Buyers of properties in Havana benefit greatly from the recent smoothing of Cuba’s diplomatic relations with the United States after 50 years of tension. The change in attitude is inspiring many foreigners to consider buying properties in Havana, the cultural, economic and social capital of this dynamic island nation.
International buyers are also keen to take advantage of new initiatives offered through the 2014 Cuban Foreign Investment Act. These include option for the part-foreign ownership of properties, as well as opportunities to buy property through a totally owned foreign capital company. Foreign property investors in Cuba are also now eligible to apply for a temporary residence visa, valid for one year initially, but also renewable. This option is particularly appealing for and buyers who want to purchase a second home in the country, as well as for those who would like to settle in Havana for the longer term.
Cuban Americans are also returning to the island, either as visitors or investors to take advantage of the warm subtropical climate that hovers between 75-85F (24-29C) all year long. In Havana, they particularly appreciate the chance to live close to a plethora of museums, art galleries and entertainment options, in a city with a buzzing nightlife scene and round-the-clock entertainment, plus a whole host of cultural events and activities thanks to government sponsorship of the arts.
Property buyers in Cuba can look forward to an active and engaging lifestyle, particularly in the capital, with no shortage of things to do. The interior also offers wide swaths of verdant land, including hilly areas and lush forested sections, while offshore the seas and coral reefs are some of the finest in the Caribbean.
As foreign property restrictions have now been eased, many smart investors see now as the perfect time to buy a house or apartment in Havana. Cuban nationals and companies also see an opportunity for revenue, which is why more and more houses and apartments are being offered for sale and rent.