cards to foreigners (extended to spouses or unmarried partners and dependents) is subject to the acquisition of real estate property (already constructed or under construction) in the minimum amount of EUR 80,000 or EUR 120,000, depending on the GDP of the municipality where the property is located.

The statute also provides for tax benefits such as the exemption and/or reduction of Single Tax on Property and exemption of Personal Income Tax for retired Green Card holders when the respective income is not generated in Cape Verde.

The permanent residence permit is to be granted for an indefinite period of time, subject however to a formal renewal request.

This new law is aimed at raising foreign funds and promoting Cape Verde's real estate and construction sectors.

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