In a country where the maximum salary by law is approx. $20/month,
Real-Estate Revolution Hits Cuba
Ordinary Cubans start to buy and sell their homes, and authorities dust off plans to develop a luxury vacation-home market for foreigners
For now, the 54-year-old embargo remains in place, meaning Americans can’t buy property here, or even travel to the island as tourists. And Cuban law bars nonresidents from owning homes outside a few limited experimental developments. But that isn’t stopping some foreigners from trying to wriggle through loopholes to get their hands on real estate now in the hopes of striking it rich.
Loopholes, and deep pockets from which to bribe. Good luck trying to get your money out of the country if you ever sell. Even better luck with preventing the government from seizing your assets.
Never mind the wiring:
5 Things to Know About Buying Real Estate in Cuba: For instance,
#3 Are there any Cuban laws that could trip up a would-be foreign investor?
Boy are there. It has only been a few years since Cuba started allowing Cuban citizens to buy and sell their own homes, and the government is still trying to keep tight control over the market. Cubans can’t have more than two homes, a primary residence and a vacation house. And in all but a few cases, buyers need to be permanent Cuban residents.
And some will end up in jail.