Republic of Cabo Verde
Capital: Praia HDI: 0.646 (122nd)
Language: Portuguese
GDP (PPP): $3.649 billion
Currency: Escudo
Population: 525,000
The Republic of Cabo Verde is an island country spanning an archipelago of 10 volcanic islands in the central Atlantic Ocean. Located 570 kilometers (350 mi) off the coast of West Africa, the islands cover a combined area of slightly over 4,000 square kilometers (1,500 sq mi). The Cape Verde archipelago was uninhabited until the 15th century, when Portuguese explorers discovered and colonized the islands, establishing the first European settlement in the tropics. Ideally located for the Atlantic slave trade, the islands grew prosperous throughout the 16th and 17th centuries, attracting merchants, privateers, and pirates. The end of slavery in the 19th century led to economic decline and emigration, although Cape Verde gradually recovered as an important commercial center and stopover for shipping routes. Incorporated as an overseas department of Portugal in 1951, the islands continued to agitate for independence, which was peacefully achieved in 1975.
Since the early 1990s, Cape Verde has been a stable representative democracy, and remains one of the most developed and democratic countries in Africa. Lacking natural resources, its developing economy is mostly service-oriented, with a growing focus on tourism and foreign investment. Its population of around 512,000 is mostly of mixed European and sub-Saharan African heritage (mulato), and predominantly Roman Catholic, reflecting the legacy of Portuguese rule. A sizeable diaspora community exists across the world, slightly outnumbering inhabitants on the islands.
Historically, the name “Cape Verde” has been used in English for the archipelago and, since independence in 1975, for the country. In 2013, the Cape Verdean government determined that the Portuguese designation “Cabo Verde” would henceforth be used for official purposes, such as at the United Nations, even in English contexts. Cape Verde is a member of the African Union.
RESEARCH
Economic Overview
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Cabo Verde Economy 2016, CIA World Factbook
http://www.theodora.com/wfbcurrent/cabo_verde/cabo_verde_economy.html
The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Tourism is the mainstay of the economy and it is heavily dependent on conditions in the euro zone countries.
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Overview – World Bank
http://www.worldbank.org/en/country/caboverde/overview
Growth is projected to be just under 4% in 2016, a slight recovery over the previous year, but not enough to bring down debt levels. Cabo Verde is at a critical juncture with public debt approximately 125% of gross domestic product (GDP) end-2015.
Industry Trends & Business Climate
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Investment Climate Report | Praia, Cabo Verde
https://praia.usembassy.gov/climate-report.html
The Government of Cape Verde (GOCV) looks to both private and foreign investment as the engine for the country’s future economic growth
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Cabo Verde – U.S. Department of State
https://praia.usembassy.gov/doing-business-local.html
A commentary from the US Department of State on the business environment and advice to exporters to Cabo Verde
Establishing a Presence
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Doing Business in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/
This World Bank site ranks the ease of doing business in Cabo Verde versus other countries
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Starting a Business in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/starting-a-business
This World Bank site provides a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Cabo Verde.
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Doing Business in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/
This World Bank site ranks the ease of doing business in Cabo Verde versus other countries
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Starting a Business in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/starting-a-business
This World Bank site provides a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Cabo Verde.
Taxes
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Cabo Verde – Taxes on personal income
http://taxsummaries.pwc.com/uk/taxsummaries/wwts.nsf/ID/Cabo-Verde-Individual-Taxes-on-personal-income
Individuals can be taxed under two different tax methods: declarative (self-assessment method) and final withholding method. For those individuals suject to personal income tax, it will be at rates ranging between 16.5% and 27.5%.
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Paying Taxes in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/paying-taxes/
This World Bank site reports the Cabo Verde VAT rate at 15.5%
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Cabo Verde Corporate – Taxes
http://taxsummaries.pwc.com/uk/taxsummaries/wwts.nsf/ID/JDCN-89HRVF
Resident companies are subject to a tax rate of 25%, where taxable income corresponds to the profit less any tax benefits and any losses carried forward, as stated in the tax return. The tax rate of 25% is also applicable for PEs of non-resident companies.
