The Cape Verdean parliament approved by majority a bill that grants permanent residence permits to foreign nationals who purchase a second home in the West African archipelago.

The proposal stipulates issuing Permanent Resident Cards to foreign citizens who invest in tourist real estate costing over 80,000 euros in municipalities with a per capita Gross Domestic Product (GDP) below the national average and 120,000 euros in municipalities with GDP higher than the national average.

The permanent residence permit will be for an indefinite period and its holders will be given priority of service at the offices of the Foreigner and Borders Service, and benefits will be extended to any spouse and children aged under 14.

The bill also provides for the exemption of Single Property Tax on the properties concerned and a reduction of 50% over the next ten years, and retirees with incomes from outside Cabo Verde (Cape Verde) will also benefit from tax exemptions.

The idea is to promote the construction sector and employment, aiming to put Cabo Verde on the map of investments in the area of tourism real estate, according to the bill. (macauhub)