The investors who aspire to invest in Cuba will increase their opportunities because, as of 2011, the government of Havana initiates the negotiations to construct 16 golf courses with foreign capital. The new form of investing in Cuba would include the sale from houses to foreign citizens and the extension of the time of land rent, which represents an open defrost the Cuban real estate policy.
Currently only two golf courses exist, in La Havana and Varadero; but already four more in an advanced process of negotiation. Legal guidelines for the projects are not yet stipulated, clarified the Minister of Tourism Manuel Marrero. The four projects that could begin in 2011 include investing in Cuba in golf courses in Holguín (in the eastern part of the country), Pinar del Rio (the farthest western province), the capital and the main tourist pole, Varadero.
This new openness to invest in Cuba, is accompanied by another news: the government of Raul Castro would allow the sale from houses to foreigners, in certain zones, near the golf courses, as well as the extension of the time of leasing of lands from 50 to 99 years.
The announcement of the modification in the laws on the property to invest in Cuba seek to attract greater foreign investment in tourism, since diverse entrepreneurs of Canada and Europe have requested, with insistence, new signals of Havana to bring capital to the Island, which is now plunged in another deep economic crisis. Openness to invest in Cuba aspires to contribute to the increment of wealthy tourism, seeking not only to spend days in a beach, but it is interested in remaining in the Island, part-time. The government allowed the foreigners to invest in Cuba since 1994, and with it has promoted the construction of hotels and the operation of natural resources, like petroleum, to mixed companies; but the government never yielded the property of the land where the construction was located. In agreement with the criteria of Antonio Zamora, a Cuban American lawyer who investigates subjects of real estate, the majority of the people, interested in investing in Cuba, will be in agreement with the leases for 99 years, although they have said that they would not invest unless they receive governmental guarantees of full property right on land.
While the news on the modifications to the laws that regulate the projects to invest in Cuba have caused a great commotion, in fact, as its clarified by the Tourism Minister himself, Marrero, many subjects on investing in Cuba are not clear yet, among them the right to sell or to inherit the properties constructed in those lands that would be leased by the Cuban State.