About Cape Verde

A small, vibrant nation, rich in culture and folklore located only one hour south of the Canary Islands in the Atlantic. Consisting of a chain of islands, each one distinct from the next, offering a fascinating diversity from extensive sandy beaches through to dramatic landscapes of rugged mountains and lush greenery.

With stability in economical security and a model society for the African nations, Cape Verde provides the security of Europe in a holiday destination steadily growing in popularity amongst worldwide tourist markets.

Fast gaining popularity amongst the European tourists, this stunning land of natural diversity was relatively undiscovered, kept almost a secret as a tropical getaway for the Portuguese and Italians. The nation is now beginning to further develop and market as an ideal mass-tourism destination.

The unique mix of Portuguese and African descendants provides a peaceful blend of exotic cultural integration throughout every aspect of the islands, the people and their culture. A strong passion for traditional, folkloric music can be heard and felt on each island, combining an exotic mix of Portuguese melodies and African beats. For dramatic landscapes and cultural diversity in an exotic land, fast igniting the passions of the steadily increasing visitor numbers, Cape Verde never fails to excite.

Why Invest in Cape Verde ?
The emerging real estate and tourism markets of Cape Verde provide a fantastic opportunity for early entry investments into a market closely tied to Europe, with a year-round tourism market.

For the greatest potential returns, emerging markets in economically and politically stable locations provide the safest options. As a model society for the African nations and located only one hour south of the Canary Islands, Cape Verde provides an exceptional opportunity.

With infrastructure improvements actively assisted by the local government, the EU and the World Bank, Cape Verde is experiencing rapid development as it fast progresses onto the world map of tourist destinations.

Cape Verde and the EU
Discovered by the Portuguese in the 15th Century and becoming full Portuguese citizens in 1961, Cape Verde has retained its ties to Europe, even beyond gaining independence in 1975.

While the Cape Verdean government considers membership with the EU, the nation currently holds a ‘special status’ partnership set-up established in January 2007, due to the assistance required and received through its history from Europe, as the country itself provides limited natural resources. Continuing to the present day, the majority of the imports and exports of Cape Verde are connected with the EU, with Portugal looking favourably upon visa applications from Cape Verde citizens.

Over recent years the economy has grown steadily through the service industry including tourism, with an important focus placed upon increasing the industry to gain its place on the world tourism map. With a stable democratic government and a growing economy, investors from both Portugal and Italy, along with growing numbers from the UK are enjoying the benefits of investing in the nation’s strengthening tourism market.

The strong growth of Cape Verde’s economic market was witnessed in early 2008 when the United Nations designated Cape Verde as a ‘middle income country’, being only the second country ever to progress from one of the worlds least developed. Along with this progression, Cape Verde has also joined the World Trade Organisation. The Portuguese background of Cape Verde and its continued ties with Europe are strengthened with the local Escudo currency (CVE), being linked to the Euro, enabling further stability.

While the other Macaronesian Islands (the Canary’s, Azores and Madeira) offer full support for Cape Verde entering into the EU, the ‘special status’ arrangement is beneficial to Cape Verde enabling the country to also obtain a similar set-up with ECOWAS, The Economic Community of West African States. While unable to be a full member of both organisations and wishing to forge closer ties with the EU, the special status arrangements enable Cape Verde to retain its interests in Africa, while developing and strengthening its recognition within the EU.

Being a full member of ECOWAS enables freedom of movement between the West African nations, and Cape Verde has been discovered to be a departure point for illegal migration to the Canary Islands, into the EU. The Cape Verdean government has actively assisted the EU nations in attempting to stem this flow of illegal migration. By limiting its membership with ECOWAS and strengthening ties with the EU, Cape Verde will not only jeopardise the illegal West African movements, but potentially create easier access for Cape Verde citizens into Europe.

After the initial development from a trading colony, Cape Verde experienced a long tradition of migration, with many men and more recently the women, seeking work in countries such as those in the south of Europe and North America. The numbers of Cape Verdean expats began to exceed the numbers of inhabitants remaining on the islands, however the migration numbers began to fall after gaining independence from Portugal, and further still in recent years after the tightening of migration and border controls following September 11.

The high levels of migration were due to the limited natural resources locally and the potential for greater wealth to be obtained abroad. Following the decrease in migration numbers, the population growth rate began to increase rapidly, now numbering close to 500,000, placing a greater dependence upon imports and a growing need to improve the main source of the country’s economy, the service industry.

The EU’s recent development of ‘Mobility Partnership’ agreements is expected to improve the assistance of future migration for Cape Verde citizens. Cape Verde was one of the first countries to enter into the agreement in June 2008, for the facilitation of visa and re-admission arrangements.

This new approach is designed to facilitate the management of legal and illegal migration, while reducing costs and the application time frames. The partnership has enabled Cape Verdeans improved conditions for doing business, travelling and studying in the EU, with a greater validity period on visas.

The strategic location of the country, situated at a cross road in the Atlantic, hold various advantages for the EU who along with the World Bank, have invested in improvements and expansion projects of the airport infrastructure and shipping ports. These improvements have assisted in greatly increasing the development of the tourism and real estate investment markets.

Investors from the UK are fast discovering Cape Verde as an emerging market, once reserved as a tropical secret getaway of the Portuguese and Italians, with interests in a fast growing economy and the high capital gains associated with an emerging market.