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2988 Views 2 Replies 1 Participant Last post by  Matthias Offodile
Macau Legend moves forward with its Cape Verde project


Macau Legend is building an integrated resort in Cape Verde.

Credits: Casino journal.

The company led by millionaire David Chow is building a US$275 million complex in Cape Verde’s capital city.

Cape Verde.- Macau Legend, one of Macau’s largest casinos, is building a US$275 million venue in Africa. The casino will operate in Praia, Cape Verde’s capital city, and is expexted to draw tourists from China and Europe to the western African country.

The company owned by former Macau legislator David Chow is currently executing the first phase of construction of the 152,700 square-meter complex that will have a resort, casino, office buildings and a museum. A seawall has already been built and the construction of the hotel will start soon at the site that’s located on an area that was reclaimed from the sea. A Macau Legend spokesperson stated that the complex should be ready in no less than two years.

The project aims to draw tourists from China to the complex, alongside with European and African visitors. Macau’s casinos are mainly powered by its Chinese customers and the company is trying to make it happen in Africa as well.

According to the UN World Tourism Organisation, Chinese tourists spent US$261 billion last year, an amount 12 percent higher than the previous year. Furthermore, this market’s spendings have seen double-digit growth every year for the last 12 and is expected to continue multiplying.

According to Macau Legend, the new complex is part of a plan from the Chinese government to exploit the ancient Silk Road route.
The “One belt, one road” plan is designed to position Macau in the biggest cities of this former trade path.
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Cabo Verde offers residence to foreigners who invest in real estate

18 September 2017
| Cabo Verde

The Cape Verdean government will grant residence permits to foreign nationals who acquire a second home in the archipelago, the minister of the Presidency of the Council of Ministers announced on Friday in Praia.

Fernando Elísio Freire said that the measure is intended to increase real estate tourism, boost competitiveness and attract investments from citizens who are able to afford a second home.

The measure approved on Thursday at a meeting of the Council of Ministers will offer Permanent Resident’s Card to foreign citizens who invest over 8 million escudos or €80,000 (in municipalities with per capita GDP below the national average) and 13.2 million escudos or €120,000 (in municipalities with a higher GDP than the national average) in tourist properties.

The Minister of the Presidency of the Council of Ministers, on Friday announcing the decisions of the Council of Ministers, said “this is a very important step towards putting Cabo Verde back on the investment map in the area of ​​real estate tourism.”

The same meeting of the Council of Ministers also approved a draft law that grants legislative authorisation to the government to review foreign exchange legislation, Fernando Elísio Freire said that the current legislative framework is “outdated” and “ineffective.”

Under the proposed law, the government intends to approve the total liberalisation of foreign operations, eliminating prior authorisations and checks by the Bank of Cabo Verde, “allowing greater fluidity of capital and total freedom of movement of capital in Cabo Verde.” (macauhub)
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