Real Estate Cuba
Not too long ago, Cuba was known for its fun filled culture and chilled tropical lifestyle, with film stars and wealthy foreigners flooding to its shores. All this was to change after a communist revolution introduced an age of austerity to the Cuban people.
An embargo by the USA and strict foreign investment laws made Cuba a challenging real estate prospect. However, Fine Cuban cigars continued to be exported and American cars continued to drive through the Cuban capital, and recently, there has been an impressive rise in interest for Cuban real estate, largely thanks to the introduction of new foreign investment policies, and the easing of the US embargo placed upon Cuba over 50 years ago.
Due to these changes, Cuban citizens and foreign residents are now able to freely buy and sell real estate. This has resulted in international firms developing and renovating new property on Cuban soil, specifically aimed at an international audience. There is currently a wide range of real estate available for purchase in Cuba, with choices varying in terms of price, size and location, especially in the Cuban capital Havana.
Currently, international buyers can purchase Cuban real estate by two methods. The first of these is through a partnership with a Cuban citizen, although this option is limited to only part ownership of the property. The second option is to purchase through a Cuban registered foreign capital company, which results in full ownership of the property. In addition to the easing of foreign investment protocols, the Cuban government have introduced a temporary resident’s visa, which is renewable on a yearly basis; this has led to an influx of retirees looking to settle on the Island nation.
It is clear that Cuba is rapidly rising as a prime location for real estate investment once again; smart investors are looking past the problematic process of purchasing real estate as they recognise the opportunity for profitable returns in the coming years. With the Cuban economy growing stronger by the day and international relationships strengthening by the day, this may well be the time to invest into the Island nation.