Cuba has become the latest country to offer residency visa alongside property purchases made by overseas buyers and investors.
The Caribbean island republic joins the likes of Spain, Portugal, Cyprus and Ireland as one of a growing number of countries that offer some form of residency visa with property purchases made from overseas.
Cuba’s Ministry of the Interior recently announced that a “temporary residence” visa would be available for foreigners who either buy or rent real estate. The visa will also be extended to foreign relatives who may wish to use the property, the announcement said.
The announcement added that foreigners “may carry out activities related to tourism and business duly authorised by the existing legislation,” however anything deemed to be “unauthorised activities” will require a special permit.
The visa will be withdrawn when the property ownership ends, when laws are broken by the holder, or when he or she has been outside Cuba for more than one year.
New laws passed in March allow the sale and lease of property to foreign investors for the first time. These laws will take effect next month.
Andrew Batt, International Group Editor of PropertyGuru Group,
wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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