How to pay for a property abroad: bank transfers, deposits and safeguards

Published 4 October 2026 · by Invest in Cape Verde

When you buy a home abroad, payment is the moment when caution matters most. The money leaves your home country and arrives in another, with different rules and different banks. This guide explains the general principles: the exact arrangements depend on the contract and on your situation, and must always be checked with your bank and with a professional.

The basic rule: everything traceable

Every euro you pay for the property must leave a clear banking trail. In practice:

• pay by bank transfer, never in cash;
• check that the receiving account is in the name of whoever is entitled to receive the payment, according to the contract;
• use a precise payment reference that mentions the contract and the property;
• keep the receipts for every transfer, together with the contract.

You will need this paper trail for the deed, for the professional’s checks and, back home, for your accountant.

How payment is usually structured

Every purchase has its own timetable, but the most common pattern has three stages.

1. Reservation or initial deposit

This secures the property while the checks are carried out. Before paying it, ask in writing what happens to that money if the purchase does not go ahead, and for what reasons.

2. Interim payments

These are common when there is a preliminary contract or when the property is under construction. In this case it is important that each payment is linked to a concrete stage (the signing of a document, the progress of the works) and not just to a date.

3. Final balance

This is normally paid when the final deed is signed. The timing and method of the final payment should be agreed in advance with the professional handling the deed, to avoid last-minute rushes with the bank.

If you buy off-plan: the safeguards

Buying a property under construction means paying before you receive it. It is a common choice, but it calls for extra care:

• has the developer already completed other projects that you can visit?
• does the contract state expected timescales and what happens in the event of delays?
• are there guarantees on the payments, such as a bank guarantee?

What a bank guarantee is and how to read one is explained in the dedicated guide on the bank guarantee. For the other aspects, read buying an off-plan property: what you need to know. In any case, the safeguards must be read and checked by a professional before you sign.

Questions to ask your bank

Before you start making payments, a conversation with your bank will spare you surprises. Ask:

1. what the timescales and costs of a transfer to Cape Verde are;
2. which documents the bank may ask for with a payment of this kind;
3. whether there are daily or monthly limits that need raising in advance;
4. how the currency conversion works, if the receiving account is not in euros.

You will find an explanation of the relationship between the local currency and the euro in the guide on the Cape Verdean escudo and the euro.

Warning signs

Stop and ask for an explanation if:

• you are asked to pay in cash or “to speed things up”;
• the account is in the name of a different person from the one named in the contract, without a clear, written reason;
• the bank details change at the last minute by email or message: always check with a phone call to a number you already know;
• you are asked to pay before the professional has completed the checks.

For a broader picture, read the 10 mistakes to avoid when buying a home abroad.

Purchase costs and taxes

On top of the price there are the costs of the purchase: taxes, the deed, professional fees. We do not quote figures because they depend on the specific case and may change. Ask the professional for a written quote before committing. For a practical overview, read the guide costs and taxes for buying a home in Cape Verde on Boavista2000.com.

One advantage worth remembering: for the properties for sale that we offer, the sale is direct, with no agency commission.

We help you plan the process

Our group has been operating on Boa Vista for more than 25 years and works with local professionals. If you want to understand how payment would be structured for a suite at The View or for an apartment, book a consultation.

Frequently asked questions