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Interesting update on golf resort development in Cuba

http://www.cubastandard.com/2014/02/11/with-golf-projects-lingering-official-announces-rules-to-come-soon/

Thanks for sharing!

The Jibacoa development mentioned in the article has been talked about off and on since early 2000. Still nothing happening there! It’s Cuba!!

Personally I’d like to see Cuba do more to protect their natural environmental resources and shift to eco tourism and conservation rather than built golf course communities which may be popular, but are definitely not environmentally friendly.

Good article. Thanks hossafus.

Well I love golf, and I look forward to them building a few more courses, but I won’t hold my breath waiting for it. However, I would be very leery of buying a condo in Cuba, rent yes, but, not…

:slight_smile:

“The Cuban government has plans for 16 golf real estate projects, with condominiums and homes for sale to foreigners.”

So, non-Cubans are going to be allowed to buy land?? Does not sound like it farther down.
“Observers are speculating that golf development in Cuba has not materialized because of uncertainly over the property rights of buyers. Two years ago, Cuba announced it would grant 99-year rights to foreign purchasers of golf-course houses and apartments — a term banks around the world consider equivalent of perpetual property rights.
However, there is also insecurity over other aspects of Cuban real estate law.”

“Cuba will, for one, have an allure that few other islands in the Caribbean have, especially for Americans, once they are allowed to purchase real property rights in Cuba. And the strength of those Cuban real property rights, as we can foresee them today, will be no lesser than the kind of real-property rights in Mexican touristic resorts that Americans have been buying heads over heels for the past 30 years or so.”

Not quite accurate. My understanding is that foreigners can own land outright in Mexico, unless it is within xx meters of the beach. Forgot the exact distance. Closer than that, you create a Mexican company with the foreigner as director and the company owns the land. Nothing about 99 yr. lease that I recall.

There are lots of 99 yr land lease problems in Ontario cottage country where the land is on an Indian Reserve. Some of those have not worked out well at all with the band council ordering the residents to vacate with little notice.

Sounds sorta like:
‘The Bellomonte venture collapsed when two top executives of the British investment firm that was putting it together, Coral Capital Group Ltd., spent months in pre-trial detention at a Havana prison on various charges, before being let go on minor charges and permitted to return to the UK. Coral Capital’s assets were reportedly confiscated by the Cuban government.’

Agree with iggy x100 'However, I would be very leery of buying a condo in Cuba, rent yes, but, not…"

I will be my life savings (all 20CUC) that people will be killing each other to get first in line to buy without even knowing what they are getting into.

A lot of the leases on native lands in Ontario are now on 20 year leases, that way the lease prices can be jacked every 20 years. I know people with a cottage on native land on Lake Simcoe and they just renewed.
I remember seeing on the news in B.C. people being forced out of their houses and cottages because the natives refused to renew, so they were just burning them down so that no one would get them. No thanks.
The thing is, the Cuban government have a history of appropriation that isn’t the best.

A lot of leased waterfront / oceanfront deals here too. Most have a 20-25 year terms in order to comply with the bank’s mortgage rules.

When we’re not sure if it’s secure enough to bring home 100CUC for our next trip, I can’t see betting on 99 years for anything in Cuba.

Worst is going to be the Time-Share-Sales, wing-nuts, hassling everybody.

That happened in Ontario too. They were given months to vacate.
That problem arose from new Band Councils being elected and they had the power to dissolve existing agreements.
My opinion only: The back & forth with the Cuban development is a result of disagreements between elected officials in Cuba. If one or some of the new developments goes badly, I can see the Cuban gov’t reversing it’s decision.