Cuba Allows Citizens to Buy and Sell Property

November 3rd, 2011

But they are really interested in cashing in on black market trades. People have been selling property for years, off the books. Now, the state gets a cut:

Owners will be limited to two homes (a residence and a vacation property) and financing must go through Cuba’s Central Bank, which will charge fees, which have not been determined. And a tax of 8 percent will be split by the buyer and seller.

Still, progress, I suppose.