Cuba Property for Sale

Long seen as an idyllic vacation spot and a destination for cultural adventure, Cuba is now becoming a major choice for buyers in search of their dream holiday home. Recent shifts in economic policy by the Cuban government have made purchasing property a lot easier, and local and foreign investors, retirees and holiday-goers are taking notice of the island’s opportunities.

The days of “impossible to buy property in Cuba” are over. In 2011, the government allowed property transactions between Cubans for the first time, as well as deals including foreign nationals living in Cuba. Prices could be agreed between the individual parties, as long as each paid a 4% tax, buyers as an asset tax, sellers as income tax. Greater leeway has now made it even more attractive for buyers looking to buy property in Cuba thanks to the 2014 Cuban Foreign Investment Act, which added a few more options.

International real estate investors can now enter the market, with permits available for the foreign ownership of Cuban real estate. This, in the light of the recent smoothing of relations with the United States after over 50 years of strained relations, is good news for buyers.

The three options now available for non-resident foreigners to purchase properties are through a totally owned foreign capital Cuban company, via an international economic association agreement, or through a joint venture with a Cuban national.

What’s exciting about these changes – aside from the opportunity to live by the island’s white sand beaches and enjoy its irresistible food, art and culture – is that properties can be bought for either personal or tourism purposes.

Once foreigners have satisfied the above requirements, even a commercial investment in property can occur, as long as the property is used within the tourism sector, which includes holiday apartments and hotels.

Thanks to the above changes in policy, many people are not only revisiting the romantic island of Cuba, but also revisiting long-forgotten dreams of investing in property along the beautiful Malecon seafront or in the historic streets of Havana or Santiago de Cuba, as well as the many other vibrant locations around the island.