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Latino Daily News

Monday August 30, 2010

Cuba to Allow More Foreign Investment in Country, Reducing Government Controls

Cuban newspapers are reporting the government has issued several decrees that would scale back government control of businesses by allowing foreign investors to lease state-owned land “with the aim of amplifying and facilitating investment in tourism.”  The Cuban government plans to change its property laws that would create leasing opportunities for foreign companies to rent state-owned land for up to 99 years. 

Currently in Cuba their are numerous foreign-operated hotels and tourism enterprises operating with 50 years leases but none own the land in which their operations are situated on.  If indeed the Cuban government goes forward with this modification it would attract many foreign investors to build more hotels.  Leisure Canada, a hotel owner and operator, is already announcing it plans to construct a luxury hotel in Havana with a golf course - there are only two golf courses on the island.