Investment attention is again turning to Cuba after the new US President relaxed sanctions imposed on the Caribbean island state.
Under communist control since 1959, Cuba could become a target for foreign real estate buyers and builders if rules are relaxed further.
Investment firms and developers are already watching the nation after Raul Castro replaced his Brother Fidel as president, heightening hopes of a more open economic approach.
Now Barack Obama has lifted travel restrictions for Cuban-Americans and has allowed US telecommunication firms to offer services directly to the island.
The rule changes are primarily aimed at allowing Cuban-Americans to travel to the country as often as they like and to allow them to send as much money as they want to relatives.
But long-term further relaxation of the rules on both sides could see large scale real estate investment, which is currently limited to a very small number of Cuban projects.
The island is already popular with tourists from around the world thanks to its idyllic beaches, rich culture and warm climate. Any new approach to foreign real estate projects is likely to prove equally popular.
Seeking Alpha published ’10 ways to invest in Cuba’ as a response to the new president’s slackening of the sanctions. It mentions Cuban Electric Co. which “owns property in Cuba that was confiscated by Castro. The company trades occasionally on the Pink Sheets”.
Existing real estate investment schemes run by foreigners include the Carbonera Country Club, backed by cash from the UK.
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