November 4, 2011
Changing Rules on Private Real Property in Cuba
The NY Times has an article today regarding Cuba's decision to allow citizens and permanent residents to buy and sell real estate. Transactions will be taxed at a rate of 8% and must be financed through the Cuba Central Bank. People will be permitted to own only two homes -- one residence and one vacation property. But despite the limitations, this is a huge free-market move for Cuba. It is anticipated that Cuban-Americans, who are now permitted to send money to their relatives per a 2009 executive order, will play a major role in the new private property boom.
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