Guide to Holiday Home Insurance Cape Verde
Introduction -
Until very recently, most people had not even heard of Cape Verde and the
purchase of a Holiday or second home was restricted to a very few shrewd brave
foreign investors. There are ten Cape Verde islands of which nine are inhabited.
They are divided into Windward (Barlovento) and Leeward (Sottovento and they are
located off the coast of Senegal West Africa. Traditionally the industry of the
islands revolved around Fishing & Farming. Amongst the crops produced are ;
Banana, Coffee, Peanuts & Sugar Cane. Fuel & Textiles are also produced on the
Islands. Tourism , is the real growth industry though and many local people are
now finding employment within this industry.
This islands represent a real island paradise, the weather is good all year
round, and cool, ocean currents keep the weather bearable for most Europeans.
These islands have had a fairly turbulent history and in 1975 Independence from
Portugal was obtained with the help of many outside factions. Today Cape Verde
is considered to be politically stable with low rates of crime and an excellent
investment opportunity for purchasers of holiday or second homes. Many Investors
are viewing these islands in the same way that Spain or even the Canary Islands
were viewed over 25 years ago. Prices are very low but development is occurring
at a very quick pace and property prices have been increasing at up to 20% per
annum. It is anticipated within the next 10 years that Cape Verde will become a
major Holiday destination and property is being constructed with this in mind.
Holiday Home Insurance Cape Verde - Holiday home insurance for your
property, is now available to purchase from the United Kingdom. AssetSure are
able to help offer insurance for an Cape Verde holiday home. The insurance
will contain a broad range of perils which will be extended to include property
owners liability insurance., If you are renting your property to tenants, this
will need to be disclosed to the insurance company. Renting property whether on
long or short term basis can be subject to rules and regulations and in some
countries, there are even restrictions imposed on this activity. Before any
property is purchased with this in mind, it is important to seek the advice of a
good local solicitor who can alert you to any local requirements.
The Holiday Home Market in Cape Verde - The government of the islands has
been a major force behind the developed of Cape Verde as a Holiday Home
destination, realising its important location with regard to cross Atlantic sea
and air lanes, it has set about a major expansion of both its port and Airport
facilities, projects that are being partly paid for by the EU and the World
Bank, making Cape Verde one of the largest per-capita aid recipients in the
world. In any developing property market, the ability to have good international
connections is of paramount importance. For most Europeans, these equate to
being able to access cheap air fares and these are falling all the time. At the
present moment, almost all of the holiday home property for sale in Cape Verde
is new build, there is a healthy buy to let market although with a holiday
industry very much in its infancy, rental of property on a regular basis cannot
be guaranteed, however many purchasers are simply individuals who have
recognised an opportunity to buy a holiday home for their own use at a price
that can not be obtained pretty much any where else. The government are keen to
receive foreign investment and have granted certain tax breaks to companies that
have come and started business in the country, in recent years, this has seen a
good deal of new hotels & restaurants being constructed.
Buying a Holiday Home in Cape Verde - For individuals who wish to buy
property, the process is fairly straight forward and is largely based on the
system in operation in Portugal. There is no leasehold property in the country,
everything is sold on a freehold basis. As in most other countries, a verbal
agreement must be reached first and at this point you will need to appoint your
own solicitor to carry out the title searches etc. In order to buy property in
Cape Verde, you will need to obtain a fiscal number from the tax office, this is
not complicated and your lawyer will be able to help (This document is executed
in Portuguese but you can ask for a copy to be translated in to your own
language. The next stage in the process is for both parties to sign the
Promissory contract of purchase and the buyer will have to make a 10% deposit of
the purchase price although recently, this deposit amount does seem to have
increased. At this stage, both parties are now contractually bound subject to
the necessary searches. This document will set out all the usual details
relating to the sale of the property, including full details, completion date,
penalties, warranties etc. The document is signed in front of a notary whose
survives will need again when the final deed called the Escritura has to be
signed. Once you have completed this procedure, your ownership will have to be
registered with the land registry and the local municipal authority and the
notary will prepare a report for this purpose.
So if you are seeking an holiday home insurance quote for a property
why not see if we can help? In addition, Assetsure provide overseas
property insurance and holiday home insurance for other countries including
Australia, Austria, Belgium, Bulgaria, Brazil, Canada, Cape Verde, Chile,
Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Egypt, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania,
Liechtenstein, Luxembourg, Malta, Monaco, Montenegro, Morocco, Netherlands,
New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, South
Africa, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates,
United Kingdom (UK) and Venezuela.
