Boa Vista is one of the ten islands on the scenic archipelago that makes up the island nation of Cape Verde. Billed in recent years as "the new Caribbean," Cape Verde has benefitted from a significant rise in interest from tourists around the world. Following the model that previously proved successful on the island of Sal, Boa Vista has grown to become one of the country's most exciting tourist areas.
Boa Vista is the most easterly of the islands, and the third largest. It has a beautiful landscape of beaches, sand dunes, and volcanic rock formations which, along with the very warm climate of Cape Verde, has helped to attract the recent influx of tourists.
The tourist industry of Cape Verde has grown massively in recent years, and Boa Vista was among the first islands to benefit from this. After developers found success with a number of luxurious resorts on the island of Sal, the Cape Verde government quickly realised that the beautiful island of Boa Vista had the potential to become one of its greatest assets.
With the government thoroughly behind tourist growth on the island, it quickly followed in the footsteps of Sal to become a prime holiday destination and a key part of Cape Verde's "new Caribbean" status. However, there is strict legislation in place to prevent things going too far and leading to overdevelopment. Only low-rise, low-density developments are allowed.
Cape Verde benefits from political stability and a healthy economy. The latter is partly down to the strength of the tourist sector, as well as other industries such as fishing and manufacturing. In Boa Vista specifically, date farming is the most prominent economic activity outside of the significant tourist element. The island also benefits from good-quality and improving transport, communications and energy infrastructure as these are priorities of the Cape Verde government.
High tourist demand, a healthy economy, and good-quality infrastructure have made Cape Verde an increasingly popular location for overseas property investment. As the island's popularity with tourists continues to grow, new developments are springing up rapidly to soak up excess demand. These are often either made available to investors upon completion or offered off-plan so that investor funds can fuel development. This creates a number of new opportunities to invest in tourist property, benefitting from a popular market and good potential for capital appreciation as tourist numbers continue to grow.
The situation is helped by the fact that Cape Verde has no restrictions on foreign ownership of property, and readily-available finance for non-resident buyers. On top of this, taxes on property investments are fairly low. Owning a property in Cape Verde carries a 3% transfer tax at point of sale, followed by an annual holding tax of 3% levied on just 25% of the property's value.
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