Investment Properties for Sale Cuba
Long considered a risky place to buy properties, Cuba has recently re-invented itself as a top class location to purchase real estate, either for lifestyle or investment purposes. After several decades of isolation, this tropical island paradise has now returned to the spotlight as a solid option for those seeking to own holiday or retirement properties, and now is the time for savvy buyers to enter the market in order to reap the benefits of future growth.
Since the Cuban government opened the investment doors in 2014 by launching the Cuban Foreign Investment Act, the property market has warmed up considerably. Relations with the United States have also improved dramatically with diplomatic agreements and better communication paving the way for the eventual removal of the economic embargo placed on the island nation since its communist government took power in 1959.
Three distinct options are now open to foreigners looking to own investment properties in Cuba. They can choose to buy real estate through an entirely foreign-owned capital Cuban company, via an international economic association agreement, or through a joint venture with a Cuban national. A property sale is generally approved once selling prices are mutually agreed upon and sellers are obliged to pay 4% income tax, buyers paying the same amount as an asset tax.
Of course, there are a number of additional regulatory requirements, as Cuban laws are still a complex blend of the old and the new, but as the number of transactions increases, so does the stability of the property market.
Foreign investment into commercial properties is also permitted in Cuba, as long as the main purpose of the acquisition is tourism related. Such properties can be dedicated to use as holiday apartments, hotels or other purposes related to tourism. With many Cubans returning to take advantage of these policy changes, the options for holidaymakers are constantly growing.
Locals and foreigners alike are moving swiftly to acquire properties before the wave of investment increases. Those who enter the market early are therefore more likely to secure quality properties at attractive prices.