CABO VERDE Law and Practice Contributed by: Nelson Raposo Bernardo, Joana Andrade Correia, Manuel Esteves de Albuquerque and Júlio Martins Júnior, Raposo Bernardo & Associados
Raposo Bernardo & Associados Av. Fontes Pereira de Melo Ed. Aviz, nº 35, 18º 1050-118 Lisbon Portugal
Tel: +351 21 312 1330 Fax: +351 21 356 2908 Email: jacorreia@raposobernardo.com Web: www.raposobernardo.com
1. Legal System 1.1 Legal System and Judicial Order
The rules governing foreign investment are similar to those applicable to domestic investment. No special registration or notification to any authority regarding foreign investment is required. However, there may be mandatory registration/approvals for specific activities – such as in the banking, finance, aviation, maritime and telecommunications sectors – that are applicable for both foreign and domestic investment. 2.2 Procedure to Obtain Approval and Sanctions for Non-Compliance There are no restrictions on the entry of foreign invest - ments, and the rules governing foreign investment are similar to those applicable to domestic investment. 2.3 Commitments Required From Foreign Investors See 2.2 Procedure to Obtain Approval and Sanctions The law recognises the right of an investor to chal - lenge any decision of the administrative authorities in court. The scope of the legal challenge depends on the nature of the decision by the administrative authority. As a rule, the First Instance Court has a mandatory deadline of three years to issue a decision. for Non-Compliance . 2.4 Right to Appeal
Cabo Verdean law is based on the civil law system. The Constitution of Cabo Verde and relevant legisla - tion provide for a judiciary independent from the exec - utive. The judicial system in Cabo Verde is based on three levels of appreciation by different courts: • First Instance Courts (trial court); • Courts of Appeal; and • the Supreme Court. As a rule, any case shall be presented at the First Instance Courts and, depending on several factors (such as the value of the case or the subject mat - ter), the party that loses the case may appeal to the Court of Appeal, and subsequently (as a second level of appeal) to the Supreme Court, which only analyses questions of law. 2. Restrictions on Foreign Investments 2.1 Approval of Foreign Investments There are no restrictions on the entry of foreign invest - ments. All investors have the same rights, regard - less of their nationality, and are subject to the same duties and obligations under the laws of Cabo Verde. A national partner is not required, and there are no limitations on the distribution of profits or dividends abroad.
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