FAQ

Please, we encourage you to contact us with any further questions. We will both answer your questions and summarise all received questions to extend our FAQ in order to provide a more comprehensive resource to our clients.

1. Can foreigners own freehold property in Cape Verde?
   Yes
2. Are the properties freehold?
   Yes, the villas are freehold properties. Cape Verde property law is 99% identical to Portuguese property law, as are the rights of the owners
3. Is the land owned?
   Yes, the land is owned outright and has no debt on it. All the necessary land ownership documents can be forwarded to you or your solicitor/legal representative upon request. We have examples of all necessary legal paperwork available in our downloads section of our website which can be used either by yourself or your lawyer
4. How many villas are there in total?
   There are 20 villas in the first phase of construction.
5. Of what quality are the villas?
   The villas would be classified as an international 4 star standard. They would be 5 star under the Cape Verdean star rating system.
6. How long will the development take to be completed?
   Each semi-detached will take 15 months to be completed. For the security of clients, we directly allocate all client funds to the construction of their villa. This enables us to ensure that your villa will be ready in line with your payment schedule. We feel that smaller projects can offer far more financial security than some of today’s more ambitious large scale projects. Each villa is individual and has its own swimming pool in its self contained garden.
7. Why are Ocean Park Villas using an Irish building supervisor?
   Ocean Park Villas are using a supervisor of works because they needed to ensure the highest international quality of construction and finish to the villas. Many construction companies in Cape Verde cannot consistently deliver the high quality standards expected by European investors. We had to guarantee a high quality finish in line with our clients’ expectations
8. Who is the Irish constructor?
   The Irish constructor is Ashwood Services; a company that built, renovated and refurbished properties in Ireland for many years. Two years ago, they diversified into overseas construction and arrived in Cape Verde to bring their expertise to the Ocean Park Villas project.
9. What guarantees do the villas have?
   The villas have a 5 year structural guarantee, and the swimming pools have a 12 year guarantee.
10. Can I rent out my villa?
    Yes, you are free to rent out you villa if you wish. There are no restrictions and the island of Sao Vicente offers fantastic rental opportunities.
11. What rental income can I expect?
    Based on our experience here over the last 3 years, we would expect approximately 475-550 euros per week and 10-15 weeks rental within the first year. This would increase with the advent of new flights when the international airport opens (August 2009). Peak season would see rental income reach close to 650 euros per week. Local rental/management companies are emerging all the time, and we can make recommendations for you with the reputable and successful companies.
12. Cape Verde is still emerging – how do you know that these rental returns can be achieved?
    We value being open and transparent with our clients, and therefore we never make any unrealistic claims, so in short, we don’t know - at least not with 100% certainty. What we do know is that there is a shortage of holiday property in Sao Vicente. There are only around 170 hotel bedrooms of a reasonable standard, and with the international airport opening imminently on this island, we feel that there is a huge opportunity to obtain excellent rental revenues here. In fact, it’s why we selected this island! Ocean Park Villas is the first of its kind in Sao Vicente to be built with tourism in mind. It is the only development already in construction that offers individual private swimming pools and therefore has no competition. The nearest competition would be the three main hotels here which have a total of 170 beds. One international flight could have up to 200 people on board (if not more). The cost of staying in two out these hotels is between 90 and 110 euros per night. Therefore six (6) nights would cost between 540 and 660 euros for a single room for the week… and these are not all inclusive hotels. Again, we don’t ask you to take us at our word. Try to obtain prices from these hotels which are listed on our website.
13. Does it have any rental guarantees?
    No, we don’t subscribe to any schemes which could be irresponsible in their promises, as so many rental guarantee schemes are. Ocean Park Villas have been told by Cape Verde Travel that the villas would make very good holiday rental properties and could accommodate tourists on a holiday basis. We encourage clients to perform their own research to validate all the information we provide. For example, use the internet to obtain rental quotations for a week’s beach holiday in an international standard villa for a week in Sao Vicente. You won’t find one that has a private pool, but it will give you an idea of the prices, and the availability. Given the growth that will occur when the international airport starts receiving flights, and we believe this will give you the information you need to verify our claims.
14. What are my additional tax and legal costs for completion or closing of the purchase?
    The total costs are 5.5% to 6.5%. (3% is for government tax and the remainder are for other taxes and notary fees). Lawyer’s fees will be additional. Usual lawyer costs can vary from €600 to € 1,000 if you are using a Cape Verdean lawyer, and of course we can make a number of recommendations for you.
15. Are there any costs to the villa, for example... utilities?
    Yes, but only nominal amounts. For example, you will have to pay a small amount for the utility connections when you make contracts with the local utility companies. You can ask your lawyer to do this, or of course we can provide any help you need.
16. Are there any community or maintenance fees?
    No – these are freehold and are free from any community fees. We have designed our project to ensure that you are in full control of your costs. The only time that this may change is if the owners of the villas decide they want to get together and form a community themselves for example to pay for gardeners, security and pool maintenance which could be beneficial. But this will not be imposed by Ocean Park Villas.
17. Is there satellite/cable TV in the villas?
    CV Telecom have begun to deliver TV satellite channels to Cape Verde. The package costs 20 euros per month and there are 26 channels including 2 English language movie channels, BBC World News, CNBC Europe, Euro Sport, Sport +, Fashion TV, Animation (Cartoon) channels and a range of Brazilian, French, Portuguese and Spanish channels. This again gives each owner full control of their costs, and means that the owners do not have to pay a community fee for the satellite dish.
18. Is there telephone and internet access in the villas?
    Yes. The villas will have telephone and ADSL service. However it will be the responsibility of the purchaser to make a contract with CV Telecom for these services. We can assist in this.
19. Do the villas come ready furnished?
    No furniture is included other than a fully fitted kitchen and bathroom. However Ocean Park Villas can offer furniture packs on request.
20. What size is the swimming pool?
    6m x 3m.
21. How deep will the pool be?
    The pool will be 1.1m deep in the shallowest part. This is in accordance with international law. The deep end will be 1.5m
22. What facilities are in Baia Das Gatas itself?
    There are five restaurants in Baia Das Gatas and a mini-market. The first small hotel will complete in Baia Das Gatas shortly which will bring with it more facilities. It is an area that is starting to emerge. The new road linking Baia Das Gatas and Calhau will also give access to the bars and restaurants in Calhau, and the excellent beaches along this coast. It is located less than 10 minutes from the capital Mindelo.
23. Are there any capital gains tax if I sell?
    Yes, but in Cape Verde the capital gains tax will be 3% of the profit made on the property – with a free allowance of 30% of the profit. Even with a 50% increase in value, this should work out to less than €1000. We encourage you to do independant research yourself to validate any financial claims.
24. Do Ocean Park Villas do snagging lists?
    Yes. Ocean Park Villas will ask for the clients and/or their representative to make a snagging list for us. Ocean Park will fix any snagging identified by the clients. This snagging process should be carried out within six months and before the property is used by the owner or is rented to holiday makers.