Cuba has announced a new property law that allows citizens and permanent residents to buy and sell real estate for the first time since the start of the rule of Fidel Castro, NYT is reporting.
Cuba could, indeed, become the next 'Economic Miracle' if the shackles are removed from the people of that country. The right to buy and sell property is a major step. However. others freedoms that allow commerce to develop must accompany the right to buy and sell property.
While this is great news for Cubans, the reason for doing it appear to be a way to get US dollars into the Cuban economy as family members in the US will send money to cover the payments to the government. Typical socialism, its great until it runs out of other people's money. The communists are so desperate that they are willing to take this risk just to get "other people's money" to keep the game going. This will no doubt blow up in their faces and will basically lead to another one of those "Communist in name only" nations.
ReplyDeleteThis is a way for them to collect property taxes from their tax slaves.
ReplyDeleteLike in Amerika, you don't own your real estate...You rent it from the political terrorists.
This is huge! Although of course people are making jokes everywhere about sub-prime in Cuba etc., but this is fantastic news. From an investing perspective, its the first opening. Those who are able to get in early will make a fortune. Let's say you buy an apartment for 10K today, renovate it, and you will be selling it in a few years for 100K-plus. What is wrong with that?? Its like people who invested in apartments in the CIS when USSR first came apart - the real fortunes are made early and that's how it should be - risk=rewards!
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