Buying property in a foreign country can be quite a complicated process. This is especially true for Cuba, as there are many restrictions on homeownership, even for its citizens. For more than half a century, people have been unable to buy or sell homes independently on this Caribbean island.
The Cuban real estate market is difficult to describe because it is not like any developed country in the world. To begin, it is very difficult to find real estate agents. What’s more, if you ask someone to help you complete a property contract, don’t expect them to find the right price for the homes you are interested in.
Rules and Regulations
Buying a property is a bit more complicated than what you are used to because some specific rules currently exist, for those of you who want to invest and buy property in Cuba. The key rules you should know about are under Chapter 6, which details the ‘Investment in Real Estate’ rules, which are covered under 17.1.
Buy Real Estate by foreigners in Cuba
These three rules are as follows:
Marry Cuba – This may be a bit extreme but it is one that you would then be eligible to buy a home from another local property owner in Cuba. Being married you can apply for permanent residence and this authorization will enable you to buy like a local.
Buy property from another foreigner – If you have no desire or intention to marry Cuba and have no other direct relationship with the country, then there is an opportunity to buy from another foreigner.
There was a period, in the last twenty years, when many newly constructed holiday properties were built and sold to foreigners. These foreign-owned assets can be sold to another foreigner. If you are not a Cuban then buying property in Cuba is one of the easiest ways for you.
Through others – if you want to make sure that you want complete control over your property, I don’t suggest away, but you can do what some people do and it is about their children, family And sometimes they do not even buy the property. Friends if they are Cuban citizens. Keep in mind that this can turn into a nightmare, such as when family members begin to disagree on certain things related to the property.
Where to buy
The deterioration of roads, general infrastructure, and lack of money over the last fifty years has meant that many buildings have been left untouched in terms of repairs, meaning that a lot of buildings and property are running down and a definite repair.
If you are brave and confident about the future of Cuba, there may be an idea to invest in any part of the country. However, we would be tempted to recommend the following places and the following reasons.
Airport and Transport Access – A place where the Cuban government has spent money is in the central part of Havana. The government has seen tourism and commercial opportunities created from some buildings, apartments, and roads, repair work, and investment.
The very central part of Havana, if you can find the right property, is worth considering. Havana has good connections to the main airport and is connected through a regular head coach service.
Coastal and Tourism – All main coastal areas offer the possibility in the long term, if Cuba opens up business-wise, for very good beach rental opportunities. It may be worth considering investing in the following places:
- Varadero – already a favorite destination for British visitors and one of the best resort areas in Cuba.
- Santiago de Cuba – onward from Havana and the main airport, but still a very popular place and worth considering.
- Cayo Largo Beach – slightly cheaper than Verdero, but still a beautiful resort and beach location.
The biggest difference in buying property in Cuba is
You do not pay property tax in Cuba. There are funding institutions in North America that help buyers finance their new home, while in Cuba you can only pay cash from a Cuban bank account.
In North America, people can build as many houses as they want. In Cuba, Cuban people are confined to one house in the city and another country, an attempt by the Cuban government to prevent speculative buying and accumulation of large assets. By an owner.
In Canada, non-residents have the same rights as residents and citizens of Canada, who have the right to buy, sell or sell property in Canada.
Many home sellers want to sell at prime prices, mainly because their property is the sole property, and there is a feeling about their owners’ opinions about their property.
Here is the closing process. Before the sale is finalized, the buyer must go to Cuba Bank to make a specific payment to purchase the property.
International investors have ways to buy property in Cuba
- Marriage with Cuba
- It provides a foreigner to become a permanent resident, thus the law allows a local Cuban owner to buy a home.
- Buying real estate in the name of a Cuban spouse, family members, or friends
- By law, the market is open only to Cubans located on the island or temporarily living abroad. But foreigners, including Cubans living in the United States or other countries, buy real estate in the name of Cuban spouse, family members, or friends.
- Buying directly from an existing foreigner who owns a house or apartment in Cuba
Those who got them can now sell them to immigrants who do not live in Cuba. Therefore, foreign investors can buy real estate in Cuba, one of the modern foreigners, who own a house or apartment in Cuba. The De Real Estate Residents visa category is now officially listed with other types of visas for foreigners.