Buying property in a foreign country can be quite a complicated procedure. This is especially true for Cuba, because there are several restrictions on home ownership, even for its citizens. For over half a century, people have been unable to freely buy or sell homes on this Caribbean island. Can Americans buy real estate in Cuba?
The Cuba real estate market is difficult to describe because it is not like any developed country in the world. To begin with, real estate agents are very difficult to find. What’s more, if you ask someone to help you conclude a property contract, don’t expect them to know the correct price for the homes you are interested in.
Foreign investors have ways to buy property in Cuba
Wedding with a Cuban
It allows a foreigner to become a permanent resident, thus the law allows the purchase of a home from a local Cuban owner.
Buying real estate under the names of Cuban spouses, family members or friends
By law, the market is open only to Cubans on the island or temporarily living abroad. But foreigners, including Cubans living in the United States or other countries, buy real estate on the names of Cuban spouses, family members or friends.
Buying directly from the current foreigner who owns a house or apartment in Cuba
For several years, in early 1990, Cuban law allowed the construction of some condominium-style buildings where foreigners could buy an apartment. Those who bought them can now sell them to foreigners who do not live in Cuba. Therefore, foreign investors can buy real estate in Cuba by buying directly from one of the current foreigners who owns a house or apartment in Cuba. The ‘Real Estate Resident’ (Residente de Inmobiliaria) visa category is now officially listed along with other types of visas for arriving foreigners.
Development of golf course properties
Type of investment Joint venture, estimated investment amount USD 380.00 million
The biggest differences in buying a property in Cuba are
You don’t pay property taxes in Cuba. There are funding institutions in North America that help buyers finance their new home, while in Cuba you can only pay with cash from a Cuban bank account.
In North America, people can own as many homes as they want. In Cuba, Cubans limit themselves to having one house in the city and another in the countryside, it is the Cuban government’s effort to prevent speculative purchases and accumulation of large properties. by one owner.
In Canada (in accordance with Canadian law), non-residents have the same rights as residents and citizens of Canada to buy, own or sell property in Canada.
There are several home sellers who want to sell at extreme prices, mainly because their property is the only property they own and cause sentiment for their owners’ opinions about their property.
Here is the closing process. Before finalizing the sale, the buyer must go to a Cuban bank to make a specific payment (CUP or “pesos cubanos”) to purchase the property.