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Cape Verde - Politics |
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Cape Verde is a republic with a president, who is the head of state, and a prime minister who heads the government. The prime minister is appointed by
parliament.
The judicial system is comprised of a Supreme Court of Justice - whose members are appointed by the President, the National Assembly, and the Superior Board of the Magistrature - and regional courts. Separate courts hear civil and criminal
cases. Appeal to the Supreme Court is possible.
Cape Verde is a stable multi-party democracy. The 2 main political parties have introduced policies that endorse foreign investment as a way to create a
sustainable growing economy through job creation. The " Lei de Investimento Externo " ( " External Investment Law " ) introduced in 1993 broadened and enhanced the existing legislation to attract private foreign investment by non-Cape Verdean nationals and includes a 5-year initial tax holiday and a subsequent tax reduction
by 50% on corporate tax ( currently 30% ) for the following 10 years.
For tourism investment, an exemption is granted on import duties for materials necessary for construction and installation of projects. All net revenues are guaranteed transference out of Cape Verde in full and foreign currency bank accounts are available.
Cape Verde's islands were uninhabited on their discovery in 1465 and became part of the Portuguese empire in 1495. In 1951 Cape Verde's status changed from a Portuguese colony to an overseas province, and in 1961 the inhabitants became
full Portuguese citizens. In July 1975 the islands became independent.
Positioned on the great trade routes between Africa, Europe and the New World,
the islands became a prosperous centre for the slave trade but suffered economic decline after abolition in 1876.
In the 20th century, Cape Verde served as a shipping port and the government has recently embarked on a major expansion of its port whilst modernising the fishing fleet and enhancing its fish processing industry. These projects are being paid for partly by the EU and the World Bank.
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