Invest In Cuba?

C

Che

Guest
What do banks require when borrowing for an investment property abroad, will they want the same info about the property as if it was here, or is it best to re-mortgage here and if so will they still need loads of info when you declare it is for a property abroad. Any views on the high risk of buying into Havana, Cuba?, is one place thats never mentioned in media.
 
Yeah - I think you're onto something there. There's a few properties out there with period features that would suit the DIY enthusiast.

Anybody looking at buying in [broken link removed] yet?
 
I think you'd be mad. Who's to say once Castro goes he won't just be replaced by the military? Why not Buenos Aires?
 
However, if you'd invested in Croatia slightly after the war, you'd be laughing now.

Are you even allowed to buy property in Cuba?
 
There are only a limited no. of properties for sale in hav legally from the govt. 2% property tax annually, 20% tax on rent plus maintenance costs. Rental yields are very good.
 
I'd imagine the biggest concern is getting a good clean enforceable title to the property given that it is communist. And even if you can get it in Cuba now there are a lot of exiles in Miami who like to [broken link removed]. If Castro dies and Cuba reverts to some other form of government who is to say that the new government won't allow such claims to proceed in Cuba as well.
 
Che said:
There are only a limited no. of properties for sale in hav legally from the govt. 2% property tax annually, 20% tax on rent plus maintenance costs. Rental yields are very good.
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Have you looked at the overall tax impact considering Irish tax also?
 
no i haven't, would appreciate any advice, also on the banks giving me the dosh. have 100k equity in investment house that I want to get out.
Kittykat, have loads a cigars at home, no probs!
 
Personally I'd go for some place where there is less likelihood of the State appropriating your property for the benefit of the masses.

Re. the rental yields-any indication of who rents property in Cuba (tourists, foreign workers etc.)?
 
Has Ireland a double taxation agreement with Cuba in relation to rental income and capital gains from property. If not then you may be liable to pay tax in both countries on your rental income without being able to offset the liablilty in one country against the liability in another
 
Re. the rental yields-any indication of who rents property in Cuba (tourists, foreign workers etc.)?[/quote]

Tourists and foreign workers yes, many relatives from Miami too
 
asdfg said:
Has Ireland a double taxation agreement with Cuba in relation to rental income and capital gains from property.
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[broken link removed]

Would travelling and/or investing in property in Cuba (or any other of the other five countries classified as sponsors of terrorism by the US) have implications for individuals travelling to the US?
 
umop3p!sdn said:
Of course the US would never engage in 'terrorism' itself, would it? What with its use of concentration camps, landmines, nuclear (DU) and chemical (phosperous) weapons in Iraq etc...
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That's not relevant to my point and you should take that to another thread if you want to discuss it. My point is that such investments or travel could feasibley cause problems for people who wish or need (e.g. for personal or business reasons) to travel to the US. I think that this concern is pertinent even if you don't agree with the reasons why there might be issues in this context. For example I might be able to afford an investment in Cuba but in doing so I could jeopardise my current job which requires me to visit the US from time to time.
 
Whatever about your willingness to purchase property in Cuba, I am pretty certain that the only way that you would get money would be to re-mortgage off an Irish property. I could not imagine any of the banks accepting deeds to a Cuban property as adequate security for a mortgage.
 
A lot of people that I spoke to (east coast Mexico) ealier this year, think that Cuba has huge potential... when Castro dies. Apparently a lot of land has been bought by big Spanish hotel chains, who are ready to move in..
The potential is obvious, assuming a smooth transition from communism to democracy - climate, culture, music, beaches, people, history etc.
There's plenty of potential for trouble as well though, personally I wouldn't risk it.
 
tiroileain said:
Apparently a lot of land has been bought by big Spanish hotel chains, who are ready to move in..
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But will they get there before the Cuban Miami exiles and their US backers?! :eek:
 
Well risks are higher but so is the potential. Over 1 million in Miami most with family in Cuba and not wanting trouble. Now that they have discovered commercial oil deposits there this year adds more spice to the speculation.
 
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