In an effort to boost tourism and foreign investment in the country, Cuba is reportedly granting temporary visas to foreigners who rent or own property in the island nation.
According to Havana Times, the government revealed that it has established a new temporary residential permit for people other than Cuban nationals, "who are owners or lessees of real estate, as well as their foreign relatives who might require it."
The visa is valid for a year and is renewable. The government also added that during their stay, foreigners will be allowed to carry out any business and other activities that would boost tourism or investment in the country. However, all activities have to be authorized by law. If in case the foreigners want to conduct a business that has not been authorized, they will have to seek special permission.
The visa allows foreigners to rent or lease in Cuba. However, the visa shall expire if the foreigners are no longer renting or owning property in the island country. Also, if the owner has been out of Cuba for more than a year, due to various reasons, they might opt to apply for a visa extension with the embassies abroad or Cuban consulates, reports Cuban Standard.
The new visa regulations come almost a year after the Cuban government approved a luxury golf course project, which will be designed by golfing legend, Tony Jacklin. British firm Essencia and the Cuban government will be developing the project in a joint venture, which will cost around $350 million.
The new law, which was first passed in March, will go into effect by June 2014. Through this move, the Cuban government hopes to amass the much-needed investment necessary to bolster the island nation's economy.
Earlier this month, Cuba kicked off the International Tourism Fair to take advantage of the new foreign investment laws that were passed late in March this year.
The new laws promised large tax cuts and an attractive investment climate. Profit taxes have been halved to 15 percent and new investors have been exempted from paying the tax for eight years.
"If the economy does not grow at levels around 7 percent ... we are not going to be able to develop," said Rodrigo Malmierca, minister for foreign trade and investment of Cuba, on Cuban television, according to Reuters.
"We have to provide incentives in order for them [foreign investors] to come."
