123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Others >> View Article

Cuba Enacts 2 Surprising Free-market Reforms

Profile Picture
By Author: pangsiyan
Total Articles: 130
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

HAVANA — Cuba has issued a pair of surprising free-market decrees, allowing foreign investors to lease government land for up to 99 years - potentially touching off a golf-course building boom - and loosening state controls on commerce to let islanders grow and sell their own fruit and vegetables.

The moves, published into law in the Official Gazette on Thursday and Friday and effective immediately, are significant steps as President Raul Castro promises to scale back the communist state's control of the economy while attempting to generate new revenue for a government short on cash.

"These are part of the opening that the government wants to make given the country's situation," said Oscar Espinosa Chepe, a state-trained economist who is now an anti-communist dissident.

Cuba said it was modifying its property laws "with the aim of amplifying and facilitating" foreign investment in tourism, and that doing so would provide "better security and guarantees to the foreign investor."

A small army of investors in Canada, Europe and Asia have been waiting to crack the market for long-term tourism in ...
... Cuba, built on drawing well-heeled visitors who could live part-time on the island instead of just hitting the beach for a few days.

It may also help the country embrace golf tourism. Investment firms have for decades proposed building lavish 18-hole courses ringed by luxury housing under long-term government leases. Cuba currently has just two golf courses nationwide, but the Tourism Ministry has said it wants to build at least 10 more.

Endorsing 99-year property agreements might be a first step toward making some golf developments a reality, but also makes it easy to imagine a Cuban coastline dotted with timeshares, luxury villas and other hideaways that could serve as second homes.

"I think this is huge. This is probably one of the most significant moves in recent years relative to attracting foreign investment," said Robin Conners, CEO of Vancouver-based Leisure Canada, which plans to begin construction next year on a luxury hotel in Havana and also wants to build hotels, villas and two championship golf courses on a stretch of beach in Jibacoa, 40 miles (60 kilometers) to the east.

Cuba has allowed leases of state land for up to 50 years with the option to extend them for an additional 25, but foreign investors had long pressed tourism officials to endorse 99-year deals to provide additional peace of mind to investors. The longer leases also mean lower interest rates on international banking mortgages.
Drive from: best cell phone HAVANA — Cuba has issued a pair of surprising free-market decrees, allowing foreign investors to lease government land for cheap phone up to 99 years - potentially touching off a golf-course building boom.

Total Views: 1015Word Count: 444See All articles From Author

Add Comment

Others Articles

1. How To Calculate Your Savings With Solar Panels
Author: Ulagamani

2. Houston Newborn Photographer For Sweet Baby Smiles
Author: Family Moment

3. De Ce Să Alegi închirierea De Imprimante și Copiatoare în București: Soluții Eficiente Pentru Afacerea Ta
Author: Mihai Filip

4. Depression Counselling In Bangalore: A Path To Healing And Hope
Author: swapreran

5. Why Local Seo Packages Are Essential For Business Growth
Author: Rajiv Rana

6. Dtdc Franchise Requirements: Eligibility, Space, And Documents Needed In 2025
Author: Franchise Discovery

7. Why Everyone Is Switching To Bluetooth Earbuds | Tws Earbuds Online At Best Prices - Voods
Author: Voods Lifestyle

8. Exploring Startup Monetization - Strategies For Rapid Growth
Author: Kylie Clarkson

9. Swimming Pool Consultants In Hyderabad
Author: Johnwick

10. What Are The Latest Trends In Cryptocurrency Exchange Development In 2025?
Author: William carter

11. Key Features To Look For In Auto Transport Services
Author: eastcoastautohaulers

12. Why Are Ss 410 And Ss 420 Tubes And Pipes The Backbone Of Industrial Machinery
Author: Online Fittings

13. Ai In Banking: Faster, Smarter, And More Convenient
Author: Tudip Technologies

14. Why Austin Homeowners And Businesses Need Local Pest Control Expertise
Author: Bryson Kaleb

15. Why Open Green Spaces Are Crucial In Modern Apartments In Gurugram?
Author: Admin

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: