Offshore Account in Cape Verde
Open an offshore account in Cape Verde and gain access to 36 African countries.
Bank Account in Cape Verde: Your Gateway to Africa
Today we will show you how to open a bank account in one of the most stable and developed countries in Africa.
Cape Verde is a Portuguese-speaking African nation and is currently one of the freest, most stable, and most developed options in Africa.
- 4th place for Best Governance in Africa
- Top-tier country for Economic Freedom by Freedom House
- 33rd place in Global Democracies by Gothenburg University
- 3rd place in Transparency Perception in Africa
- Top 10 Most Business-Friendly Islands by FDI Intelligence
- Top 4 Best Archipelago for Business by FDI Intelligence
Through our local team of lawyers with established relationships in the Cape Verdean banking sector, we can help you open an Ecobank account as a non-resident.
From the perspective of flag theory, the country is an attractive option for offshore accounts, residency, business, and citizenship.
Advantages of a Cape Verde Account
Remote Account Opening for Non-Residents
You do not need to be a resident of Cape Verde to open an account. Simply provide a power of attorney to a local lawyer to handle the process for you.
Trilingual Interface
Ecobank offers a website and app in Portuguese, English, and French.
Multiple Currency Options
Manage your account in multiple currencies, including CVE, USD, and EUR.
Off the Blacklists
Cape Verde is not and has never been included on FATF or EU blacklists.
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PAC and Visa Cards
You can apply for Visa and PAC cards. The PAC, or Pan African Card, is a brand present in 36 African countries.
Low Maintenance Fees
A bank account in Cape Verde costs only 10 EUR per year.
Payment Integrations
The Ecobank account integrates with Western Union, Ria, Wari, Rapidtransfer, and SWIFT.
Direct Transfers
Ecobank is present in a total of 33 African countries. You can send transfers to almost the entire continent without intermediaries.
Economic Freedom
Ranked 3rd in all of Sub-Saharan Africa in the Index of Economic Freedom, well ahead of Brazil and other Portuguese-speaking countries in Africa, such as Angola and Mozambique.
Ecobank
The bank in question is Ecobank. Ecobank is among the top 20 largest banks on the African continent, with a presence in 36 countries.
Some information about the bank and the opening process:
- It is possible to open accounts remotely using a local agent with power of attorney. When initiating a remote opening, physical documents must be sent within 30 days.
- The bank accepts accounts for non-residents, both for individuals and companies not based in Cape Verde.
- Accounts are available in CVE, EUR, and USD. You can start with one and request another via email once the account is open.
- Minimum deposit of 5,000 CVE for CVE accounts, 50 EUR for EUR accounts, and 50 USD for USD accounts.
- The annual maintenance fee is 1000 CVE, 10 EUR, or 10 USD for CVE, EUR, and USD accounts, respectively.
- SWIFT transfers cost 15 EUR to send and 10 EUR to receive.
- You can obtain VISA debit cards and PAC credit cards (Pan African Card, a network accepted in 36 African countries).
Required Documentation
For individual accounts:
- Proof of residence (does not need to be from Cape Verde).
- Proof of income (salary slips or dividend statements are accepted).
- Cape Verdean Tax ID (we can assist with the application).
- National ID card from your country of residence.
- Passport.
For corporate accounts:
- Certificate of Incorporation.
- Operating Agreement.
- Company tax identification number.
- Certificate or declaration identifying the company's shareholders, directors, and account signatories, containing:
- Name
- Date of birth
- Nationality
- Tax ID
- Proof of residence
- Identity document
- Updated criminal record for board members.
- Account statements and reports from the last 3 years, or equivalent documents.
Open your account in Cape Verde today
Pricing and opening options
Corporate Bank Account at Ecobank
US$1500
- Remote account opening at Ecobank Cape Verde as a non-resident
- Access to debit and credit cards
- Includes Cape Verdean Tax ID (NIF) application for 1 partner. Additional NIFs for 150 USD
- Facilitated transfers to 33 countries on the African continent
- Accounts in CVE, USD, and EUR
Note: The final decision on accepting client applications rests with the bank. However, to date, we have not had any refusals provided the required documents were submitted correctly. In the event of non-acceptance, Settee may offer a partial refund of the order, minus service fees.
Frequently Asked Questions (FAQ)
Individuals and companies, both residents and non-residents of Cape Verde. In principle, accounts can be opened for individuals from anywhere, except for restricted countries (Syria, Iran, Afghanistan, etc.). It is not necessary to have ties to Cape Verde.
No! We will provide a power of attorney for you to sign so that our lawyers can represent you before the bank. With this, we will handle the opening process for you.
You will still need to send the documents physically to Cape Verde. Once the opening process has started, you have up to 30 days for your documents to reach the bank.
Neither. There is a minimum deposit requirement of 50 EUR per account.
If the bank requires proof of address as documentation, we can help you obtain proof of residence in Paraguay if you already have or wish to apply for Paraguayan residency.
This will depend on where you are a tax resident. In short:
- If you live in a country that has remittance-based taxation (such as Malta, the UK, Ireland, Mauritius, Japan, or Korea under the non-dom system), then a foreign bank account can help you pay less tax.
- If you live in a territorial tax country (such as Paraguay, Georgia, Uruguay, or Malaysia), then a foreign bank account can help you pay less tax.
- If you live in a country with worldwide income taxation (such as Brazil), then you generally will not pay less tax with a foreign bank account. There may be exceptions under special programs, such as Portugal's NHR.
Cape Verde participates in the CRS, the primary mechanism for multilateral information exchange.
Therefore, Cape Verde exchanges information with most countries in the world, except for those that are not part of the CRS, such as Paraguay.
The Cape Verde account is excellent for international transactions due to its integration with various payment methods and its low SWIFT network fees.
However, the bank has its disadvantages:
- It does not offer credit cards with lounge access like the Georgia account or the Panama account. In fact, there isn't even a Visa or Mastercard credit card available yet, only PAC.
- It does not offer direct crypto deposits, unlike the Panama account.
- It does not offer anonymity like US accounts, Dominican Republic, or Paraguay (it is a CRS member).
Payment can be made via:
- Card, Pix, and Zelle
- EUR, USD, and GBP transfers
- Cryptocurrencies such as BTC, Stables, ETH, and XMR
We can issue an invoice for the service. Please send us your preferred billing address.
Yes, if you have specific questions about offshore accounts or about residency and business in Cape Verde, we would be happy to help.
Simply book a consultation with our team.
If you would like to obtain residency, citizenship, or open a company in Cape Verde, we also have trusted lawyers and accountants who can assist you with the process. To do so, just get in touch.
We will contact you to coordinate the account opening process.