Cape Verde Islands

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 Post subject: property tax payment
PostPosted: Sun Jan 23, 2011 7:44 pm 
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i have a 2 bed app in canna . i would like to know what taxes we have to pay in cape verde and how . i asked tecnicil and they said i would have to deal with our laywers . i have a euro account inengland but i can not set up direct debit payments only transfers. will i need to open a bank account in sal . any advice would be appreciated. we plan to visit in aprill 2011 , a long time from when we bought the place march 2006. still as they say better late than never.


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PostPosted: Sun Jan 23, 2011 8:13 pm 
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Hi Gazza

Your annual property taxes are due in 2 instalments, one in April and one in September. You start to become liable for them in the first January following completion of your property. Your lawyer, or indeed any CV lawyer, or a fiscal representative can arrange the payments to the authorities for you, i.e. establish what you owe and process your payment for you.

Hope that helps.


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PostPosted: Tue Jan 25, 2011 10:19 am 
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Hi HW,
When you say "the January after completion, do you mean when you sign the Title Deeds or after your final snagging and Tecnicil say it is "complete"


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PostPosted: Tue Jan 25, 2011 10:37 am 
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Hi Kirsti

It would appear that the local government compile the list of properties that have to pay annual taxes in January of each year. So if you have gone to deeds before January, you will be included. So a good time to complete would be February, as you would have no annual taxes in that year, as was explained to me and so as I understand it.

Sounds like it's different to the UK system (council tax) which would start or would be backdated to your completion date.

Hope that makes sense.


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PostPosted: Tue Jan 25, 2011 10:40 am 
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Hi Kirsti,

In case I wasn't clear on term I used:-

Completion - going to deeds, the date you become the official owner and property registered in your name at land registry/notary.

Nothing to do with build being completed or snagging.

Cheers


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PostPosted: Tue Jan 25, 2011 1:10 pm 
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Thanks High-Wire


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PostPosted: Tue Jan 25, 2011 2:07 pm 
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Hiya I have completed on an apartment in Villa Verde, and will be going over to stat last week of Feb. No one has contacted us regarding paying taxes, will Technicil contact me or our Solicitors? or are we suppose to contact them? we completed over 18 months ago.hope someone can help!


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PostPosted: Tue Jan 25, 2011 2:49 pm 
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reidalison

The onus is on you to pay the taxes. I am unsure who to contact directly in Cape Verde to do that, perhaps someone else knows. I intend to speak to the lawyer that dealt with my deeds or a fiscal representative, who will establish, what is owed, who to, and when. They will then be able to arrange payment for me.

I suggest you deal with it whilst out there, as I have already pointed out, they are due in April and September of each year, late payments will incur added interest I believe.

Hope that helps.


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PostPosted: Tue Jan 25, 2011 3:38 pm 
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thanks High-wire I will contact the solicitor directly!


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PostPosted: Wed Jan 26, 2011 11:19 am 
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I've had the very same experience. Ndr failed to tell me about the tax, 4325 euro in my case. I'd have thought they would have been proactive in chasing all the money up. This is after the poor communication between the sal and uk office, they've added at least 4 months onto my completion through a laziness and a pure unprofessional approach to my situation. To say I'm less than happy is an understatement.
Rant over. To obtain the money from your bank for completion your taxes need paid to your solicitor, then they'll hold onto it, obtain interest on your money then at some point hand it over!!
Good luck


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PostPosted: Wed Jan 26, 2011 1:24 pm 
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Update on this I looked up the tax required and it states 3% of 25% of the value of the property. I spoke to my solicitors yesterday and they are going to organise payment for last year and then do the 2011 payment in one go in April. for a 2 bed apartment the cost should only be approx 100 euros Mark B 4325 seems an awful lot!!


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PostPosted: Wed Jan 26, 2011 3:10 pm 
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reidalison

You are correct with the figures 3% of 25& of the attributed value. Originally I was told the value was the purchase price, but I believe it may be calculated lower than that, waiting to hear, so the lower the better. Payments are due April and September of each year, but as you have stated, no problem with paying it all in April.

Mark B

Not sure that you're talking about the same tax, could that be your tax when you purchased your property? For it to be that high, you would either have a very expensive property, many years of arrears, or a bit of both.


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PostPosted: Wed Jan 26, 2011 3:28 pm 
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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by reidalison</i>
<br />Update on this I looked up the tax required and it states 3% of 25% of the value of the property. I spoke to my solicitors yesterday and they are going to organise payment for last year and then do the 2011 payment in one go in April. for a 2 bed apartment the cost should only be approx <font color="red"><b>100</b></font id="red"> euros Mark B 4325 seems an awful lot!!
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

I think you mean 1,000 euros..


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PostPosted: Wed Jan 26, 2011 4:24 pm 
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Oops sorry yes 1000 Euros missed a zero [:)]


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PostPosted: Wed Jan 26, 2011 11:54 pm 
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Not sure if you are talking about “ Property Purchase Tax ” or “ Local Council Tax ”

Re Property Purchase Tax: My property Purchase Tax was included in my lawyers fees / bill. I believe that the Property Purchase Tax % might ?? have changed in your favour !

Re Local Council Tax : I paid my “ Council ” tax at the town hall, it’s very easy you just need your property reference number. If you pay in full ( 12 month period ) you will receive 2 receipts, one will have April and the other will have September on it…
I believe that “ Local Council Tax ” is around 0.15% ( Zero Point 15% ) of the property value.

I can’t remember the precise amount but it worked out around ? 0.15% for the 12 month period. ( I think this included a small premium for my late payment. )


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