Obtain Property Tax Certificate (Certidão Matricial) at the Municipality
Agency: Municipality (Camara Municipal do Praia)
It is necessary to obtain the “Certidão Matricial” (Tax Information Certificate) which includes the value of the property plus information on who owns the property. This search is usually carried out by a lawyer.
Time and cost: 7 days, CVE 1,243
Obtain Ownership Certificate (Certidão Predial) at the Land Registry
Agency: Land Registry (Conservatoria do Registo Predial)
The lawyer conducts a search at the Land Registry to obtain the Land Registry Certificate (Certidão do Registo Predial) confirming that the seller is the owner of the Property, and has exclusive legal rights to sell the property. This certificate will also show any charges against the Property. The certificate is valid for 1 year.
Time and cost: 2 days, no charge
Parties sign the Promissory Contract of Sale and Purchase
Agency: Lawyer’s office
Although the sale and purchase agreement can be prepared by anyone, the parties normally contract a lawyer to draft it. Both parties sign the promissory contract (Contrato Promessa de Compra e Venda), thus committing to the transaction. This agreement will provide the terms of the sale, property details and price. Normally the buyer pays a deposit of 10% to 30% of the price value when signing this contract.
Time and cost: 2 days, CVE 70,000
Sign the transfer deed
Agency: Notary
The execution of the public deed can be completed in front of any Notary of Cabo Verde. To proceed with the execution, it will be necessary for each company to provide a copy of the minutes of the meeting where the company decided to buy/sell the Property. According to Decreto Lei nº 70/2009, de 30 de Dezembro, Section II, Notariado, Article 20 and in section III, Registro Predial, Article 21, the notary cost and the registration fees (related to the Stamp Duty or “Imposto do Selo”) were both reduced from a percentage to a fixed rate.
Time and cost: 5 days, CVE 15,958
Pay property transfer tax (IUP) and register the new owner at the Municipality.
Agency: Municipality (Camara Municipal do Praia)
The Property Transfer Tax (“Imposto Unico do Patrimonio or IUP”) should be paid within 30 days after the signature of the public deed. It is necessary to submit the IUP receipt to register the deed at the Land Registry.
Time and cost: 1 day, CVE 251,603.65 (1.5% of property value for IUP + CVE 1,000 (Municipality registration fee))
Register the new public deed at the property registry (certidão do Registro Predial)
Agency: Land Registry (Conservatoria do Registo Predial)
There is no provisional registration unless there is some problem with the property, but in general, that does not happen. Registration is mandatory according to Art. 9 of Decreto Lei 10/2010.
Time and cost: 4 days, CVE 24,150
