FOREIGN INVESTMENT LAW

The foreign investment Law No.77, approved in September of 1995, specifically refers to investments in REAL STATE by foreigners. Based upon Napoleonic law (British Origin), used extensively in British colonies such as the UK, British West Indies, British Virgin Islands, Cayman Islands, etc. Ownership is outright and certified by both land registry and the national catastral office via an ownership title deed for both land and property. Essentially, owning property in Cuba is identical to the same ownership rights available in the world.

CHAPTER IV. Real state investment in Cuba.

ARTICLE 16

Law 77. Authorizes the investments in real state and the acquisition of property or other rights of property. The investment in real state referenced in the precedent section applies to:

1.Housing or buildings used by natural people that are not permanent residents in Cuba such as temporary residents or tourists.

2.Property or offices for businesses operated by foreigners.

3.Development of real state for tourist exploitation.

ARTICLE 17

Investments which consist of the acquisition of real estate, which constitutes to a final 'Business Use', will be considered as direct investments.

ARTICLE 18

The conditions and terms, under which the acquisition and transfer of real state refered to in Article 16 of this Law is determined by current legislation for ownership transfer (before metioned)

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