Cape Verde (officially the Republic of Cabo Verde) is an island country spanning an archipelago of 10 volcanic islands in the central Atlantic Ocean (570 km off the west coast of Africa).
The economy of Cape Verde is service-oriented with commerce, transport, tourism, and public services accounting for more than 70% of GDP. In spite of having few natural resources and being semi-desert, Cape Verde boasts both the highest levels of democracy and living standards in Africa.
Since 2015, the government has been building a ‘cyber-island’ which would develop and offer services such as software development, computer maintenance and back office operations. The development is financed by the African Development Bank and is expected to be fully operational by 2018.
Cape Verde is famous for wave sailing (a type of windsurfing) and kiteboarding. Josh Angulo, a Hawaiian and 2009 PWA Wave World Champion, has done much to promote the archipelago as a windsurfing destination. Cape Verde is now his adopted country.
Resident corporations (those which have their head office, or place of effective management, in Cape Verde) are subject to Cape Verde’s 25% corporate tax rate on their worldwide income. In contrast, companies, not having their head office or place of effective management in Cape Verde territory, are only subject to tax on income obtained in Cape Verde.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2