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Paying Taxes in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/paying-taxes/
This site provides a detailed summary of the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year, as well as administrative burden in paying taxes and complying with postfiling procedures.
Visas
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Cabo Verde (formerly Cape Verde) – travel.state.gov
https://travel.state.gov/content/passports/en/country/cabo-verde.html
US citizens see “Entry, Exit and Visa Requirements” on this US Department of State site
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Expedited Cabo Verde Visa Service
https://www.passportsandvisas.com/visas/cabo-verde
Expedited visa service for citizens of most countries
Infrastructure
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Cape Verde Transportation – Taxi, Train, Bus & Airport Tips
https://www.virtualtourist.com/travel/Africa/Cape_Verde/Transportation-Cape_Verde-TG-C-1.html
61 tips on getting to and getting around Cape Verde from real travelers and locals.
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Getting around Cape Verde on local transport
http://www.lonelyplanet.com/cape-verde/transport/getting-around/local-transport
Catching local transport in Cape Verde – transport tips on getting around Cape Verde like a local
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Telecommunications in Cape Verde
https://en.wikipedia.org/wiki/Telecommunications_in_Cape_Verde
Extensive modernization took place from 1996-2000 following partial privatization in 1995. Major service provider is Cabo Verde Telecom (CVT); fiber-optic ring, completed in 2001, links all islands providing Internet access and ISDN services; cellular service introduced in 1998; broadband services launched in 2004
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Cape Verde Mobile & Fixed Network Operators list
http://www.africantelecomsnews.com/Operators_Regulators/List_of_African_fixed_and_mobile_telcos_Cape_Verde.html
Cape Verde sports two mobile phone operators. Mobile phone operator Cabo Verde Telecom monopolised the Cape Verde telecom market, seeing competition in 2008 with the launch of GSM operator T+
Employer Obligations
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Labor Market Regulation in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/labor-market-regulation
This World Bank site provides a detailed summary of some of the labor regulations that would apply to local entrepreneurs wishing to hire workers, organize working schedules, improve job quality for workers, or make workers redundant for economic reasons in Cabo Verde.
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Cabo Verde – United States Department of Labor
https://www.dol.gov/ilab/reports/child-labor/findings/2014TDA/CaboVerde.pdf
In 2014, Cabo Verde made a moderate advancement in efforts to eliminate the worst forms of child labor
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Labor Market Regulation in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/labor-market-regulation
This World Bank site provides a detailed summary of some of the labor regulations that would apply to local entrepreneurs wishing to hire workers, organize working schedules, improve job quality for workers, or make workers redundant for economic reasons in Cabo Verde.
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Cabo Verde government
http://www.macauhub.com.mo/en/2016/01/04/cabo-verde-government-approves-creation-of-unemployment-benefits/
Commentary on the government’s imporovement of unemployment benefits announced in January, 2016
Culture/Living
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Cape Verde Weather – AccuWeather.com
http://www.accuweather.com/en/cv/cape-verde-weather
Get the Cape Verde weather forecast. Access hourly, 10 day and 15 day forecasts along with up to the minute reports and videos
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Cabo Verde Crime. Safety and crime information
http://www.countryreports.org/travel/CapeVerde/crimes.htm
Petty crime and burglary are common in Cabo Verde, especially in marketplaces, and at festivals, street fairs, and public gatherings. Criminals do not necessarily target U.S. citizens, but rather anyone perceived to be affluent, regardless of nationality.
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Cape Verde – Culture, Customs & Etiquette
http://guide.culturecrossing.net/basics_business_student.php?id=38
Guide to travel, doing business, and studying in Cape Verde – culture, greetings, gestures,etiquette, taboos, negotiations, gift-giving, and more.
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Cape Verde Weather
https://www.capeverde.co.uk/weather
This site provides a monthly comparison of sunshine and temperature between Cabo Verde and London.
