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Cabo Verde's 'tech islands' vision backed with $50m

Published 1 day ago2 minute read

Lopes tells us that companies based in the park will be well-positioned to serve clients in Portuguese-speaking countries in Africa, along with Brazil, Europe and the ECOWAS region. The park has also been designated as a ‘Special Economic Zone for Technologies’, allowing companies to benefit from fiscal incentives, including a 2.5% discount on corporation tax, plus VAT and import tax exemptions.

The secretary says companies will benefit from a “pretty flexible” approach to immigration. Nationals from a large range of countries can stay in Cabo Verde without needing a visa for the first three months.

In fact, Lopes suggests that Cabo Verde’s digitisation push could help the country persuade some of its large diaspora to return to their roots. Around twice as many Cabo Verdeans live abroad than in Cabo Verde itself, according to the International Organization for Migration.

“When you develop infrastructure of quality, like we are doing, you’re going to start attracting the diaspora. It’s not just international investors. We are sending a message to Cabo Verdeans that are living abroad: bright minds, it’s time to return.”

He argues that members of the diaspora – as well as other foreign nationals – could enjoy a good quality of life and a far lower cost of living in Cabo Verde while working remotely for international tech firms.

“If I close my eyes, and if I travel to the future, in 10, 15 years, I see an American, a European an African and maybe a South American, an Asian drinking coconuts by the sea, making business and then working to develop solutions for solving the problems of the world.”

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African Business
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