Cubans Can Buy and Sell Property, Government Says

[alp227]

Source: NY Times

Cuba announced a new property law Thursday that will allow citizens and permanent residents to buy and sell real estate — the most significant market reform yet approved by the government of Raúl Castro, and one that will likely reshape Cuba’s cities and conceptions of class.

The new rules, which affect residential property only, will go into effect Nov. 10, according to Cuba´s state-run newspaper. The official article said more information would be forthcoming, but the bundle of released details confirm that the new law represents a major break from decades of socialist housing policy.

It states that moving will no longer be subject to government approval, that owners will be able to have two homes (a residence and a vacation home) and that purchases, sales, donations and trades will be recognized even in cases of “divorce, death or permanent departure from the country.”

The last item, depending on the fine print, could lead to a wave of sales and migration as Cubans unload property and use the proceeds to flee. But experts and Cuban residents — who have anticipating the law for months — say its implications are likely to be much more far-reaching. In a country defined by limited change for more than 50 years, the law will likely open a Pandora’s box of benefits and risks.

Read more: http://www.nytimes.com/2011/11/04/world/americas/cubans-can-buy-and-sell-property-government-says.html

[dipsydoodle]

1. Old news

can't imagine why its been dug up today unless today is the actual start date.

Original link from June here : http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=4945992

I'd suggest everyone read the responses to the earlier link for a better understanding.

"as Cubans unload property and use the proceeds to flee" :rofl:

[RaleighNCDUer]

2. Yeah, that line struck me, too.

Because, obviously, NOBODY would want to live in Cuba if they had any other option.

:eyes:

[The Northerner]

3. Cuba legalizes sale, purchase of private property

Source: Associated Press

HAVANA (AP) -- Cuba announced on Thursday it will allow real estate to be bought and sold for the first time since the early days of the revolution, the most important reform yet in a series of free-market changes under President Raul Castro.

The law, which takes effect Nov. 10, applies to citizens living in Cuba and permanent residents only, according to a red-letter headline on the front page of Thursday's Communist Party daily Granma and details published in the government's Official Gazette.

The law limits Cubans to owning one home in the city and another in the country, an effort to prevent the accumulation of large real estate holdings. It requires that all real estate transactions be made through Cuban bank accounts so that they can be better regulated, and says the transactions will be subject to bank commissions.

Sales will also be subject to an 8 percent tax on the assessed value of the property, paid equally by buyer and seller. In the case where Cubans exchange homes of equal value in a barter agreement, each side will pay 4 percent of the value of their home.

Read more: http://hosted.ap.org/dynamic/stories/C/CB_CUBA_PRIVATE_PROPERTY

[UTUSN]

4. How GENEROUS!1 n/t

[dipsydoodle]

5. Well at least they've had no fall in their housing market

and no repos from living persons either . Can you say the same ?