Personal accounts: Cabo Verde

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A foreigner can open a personal account in Cabo Verde with a passport and tax number. Banks are supervised by the Bank of Cabo Verde and serve mainly island residents, home owners and people living here on the remote work programme. The Cabo Verde escudo is pegged to the euro at 110.265 escudos per euro, about 98.4 escudos per dollar at the European Central Bank rate of 5 October 2026.

Who needs an account in practice

• Home owners on Sal, Boa Vista and other islands, for property taxes, utilities and rentals.
• Remote workers. The remote work programme requires an average account balance of at least €1,500, about $1,690, over the last six months for one person and €2,700, about $3,030, for a family. Participants are exempt from income tax in Cabo Verde.
• People moving permanently, including through a property investment.

What you need

• passport;
• Cabo Verde tax number;
• an address on the islands and in your country of residence;
• proof of income and source of funds;
• tax number of your country of residence and a form for tax information exchange.

The tax number comes first

A foreigner gets a tax number from the tax service or a citizen service centre with a passport. It is needed for the account, buying a home and a lease, so it is obtained in the first days on the islands or in advance through a representative.

Account currency

Accounts are opened in escudos and euros. Thanks to the escudo's fixed euro peg, holding euros is convenient and almost free of currency risk, while local expenses are paid in escudos. Dollar accounts are less common.

Deposit protection

The Cabo Verde Deposit Guarantee Fund repays up to 1 million escudos, about $10,160, per depositor per bank. The payout comes in two parts: 200,000 escudos within 7 working days and the remaining 800,000 within 30 working days. For large sums this is modest protection, so they are spread across banks.

Tax residency

An account does not make you resident. You become a Cabo Verde tax resident after more than 183 days in the country in a calendar year. A resident pays income tax on worldwide income, a non-resident only on Cabo Verde income. Remote work programme participants are exempt from income tax in the country.

Permanent residence through property

A foreigner who buys a home as a second residence can obtain permanent residence: from €120,000, about $134,500, on Santiago, São Vicente, Sal and Boa Vista, and from €80,000, about $89,700, on smaller islands such as Brava, Maio and São Nicolau. A local bank account is needed for such a purchase in any case.

How opening works

1. Tax number.
2. Choosing a bank on your island.
3. Documents and source of funds.
4. Branch visit.
5. Account, card and online banking.

Why banks refuse

• No tax number or address on the islands.
• Source of funds not proven.
• Sanctions risk by nationality or counterparties.
• Inconsistencies in the tax residency form.

What we do

Murblz specialists obtain the tax number, choose a bank, prepare documents and source-of-funds evidence, help with the remote work programme or permanent residence, and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Personal account - opening assistance

See also

Business account · Investment property · Country taxes · All country programs

FAQ