Buying real estate in the heart of the tropical paradise of the Caribbean has become a dream for many. Cuba, with its rich cultural and historical heritage, incredible atmosphere and beautiful beaches, attracts tourists and investors from all over the world. Find out more about whether foreigners can buy a home in Cuba

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Cuba, the pearl of the Caribbean, attracts travellers with its unique beauty. Mountains, beaches, picturesque cities - this is only part of what makes the island so unique. However, Cuba is not only a holiday destination, but also an opportunity for real estate investment. In Havana, a one-bedroom flat located in a standard panel house costs about 15-20 thousand US dollars. Buying a rural house in the hinterland with a small, but picturesque plot of land will cost you 3-4 thousand dollars. The price of one meter of a new apartment located in a building in the centre of Havana is approximately 1500–2000 dollars. According to statistics, the most frequent buyers of real estate in Cuba are citizens of Canada, the USA, Brazil and Argentina.

A trip to Cuba promises to be an exciting adventure where everyone will find something special and unforgettable. To plan an interesting and safe trip to this country, use the guides from Visit World. These documents contain basic advice on visa obtaining, border crossing, employment, citizenship, and much more. 

Legal peculiarities of buying real estate in Cuba for foreigners

Private property in Cuba emerged after the 1959 revolution, when wealth and property, including real estate, were nationalized. For many years, foreigners were severely restricted from purchasing real estate on the island. In 2011, the Cuban government passed a new Foreign Investment Law that allows foreign nationals and foreign companies to purchase real estate in Cuba. This was a step towards opening the country to foreign capital and tourism.

In order to purchase real estate in Cuba, foreigners need to obtain a permit from the government and go through a number of formalities. This includes applying to local authorities, signing a purchase and sale agreement, and completing the appropriate paperwork. 

Peculiarities of finding housing in Cuba

There are 14 provinces in Cuba, and the rural capital of Havana is one of the most popular destinations for foreigners. Areas in popular tourist destinations are being renovated, albeit at a slow pace.

Upon arrival in Cuba, you will need to find temporary housing before you can start looking for real estate. Foreigners are unlikely to get a good deal, so if you have Spanish-speaking friends, ask them for help.

Traditional real estate agents are hard to find in Cuba, but there are still a few ways for foreigners to find property. For example, you can look for signs on buildings or, if you speak Spanish, ask people around. There are also several websites that list available houses and apartments

The cost of real estate in Cuba

Cuba has a dual currency system. Visitors use the Cuban Convertible Peso (CUC) and locals use the Cuban Peso (CUP). Cuban pesos are more expensive and cannot be taken out of the country. The dual currency system in Cuba can be confusing for foreigners, so be sure to get clarification when you arrange your rental so you don't get scammed.

Renting a one-bedroom apartment in the city centre will cost you less than $200 per month, and outside the centre it's even cheaper. For a larger apartment, you will pay up to $300 or more in the city centre.

To buy a small apartment in Havana, you can spend as little as $10,000. If you want to buy a villa in a sought-after area, you can spend up to $500,000. Luxury homes can cost over $1 million.

Buying real estate in Cuba

There are several restrictions when it comes to buying real estate by foreigners in Cuba. For more than 50 years, even locals have struggled to buy and sell homes freely. Although the situation has changed recently, the government still maintains tight control over the housing market. Foreign ownership of real estate is extremely limited.

Foreigners can acquire real estate in Cuba in three ways. They can marry a Cuban citizen, register the property of a Cuban relative, or buy a home from another foreigner.

So, if you are not married to a Cuban and have no Cuban relatives, you will have to buy a home from another foreigner. Most foreigners in Cuba own apartments in Havana, many of which were built in the 90s. As a result, you may not be able to get your dream apartment with a sea view.

Please note that the above only applies to non-U.S. foreigners. American buyers are still unable to purchase real estate in Cuba for themselves due to the Trading with the Enemy Act, which was passed in 1961.

Taxes can be another complicated aspect of buying real estate in Cuba. Both sellers and buyers must pay a 4% tax. The conditions for selling houses are different from those in any other country. You can only pay in cash in a Cuban bank account, so it is unlikely that you will receive financing. To buy a property, you must go to a Cuban bank to pay, and you are not allowed to pay less than the legal value of the house.

After you have chosen the property you want to buy, it will be evaluated by the Housing Institute. After that, you and the seller will go to the notary to transfer the ownership. It can be a long process, but it is worth it to get your dream home.

Daria Rogova, Head of Insurance at Visit World

To move, travel or work safely in a new country, you will need travel insurance. You can apply for an extended policy on our website here.

Products from Visit World for a comfortable trip:

Checklist for obtaining a visa and necessary documents in Cuba;

Legal advice on immigration in Cuba;

Travel insurance for foreigners in Cuba;

Medical insurance around the world.

We monitor the accuracy and relevance of our information. Therefore, if you see any error or discrepancy, please write to our hotline.