How to Buy a House in Cuba as a Foreigner
Is it possible to buy a house in Cuba in your name as a foreigner? The answer is yes, because thanks to the modification of the General Housing Law, it is now possible for a foreigner to buy a house in Cuba. Therefore, here we will talk about how to buy a house or real estate if you are a foreigner in Cuba. Keep reading!
Is it possible to buy a house in Cuba in my name if I am a foreigner?
Yes, it is possible. Since the end of 2011, Cuba has allowed foreign citizens to buy real estate on the island. This new law left in the past the possibility of making purchases only through third parties, such as an offshore company, creating a greater ease for foreigners wishing to buy a house in Cuba. This has opened the door for people of all nationalities to purchase property on the island.
Who can buy a house in Cuba?
In general, there are two types of people who can buy a house in Cuba.
- Cuban nationals with a home on the island. This group also includes citizens who have a residence permit abroad (PRE) or an indefinite exit permit (PSI).
- Foreigners with permanent residence on the island.
Requirements and conditions for buying a house in Cuba as a foreigner
In addition, in order to be able to buy a property in Cuba you must fulfill the following requirements:
- Be of legal age and have a valid identity document.
- Not to have been convicted for criminal offenses in Cuba or in another country.
- To have the intention of transferring the title deed of the property to your name.
- Hold a Cuban visa and stay in the country for more than 6 months.
- Not to be involved in economic activities prohibited by the Cuban government.
Likewise, before buying a house in Cuba, there are certain conditions that you must fulfill:
- In order to buy property in Cuba, you must first obtain a license to acquire real estate in Cuba.
- The money must be deposited in a Cuban bank and converted into CUC (Cuban convertible pesos) in order to make the purchase.
- The property must be purchased from a Cuban for-profit company in line with government regulations.
- You must purchase the property through a lawyer and pay all taxes at the time of the transaction.
In addition, you need to avoid certain restrictions that can complicate the purchase process. It is advisable to:
- Verify that the property you wish to buy is free of encumbrances or loans previously acquired by the owner or for previous years.
- To know carefully the history of the property and if it has all the necessary basic public services, such as water, electricity, sewage and public lighting.
- Verify the necessary documents for the purchase.
Advantages of buying a residence in Cuba if I am a foreigner
Buying a residence in Cuba has several advantages:
- Cuba is experiencing great economic growth and significant tourism development which increases the value of the property.
- There are many business opportunities in Cuba, which improves expectations from a financial point of view.
- The architectural beauty of the properties and cultural richness is unmatched.
- If you are considering retiring to a quiet tropical location, Cuba is a great option.
Tips before buying a house or real estate in Cuba as a foreigner
Before buying a house or real estate as a foreigner in Cuba, we advise you:
- Make a visit to Cuba before making your investment, so you can get to know what the city or the area where you want to buy the property is like. Make sure you like the place.
- Hire a specialized lawyer who can help you during the process of buying the property.
- Consider hiring a specialized company that can provide you with maintenance services and advice on the property.
How much does a house in Cuba cost?
Prices vary according to the location and characteristics of the property. In Havana, for example, the price of a house ranges between 50,000 and 30,000 CUC (Cuban Convertible Peso). The price of a two-bedroom house in Camagüey City can vary between 25,000 and 40,000 CUC.
In general, the price of a house in Cuba can range from ten thousand to two million dollars. The average price of an apartment located in a good area, with services, supplies, etc., is 150000 dollars. In European currency, we can get a good apartment for 137000 euros.
Doubts and frequently asked questions
Here are some of the most common doubts from our users.
How long does it take to buy a house in Cuba if I am a foreigner?
After the legalization of the sale and purchase is done in front of a notary, the process will be solved in approximately seven working days.
How many properties can I own in Cuba?
As stated in the Cuban General Housing Law, a permanent resident foreigner can only own a maximum of two houses: one must be the permanent residence and the other can be a beach house, a country house, a vacation house, etc. No one can own more than two houses under any circumstances.
Which areas in Cuba are the most recommendable or attractive to buy a house?
One of the best or most recommendable places to buy a house in Cuba are near the beaches. Therefore, one of the most pursued after is Varadero, where foreigners usually buy their homes. Likewise, Havana, the capital of the country, is among the preferred places to buy a property.
In the capital, the most popular places to buy real estate are El Velado, Santos Suarez, Casino Deportivo, Miramar, Siboney, Playa Marianao and Centro Habana. There are also tourist provinces such as Matanzas, Cienfuegos, Holguin and Santiago de Cuba.
What are the “frozen zones” or high tourism zones in Cuba?
Before buying a property, you should know two concepts: “frozen zones” and “zones of high significance for Tourism”. These zones are found mainly in places like Havana, Santiago de Cuba or Varadero. There are also the “housing under special regime”, which are areas where it is difficult or impossible to buy a house, because they are areas of economic, political and military interest.
