Cape Verde Islands

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PostPosted: Thu Jan 27, 2011 6:24 am 
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Hi, I paid €185 last April on a T2 and was told that was for the year, Natalina at A&M paid it for me.

Alyson


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PostPosted: Thu Jan 27, 2011 9:29 am 
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The annual property tax is calculated at 3% of 25% of the value, as assumed by the authorities, that I know to be 100% fact. This would therefore make 0.75% of that assumed value of your property. I was originally advised by lawyers that this value would be the same as your purchase price. However, I did some more research, as I have never been too confident in CV lawyers advice, and established that the figure the authorities put on the value of your property maybe somewhat lower than your purchase price. If AJW has paid 175 euros per year, this would make the calculated value of the property 23,333 euros, which on Vila Verde is clearly not the purchase price, backing up my suspicions of the lawyers advice. Hod if you paid 0.15% of the value of your property, but state to Mark B that his taxes should read 1000 euros and not 100 euros as he posted, a 1000 euro bill for you at 0.15% of your property value, would give you a value of 666,666 euros?

Entirely up to you, but if you could state what you paid for the tax, it may give us all a clearer idea of whether the purchase price, or value given by the authorities applies, as I know for sure that the figure is 0.75% for the annual calculation. This would help in the meeting on Saturday, as it's something buyers want to be aware of, as is where to pay it to. You mention you paid it to the Town Hall, could you advise the exact location of this, as some do not wish to use a fiscal representative or lawyer to arrange this payment for them, as they feel it would be more expensive that way.

Thanks in advance.


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PostPosted: Thu Jan 27, 2011 2:41 pm 
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Nothing to do with MARK B post, My post was aimed at if 3% of 25% ( as mentioned in REIDALISON post ) of value of apartment ( 2 bed ) would be about 1,000 ie Same as 0.75%

As per my post: my “Local Council Tax” was about ? 0.15 % ( zero point 15% ) of the value of the property. The figure that AJW posted for her apartment ( T2 ) would appear to confirm this.

Re payment for Local Council Tax:
You will require the ‘Property Ref Number’ from your deeds / property certificate,
NOT the Developers property number / unit number..
Town Hall is in Espargos, you make payment at the kiosk on the right hand side inside the building..


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PostPosted: Thu Jan 27, 2011 3:35 pm 
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Hi Hod

Thanks for the information on location of Town Hall, had heard back from someone in Sal in meantime, was aware that they would need information on deeds, but thanks for confirming that.

It would appear from what you are saying that if your Local Council Tax is coming out at 0.15% of the value of what you assume your property is worth, that the local authorities value them at about a fifth of what we have actually paid for them. That works quite well in our favour for tax calculation purposes and confirms what I thought, that the lawyers advice was again incorrect that it would be based on the purchase price.

The calculation is 3% of 25% of the authorities valuation, if AJW paid 175 euros, then they value a 2 bed on Vila Verde at around 23333 euros only. That would make sense, as I guess a similar sized property in Santa Maria, owned by a local, is not worth very much money. They must apply similar scales, not the over inflated price that we paid as foreigners buying in a purpose built resort.

Thanks again


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PostPosted: Thu Jan 27, 2011 3:38 pm 
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Sorry, note that AJW paid 185 euros, so they must value a 2 bed at Vila Verde at 24,666 euros, as said, good news from a paying tax point of view.


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PostPosted: Thu Jan 27, 2011 8:40 pm 
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Hi Hod

If you look into what the annual property tax is, payable on a property in CV, you will generally read that it is 3% of 25% of the value, these amounts were also given to me by my lawyer. By the sound of it, if yourself and Alyson have only paid 185 euros, either the values of property are assessed lower by the local authority, or the tax websites and lawyers are wrong.

After you stating that your bill was similar to Alyson's, I found it encouraging that all of our bills may be lower, so I did a bit more research to find out more.

From 2 different websites:-

http://www.capeverdeinfo.org.uk/cape_verde_tax.htm

http://www.sands-capeverde.com/subpage.aspx?pageID=208

It would appear that Cape Verde, it's lawyers and web sites can't make their mind up. But going by the figure you two paid and the second website, it looks like 0.15% of the purchase price (3% of 1/20th of value) is going to be the amount payable and not 0.75% (3% of 25% of value), which is a real plus for buyers. Most websites state the first amount, but that 2nd website has to be correct, as it matches exactly what you have paid, and that is first hand actual experience, coming from yourself and Alyson, which backs this up.

I chair the Birmingham meeting on Saturday and am still striving for answers in other areas. So thanks for your info on this, as it's going to be nice to go in and report that fees may well be much lower than buyers have been expecting.

Regards


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PostPosted: Fri Jan 28, 2011 10:50 am 
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Hi High-Wire

Yes good news for buyers and everyone, it’s encouraging to see taxes being spent wisely on the island.

Over the last few months I have witnessed the following
Espargos: new Town Square ( work in progress ) , new Hospital and increase in Medical Staff, major repairs to roads in the town centre etc
Santa Maria:
Increase in police officers and told expansion of the police station building.. new School planned , new road ( Santa Maria to Riu - Santa Maria to roundabout at Bar 1 ) to be vastly updated / repaired , major repairs to roads, etc


I hope the meeting goes well this Saturday.

Regards


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PostPosted: Fri Jan 28, 2011 12:21 pm 
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Thanks Hod,

Certainly got a lot of topics to get through, but hope there will be bags of useful information for everyone.

I now suspect that, as with the purchase taxes being reduced, that the annual taxes were also reduced too. As you say, good news, as it's easier for those who already own and more attractive for those still looking to buy. Just be nice if the websites and lawyers could keep up!

Regards


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PostPosted: Fri Jan 28, 2011 8:44 pm 
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Sorry if I've missed this bit but did you say that the purchase tax has been reduced? I'm not far off going to notary on Tortuga and understood that the taxes were IUP tax 3% & stanp duty 1%. 0.15% for the annual tax is a bonus regardless


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PostPosted: Fri Jan 28, 2011 9:02 pm 
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Hi Zak

They were reduced at the start of last year, 4.2% is the figure you're looking for (3% & 1.2%), think I paid a flat fee of around 238 euros on top of that also, so you're on the right track. The annual property fees do look much better now though at 0.15%, originally was quoted 0.75%!

Hope all goes well with your purchase and subsequent ownership.


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PostPosted: Sun Jan 30, 2011 6:56 pm 
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Hi all, I spoke with Trevor Wilson in VilaVerde today, he is thinking about offering a service where he can pay your yearly/six monthly propertyy tax. By the way VilaVerde is looking amazing and Santamaria has come on a long way since I was last here. We have loved the 2 bed that we've been staying at in VV. Cheers

s.harrison


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