{"id":1439,"date":"2023-05-05T02:31:07","date_gmt":"2023-05-05T02:31:07","guid":{"rendered":"https:\/\/havanaresidence.net\/investing-in-real-estate-opportunities-for-foreigners\/"},"modified":"2023-09-03T04:24:59","modified_gmt":"2023-09-03T04:24:59","slug":"investing-in-real-estate-opportunities-for-foreigners","status":"publish","type":"post","link":"https:\/\/havanaresidence.net\/en\/investing-in-real-estate-opportunities-for-foreigners\/","title":{"rendered":"Investing in Real Estate, opportunities for Foreigners"},"content":{"rendered":"

Investing in Real Estate, opportunities for Foreigners<\/h2>\n

Buying a house or investing in real estate in Cuba can be a very good option for the future. Since Fidel Castro’s mandate in 1995, the Housing Institute ordered the construction of different apartments and condominiums of high comfort in order to be offered to foreigners.<\/p>\n

 <\/p>\n

The plan was that in a period of less than 3 years the houses would be ready and these luxurious residences would be offered to interested foreigners located in the Arbolada and Fifth Avenue; place that coincides with other Cuban families with diplomatic mansions, besides that a few years later an office was created to facilitate and provide information on the process for the purchase of the same.<\/p>\n

 <\/p>\n

Requirements to Investing in Real Estate Being a Foreigner<\/h2>\n

 <\/p>\n

According to the Cuban Civil Code, Article 11 establishes that only foreigners with permanent residence have the right to purchase a house within the country. In order to acquire this migratory category, one would have to be married to a Cuban citizen or complete other requirements.<\/p>\n

 <\/p>\n

However, there is another option which is the one mentioned at the beginning, the government created a plan where different buildings would be for sale to foreigners. These, being in a good location, ensured that the cost would be high, but still with the possibility of purchase. The only detail is that they are only limited to these specific areas because there is no open market for Cubans and non-residents.<\/p>\n

 <\/p>\n

The process of buying and selling real estate in Cuba<\/h3>\n

 <\/p>\n

The General Housing Law establishes that, if the foreign citizen meets the different conditions explained above, he\/she must comply with other formalities:<\/p>\n

 <\/p>\n

    \n
  1. The person cannot be the owner of more than one residence.<\/li>\n
  2. The purchase and sale process is carried out through a notary in the same place where the property is located in Cuba.<\/li>\n<\/ol>\n

     <\/p>\n

    Sale by Transfer of the property<\/h3>\n

     <\/p>\n

    In the case of acts of transmission must comply with:<\/p>\n

     <\/p>\n

      \n
    1. To carry an update of the property title and the appraisal of the property as such.<\/li>\n
    2. The property registry<\/li>\n
    3. The seller must doesn\u2019t have any debts with the bank for any concept of payment of the house.<\/li>\n
    4. The payment between the parties will be made through a bank agency, so the buyer will be obliged to open a bank account.<\/li>\n
    5. The taxes must be paid by both parties, the seller will pay the personal income tax and the buyer will pay the taxes on the transfer of property and inheritance.<\/li>\n<\/ol>\n

       <\/p>\n

      News on Cuban Condominiums for Foreigners<\/h3>\n

       <\/p>\n

      Currently some of these condominiums are available in the city of Havana, others already have owners from other parts of the world. The most interesting of all these is that for a long time these condos had a value of $1500 USD per square meter.<\/p>\n

       <\/p>\n

      In recent years, many Cubans seeing the interest of foreigners to acquire some colorful and multi-story homes opted to sell as well. This consequently created a new market for Buying and Selling real estate in Cuba, in the same way that the country’s authorities launched old projects with luxury properties.<\/p>\n

       <\/p>\n

      Since 2015 diplomatic relations between Havana and the United States were reestablished which brings even more value to these properties. Both Havana and Cuba in general remain a country where tourism is one of its greatest strengths, which adds even more interest to the idea of owning a vacation home in Havana, Cuba.<\/p>\n

       <\/p>\n

      The property purchased is 100% owned by the foreign owner.<\/p>\n

       <\/p>\n

      We<\/a> <\/span>know that Cuba is known for being a socialist country and that it can get involved in situations that in foreign eyes are not acceptable.<\/p>\n

       <\/p>\n

      However, something that may be a concern when thinking about acquiring property in another country is that the property is tied to a marriage like any other citizen of the country, but the reality is that no, any foreigner who buys a property will be entirely his or her own.<\/p>\n

       <\/p>\n

      This can motivate many to want to invest in a property whose value can go up a lot in the future and count as an investment, as well as for pleasure and to have a special place to vacation.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Investing in Real Estate, opportunities for Foreigners Buying a house or investing in real estate in Cuba can be a very good option for the future. Since Fidel Castro’s mandate in 1995, the Housing Institute ordered the construction of different apartments and condominiums of high comfort in order to be offered to foreigners.   The […]<\/p>\n","protected":false},"author":1,"featured_media":1286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"yoast_head":"\nInvesting in Real Estate, opportunities for Foreigners - Havana Residence<\/title>\n<meta name=\"description\" content=\"We know that Cuba is known for being a socialist country. 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