Foreigners are allowed to rent the Cuban soil for up to 99 years

31.08.2010 07:14
Articles about real estate | Foreigners are allowed to rent the Cuban soil for up to 99 years Cuban President Raul Castro promised to make state controls over the economy of the country less than "total", and also supplement the budget with new sources of revenue.

The law authorizing foreign investors to rent to rent land in Cuba for 99 years, entered into force on Thursday. Up to this point the land in Cuba could be leased for a period of 50 years, with the possibility of extending the lease for another 25 years.

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Increase the lease term of 99 years is aimed at attracting foreign investors ready to build on Cuba golf courses, villas of luxury and second homes for wealthy tourists, reports the Associated Press.

President of the Canadian company, Leisure Canada, which intends to build hotels, villas, and two golf courses on the beach in the town Dzhibakoa, took the news with enthusiasm: "We can see that times are changing."

However, an analyst with Commerce and Economic Council John Kavulich no hurry to rejoice innovation Cuban authorities: "I do not think that this measure will open the gateway to the country and investors will flood flow. Rather, they are just incorporated valve for people to know that there is water. "
Content tags: Overseas property land
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