Buying a house in Cuba
Although the real-state market has opened its doors to foreign investment, there are still some questions such as how and who can buy a house in Cuba?
Following the legislation in this regard there three ways of buying a house in Cuba:
- Foreign to foreign: Buying from a foreigner who already holds ownership (In the 90s the Cuban government gave the possibility to foreigners of buying apartments, that’s reason why there are foreign owners in Cuba)
- Marriage: Anyone who his/her spouse holds Cuban citizenship has the right to buy a house in the local market
- Cuban Resident: The new real-state law entitle the Cubans permanent residents on the island to sell and buy houses between themselves. However it may be an option for a foreigner, buying house in the name of a Cuban relative.Therefore it means the owner will always be Cuban citizen who refers ownership certificate of the house.
Residence in Cuba, an option for foreigners.
Real-estate market has been opened by law in Cuba, allowing foreigners to invest in housing and buildings, either for private or tourist related purposes.
The currently legal framework lays out the legal proceedings how to apply for residence permit, and also establishes who is entitled to be granted with.
- Those who are owners or tenants of real estate property, as well as their foreign relatives have the right to reside in Cuba
- The residence permit will initially be issued for a maximum period of 1 year. It is possible to extend for equal period
- Once granted the residence you can conduct business activities throughout the national territory, previously authorized
- You may stay abroad for a year without losing your residence permit.
- While you are abroad you have the right to rent your house trough a real-estate agency