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Condos in Cuba explains you “How to purchase a property in Cuba”

To purchase a property in Cuba the first requirement is to check your immigration status on the Island. If you are a non-resident foreigner you can buy a Condo in a Real State and if you are already a resident can buy  on the Island.  Whether you are a foreigner  or a Cuban national , you can buy a house  or  apartment from the Cuban Housing Fund.

House  prices in Cuba vary  according to their  geographical  location .The most expensive are those located in Habana and Varadero. If you are interested in buying a Condo then you need to purchase  it  in Havana.

A brokerage manager of Condos in Cuba can facilitate the management.

You are allow to buy a property in Habana, Holguin ,Cienfuegos , Matanzas or any other place in the Island.

There´s a few restrictions in some areas, beach areas ,special  development area   of Mariel and others  that the State reserves for economics strategies in tourism stuff  and investments.

When  the owner of the  property  located  in  one  of  these  areas  intends  to sell his  property. The State will have a preferential right  for the purchase of the property. It Works the same way if you want  to buy a condo.

¿What legal norm should know to negotiate the purchase of a Property in Cuba?

Law 65 ,General Housing Law uptaded by decree law 322 of 2014 ,is the legal body in charge of regulating the purchase and sale of the property in Cuba.

The transfer of ownership of a home by purchase and sale, among natural persons , it is formalized directly before a notary  based in the place where the property is located ,  for the Price freely agree by both parts.

However there are mínimum prices established to avoid sub-declarations , it is calculated according to  rooms, square meters and others  areas.

The total payment of the purchase is made in the act of formalization of the property , through the payment intruments  issued  by  the  Banking  Institution according to the regulations established by the Central Bank of Cuba.

In the act of formalization of the sale contract , the buyer will  declare, under oath, that does not have any other permanent residence in the property.

That will be credited with the corresponding bank doument and the existence of the money in a bank branch  for the purposes of the payment made of the agreed  Price.

¨To the Home seller must know the following requirements¨

a) Having settled the debts for payment of property tranfer, credited through a corresponding document from the Bank branch.

b) Accredit the registration of the property, purpose of the sale in the property register.

Notaries in the public deed will record the responsability asume by the seller with the scope of their acts regarding the cohabitants.

It is consider ground of nullity  of these acts in addition to those established in the Civil Code, leave some cohabitants unprotected, to wich the article  refers of the General Housing law .

Can a foreign acquire a house in Cuba?

YES.   In case of not having permanent residence, the foreign who wants to buy a house or rent real state for offices, should do it through the Cuban Real State for foreigners, with  excellent properties in special  dedicated  areas  where  the  tranquility and security reign for foreign owners and tenants in Cuba.

Also can be rent real state to foreigns who needs premises and offices for their business on the island.

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