 | Property Taxes in Cape VerdeArticle Published: 21:27 27/02/2007Article Classification: Sal Beach Resort Cape Verde |
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As a UK resident, when you sell a property in Cape Verde and make a capital gain, there is currently very little CGT to pay, as we would know it in Cape Verde. Although UK residents are due to pay CGT on their Worldwide assets.
Property purchase in Cape Verde is subject to the following taxes:
Cape Verde - Transfer Tax This is charged at a flat rate of 3% of the property value and is paid prior to the signing of the deed of purchase and sale.
Cape Verde - Holding Property / Annual Rates This tax is charged at a flat rate of 3% on 25% of the value of the property and is paid annually every April (or in two installments in April and September).
Capital Gains Tax – (i) Capital gains regarding plots for construction are taxable if their sale value exceeds a 100% increase of the value at which they were initially purchased.
(ii) Capital gains regarding any other property are taxable if their sale value exceeds a 30% increase of the value at which they were initially purchased.
In both (i) and (ii), the capital gain is taxed at a flat rate of 3% and should be paid within 30 days of the Deed, together with the submission of a "Declaracao de mais valias" (Capital Gains statement).
Inheritance/Gift Tax – Any property transmitted by inheritance or by gift is taxed at a flat rate of 3% on the attributed value.
Capeverdian Will
Once you have acquired the property, it is advisable that you execute a Capeverdian will to deal with your property in Cape Verde. Although an English will is valid, obtaining probate in Cape Verde is easier if there is a Capeverdian will.
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