Now that the boarders are opening up many folks want to know about owning property in Cuba. Cuba is now off the USA terrorist watch list, which should start giving more and more opportunities to travel and participate in activities in Cuba. Presently large businesses are expanding onto the island with hotels, golf courses,agricultural products and livestock. I am often asked about the cars, they probably are all gone by now, they are available for sale but not for taking out of the country. I understand you can buy but they remain in the Taxi business so you have an immediate income or expense which ever you want to look at it, or rather they look at it.
Here, you will find much needed information on owning real estate in Cuba and the rules that apply Following information is courtesy of cubahomeforsale.com
EXPLORE THE CUBAN REAL ESTATE MARKET....Invest in the most important emerging Real Estate Market within the Caribbean. As Cuba opens to the World, more and more foreign investors are putting an eye in this marvellous island, which is destined to become the main commercial hub of the Americas. Homes for sale in Cuba, properties for sale in Havana, real estate investment in Cuba as a great emerging market. Home sellers, home buyers, investors, this is the site, this is the moment. Contact our specialists and ask for reliable information on Cuban Real Estate
The Real Estate Market in Cuba, has just initiated the first steps toward the normalization of the Property Sales and Buying Process. This is the moment, this is the time to get ready and inform yourself on how to buy a home in Cuba. There are a large number of properties for sale in Cuba right now, it is just a matter of knowing the legal procedures, the new regulations, and have the right advisors. Foreign investors, you have now the possibility of buying an apartment or a condo in Havana, you could even buy a house, a beach front property or a parcel of land from Cuban owners if you become a resident. The only thing you will need is to get informed on the options the Cuban law provides for foreigners willing to acquire a home for sale in the island, and get the guidance of a serious Cuban realtor. .
If you are Cuban citizen, the process of buying a home is really simple. According new Cuban law on property sales you are entitled to negotiate the buying of any home, with a local Cuban owner. The price is to be set freely between seller and buyer, and each party is due to pay a 4 % tax on the property sale executed in Cuba. The owner must have the home for sale properly registered in the National Registrar Properties Office, and the home buying transaction is to be done though a local bank where the buyer make a deposit, issue a bank cheque on the name of the seller, and both parties pay the 4% tax on the transaction. The home sale in Cuba, according the law, is legally executed before a registered Notary, who issues the legal documents ( home property ) passed from the old owner to the new one, and then the buyer is given 30 days ( after taxes are paid ) to register the acquired home before the National Registrar Office. The currency applicable for the transaction on buying a home in Cuba, a Cuba Real Estate investment or any process of the kind, is the Cuban Peso. Although, it is common that both parties agree to use Cuban Convertible Pesos ( CUC ) to pay for a bought house, even when the sales contract states the operation involves only Cuban Pesos.
For foreign investors willing to invest in Real Estate in Cuba, especially in Havana, certain rules apply. Although the process is a little bit more complicated in this case, foreigners can buy a home for sale in Cuba. Presently their are some condos that were sold to foreigners in the 90's and at this moment they can be sold to foreigners. As for a home it is a little more complicated. The Cuban who was born in Cuba, although not living there now, can obtain residency and then buy a home or two. Then they sell their home to the non Cuban.. This is not for the faint at heart nor should be undertaken without an attorney and an expert in Real Estate in Cuba.
At this time I am working with a Cuban American Realtor who is working with a Real Estate Company in Cuba together we are going to walk the maze. I have to tip toe because as an American as of this moment neither I nor You can buy but that day is probably coming closer and faster than we can imagine. From what I can see, if you purchase a home you are going to have some updating to do, remember nothing has been done to property for over 50 years, imagine what your home would look like after 50 years with anything being done to it. But the homes that have been updated are absolutely adorable up to magnificent.