Is it possible to buy a property in Cuba?

There are three main ways for foreigners to buy property in Cuba. First, it is a marriage with a citizen of Cuba. After marriage, you can apply for a residence permit, which in itself is the basis for allowing the purchase. Secondly, it is possible to make purchases on behalf of Cuban spouses, relatives and friends. Thirdly, it is the purchase of condominiums specially built for sale to foreigners. In 1998, Cuban Canadian Resorts International, a joint Cuban-Canadian company, launched a major $250 million project to build waterfront condominiums that were available for purchase by foreigners (excluding US citizens). It was supposed to build more than 2,000 luxury properties over the next ten years, but in the mid-2000s the project was suspended. However, properties that were built and purchased by foreigners can still be resold to other non-Cuban foreigners. Since recently, foreigners who have bought this type of property receive the official status of "real estate resident" ("Residente de Inmobiliaria"). Those foreigners who have received a permanent residence permit can legally qualify to purchase real estate throughout the country, like ordinary Cuban citizens, only at a higher price. A permanent residence permit is given almost exclusively for family reunification. Purchasing process It may be difficult to find a suitable property. In Cuba, it is forbidden to place advertisements and any advertisements for the sale of real estate. However, more recently, Cubans have simply placed a "For Sale" sign in front of the house or posted it anonymously on the Revolico website. Under the new law, any Cuban citizen or foreigner holding a permanent residence permit is allowed to transact directly with a local real estate seller. The price is set between the buyer and the seller by agreement. The purchase process requires the services of a lawyer and a notary. The transaction is taxed at 4% of the property value. A resident has the right to own only one permanent residence and a second vacation home. Real estate must be registered in the national register. Payment for the transaction must necessarily be made through a deposit in a local bank, in which a check is issued in the name of the seller and where tax is paid by the buyer and seller. The notary keeps the transaction clean. After payment of the transaction and tax, the buyer waits for about 30 days until the property is re-registered in the national register. The deal is officially made only in the national currency - the Cuban peso. At the same time, the payment itself, by agreement of the parties, can be made in the Cuban converted peso - a special currency for foreign business. There is one more feature - a foreign owner of real estate in Cuba has the right to have only one car per property. Reforms In November 2011, the government of Raul Castro approved a law legalizing direct transactions between sellers and buyers without state control. Now Cubans can sell housing even before leaving the country, and all proceeds from the sale remain with the seller. Thus, a real estate market actually emerged in Cuba, which is why real estate prices began to slowly rise. At the moment, according to official figures, there are now more than 3 million properties in Cuba, including detached houses and condominiums. However, only 10% of the total number have ownership status. The 2011 law has already attracted the attention of many international investors, who are waiting for an early liberalization of the economy and the emergence of a new real estate market, including luxury resort real estate. Today, Havana has many historical buildings, many of which date back to the 17th century, made in different styles - art deco, Spanish colonial, modernism of the 1950s. At the moment this property is not available to foreigners. However, the world's largest investors rightly expect relaxation in the legislation on the purchase of real estate by foreigners on the island. The question is how long this process will take and what opportunities will be available to foreign buyers. Daniil Burygin HomesOverseas.ru