VAT (IVA) on BRM Fees

15% will be added to BRM Fees

The Tax Authorities in Cape Verde are requiring TRG to charge IVA (VAT for English readers) on BRM fees, even where the recipient of the fees will be outside of Cape Verde.

This ruling may be applied retrospectively. TRG will cover any VAT imposed on fees already paid by property owners, but will add it to property statements going forwards.

We will be sharing the impact of this with the Companies that hold properties on behalf of Fractional Members. TRG senior managers briefed Directors of the Companies earlier this month, and work is now taking place to update property statements and balances as they apply to late 2025 and early 2026 activity.

Under the agreements we have reached with Dunas Beach Limited and Llana Beach Limited we no longer charge VAT, so this change will not in any way affect the 450 or so properties - the majority of fractional owners - already benefitting from those arrangements.

Those who are still operating under the original Property Management Agreements will be affected, but will not be required to make any payments.