Cuba tightens oversight of property transactions

Cuba tightens oversight of property transactions
Published December 01, 2014 EFE

Cuba's government has enacted new regulations for the sale, purchase and
gifting of homes to prevent attempts at tax evasion, Communist Party
daily Granma said Monday.

The new rules for property transactions were approved last Friday's
Cabinet meeting, chaired by President Raul Castro.

The rules provide for "a new market-related reference value to be
applied to the donation and sale/purchase of housing units."

Variables to determine the reference value include "the number of
bedrooms, type of construction, urban services, neighborhood
characteristics and the existence of garages, patios and gardens,"
Granma said.

The sale and purchase of housing units between private citizens were
authorized in 2011 after a decades-long ban.

To alleviate a chronic shortage of decent housing, the government in
2010 began licensing construction and lifted restrictions on the sale of
building materials.

Last year, the government expanded a credit and subsidy program to
finance home construction and repairs to existing homes.

Cuba's Central Bank has lent some 3.23 billion pesos ($135 million) to
individuals over the past three years, with 63 percent of the funds
channeled to the construction and repair of houses and apartments.

Housing is one of the most pressing social problems in Cuba, where
nearly 40 percent of homes are in disrepair and the housing deficit is
estimated at more than 600,000 units. EFE

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