
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.