Friday, July 1, 2011

Cuba to allow foreigners, migrants to buy and sell homes

"For Sale"

The Cuban government is to allow private individuals, including foreign residents and Cubans who moved abroad, to buy and sell homes and cars by the end of the year, the Communist Party daily Granma said Friday.

The Council of Ministers made the decision last weekend, as it sought to build on the economic recommendations made by the recent Communist Party Congress.

'The agreements that were made by the Congress will not be shelved away,' Cuban President Raul Castro was quoted in Granma as saying to government officials.

Castro has long insisted on the need for economic reform in communist Cuba, particularly to strengthen the private sector. He sees this as the best way to overcome the serious financial difficulties that currently affect the country.

Cubans who live on the island and foreigners with permanent residence within its borders will now be allowed to buy, sell, exchange or donate homes.

'It will be possible to transfer to partners, ex partners and relatives to a fourth degree of kinship the homes belonging to Cuban individuals who leave the country for good, as long as they have permanently lived with the owner for five years,' the report said.

The new policy, according to Granma, seeks among others 'to contribute to solving the home-deficit problem' in Cuba.

Source: M&C

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