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Cost of Living in Cape Verde. 2016 prices
https://www.expatistan.com/cost-of-living/country/cape-verde
Cost of living comparisons in more than 1,600 cities all over the world
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Cape Verde travel advice – GOV.UK
https://www.gov.uk/foreign-travel-advice/cape-verde/safety-and-security
Be vigilant at all times and avoid unlit areas after dark. Sexual assaults have been reported. Leave valuables in a hotel safe if possible. Petty crime like pick-pocketing or purse snatching is common, often carried out by children.
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Education System in Cape Verde
http://www.classbase.com/Countries/Cape-Verde/Education-System
Education takes something of a back-seat in the Cape Verde Islands to the west of the bulge of Africa. Despite government policy that 6 years of primary education is compulsory, the literacy rate is only 70%, and just half of primary school pupils study further.
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International Schools in Cape Verde
http://www.expat-quotes.com/guides/cape-verde/education/international-schools-in-cape-verde.htm
This site provides a list of the most popular international and bilingual schools for expats in Cape Verde with fee information. It includes nursery schools, primary and secondary (high) schools
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Public Holidays in Cape Verde 2016
http://holidays.retira.eu/public-holidays/cape-verde/2016/
List of all public holidays in Cape Verde 2016. Here are all public and the most important regional holidays in Cape Verde for the year 2016 and following
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Cape Verde 2016 / 2017 Holiday Calendar
http://holiday-calendar.com/cape-verde-public-holiday-calendar/105/
Cape Verde 2016 / 2017 Public Holidays, Bank Holidays, Government Holidays, School Holidays, Festivals
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The World Factbook — Central Intelligence Agency
https://www.cia.gov/library/publications/the-world-factbook/geos/cv.html
See “People and Society” on this CIA site
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Demographics of Cape Verde
https://en.wikipedia.org/wiki/Demographics_of_Cape_Verde
Survival in a country with few natural resources has historically induced Cape Verdeans to emigrate. In fact, of the more than 1 million people of Cape Verdean ancestry in the world, only a little more than one-third actually live on the islands.
Trade
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Trading across Borders in Cabo Verde
http://www.doingbusiness.org/data/exploreeconomies/cabo-verde/trading-across-borders/
This site provides a detailed summary of the time and cost associated with the logistical process of exporting and importing goods.
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Customs: Regulations, Export-Import
https://cape-verde.visahq.com/customs/
A summary of import and export regulations for Cobo Verde
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WTO | Cabo Verde
https://www.wto.org/english/thewto_e/countries_e/cape_verde_e.htm
This site provides key information on Cabo Verde’s participation in the WTO. Cabo Verde has been a member of the WTO since 23 July 2008.
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Cape Verde | Fisheries
http://ec.europa.eu/fisheries/cfp/international/agreements/cape_verde_en
This fisheries agreement allows EU vessels from Spain, Portugal and France to fish in Cape Verdean waters and is part of the tuna network fisheries agreements in West Africa.
Housing and Rentals
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hotels & accommodations – Cape Verde
http://www.capeverde.com/hotels-accommodation.html
This site provides links to hotels on most of the major islands of Cabo Verde
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Top 10 Luxury Hotels in Sal, Cape Verde
https://www.hotels.com/de1644037-qu4/luxury-hotels-sal-cape-verde/
Most luxury hotels are located near the city center and are near popular tourist destinations and landmarks.
Travel
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Vacations in Cabo Verde, Africa
http://traveltips.usatoday.com/vacations-cabo-verde-africa-56726.html
The island has an interesting history, having been a slave island and a pirate haunt, but today it is stable and peaceful. These paradisiacal islands are unspoiled and largely undiscovered, so there are no crowds, and vacations are cheaper than for many other tropical destinations.
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Cape Verde travel guide
http://wikitravel.org/en/Cape_Verde
This site has a lot of good travel information for a visitor to Cabo Verde including transportation, climate, food, safety and more
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