• Submitted by: manso
• Business and Economy
• 08 / 29 / 2010

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Cuba will allow foreign investors to lease state land for 99 years. This is expected to spur luxury developments such as golf courses etc.

In two decrees that lessen state control to some extent Cuba decreed that foreign investors could lease government land for up to 99 years and another that will let Cubans grow and sell their own fruit and vegetables. Foreign investors already could lease land for 50 years with an option to extend the lease for 25 years more. Even these new leases are not as generous as that the U.S. has for Guantanamo that is in perpetuity!

Cuba said it was changing property laws "with the aim of amplifying and facilitating" foreign investment in tourism, and that doing so would provide "better security and guarantees to the foreign investor."

Investment firms are proposing lavish 18-hole courses ringed by luxury housing under long-term government leases. Cuba currently has just two golf courses nationwide, but the Tourism Ministry has said it wants to build at least 10 more.

"I think this is huge. This is probably one of the most significant moves in recent years relative to attracting foreign investment," said Robin Conners, CEO of Vancouver-based Leisure Canada, which plans to begin construction next year on a
luxury hotel in Havana and also wants to build hotels, villas and two championship golf courses on a stretch of beach in Jibacoa, 40 miles (60 kilometers) to the east.

The private markets and gardens will no doubt ensure that there is a larger supply of fresh fruits and vegetables.

Source: www.allvoices.com/c