Hi,
As many here, my dream is to buy to piece of land in Cabo Verde (Santiago, SV or SA).
I have questions about the legal costs here :
=> VAT
=> Notary fees
=> Other legal costs (e.g. dividing a plot and titling each new plot)
=> Tax rates on property capital gains, rental management profits and company profits.
=> Compulsory insurance to be taken out during construction, as well as the obligation to call in a control office, to have a financial guarantee of completion. In short, all costs ...
Would be able to help me ?
-@Jiwacy
Hello Jiwacy,
The nature of some of your questions require that you speak with a real estate agent. I can answer a couple:
=> VAT
15%
=> Other legal costs (e.g. dividing a plot and titling each new plot)
The majority of locals cannot afford to pay lawyers. Therefore, such actions do not require the involvement of lawyers nor do they incur legal fees. You simply go into the Camara Municipal and make such requests. They do the whole process at the Camara Municipal and you pay a small fee. Each Camara has its own schedule of fess.
=> Tax rates on property capital gains, rental management profits and company profits.
We don't have capital gains taxes in CV. There is no distinction on income taxes. Companies pay a fee of 25% regardless of how those profits came about.
Regarding notary fees, insurance and other costs related to real estate transactions, you should speak with a real estate agent.
Regards,
Angelo
