Sunday, November 13, 2011

New real estate law in Cuba

Just read this article in the New York Times regarding a new Cuban law which will allow the sale and purchase of Real Estate. I found it relevant considering that there seems to be a new interest in socialism via some of the Occupy Wall Street crowd. The article states that "For the first time in a half-century, Cubans will be allowed to buy and sell real estate openly, bequeath property to relatives without restriction and avoid forfeiting their homes if they abandon the country." Prior to the new law, Cubans were not allowed to sell their homes. According to this website, per Law 65 Cubans could only trade with another citizen thus making it impossible to use the homes equity and severely restricting their ability to relocate to another area. Apparantly there were similar restrictions on car sales as this article discusses. Just a little food for thought to counter some of the more radical notions which have been floating around.

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