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When Columbus discovered Cuba in 1492, he stated Cuba was the most beautiful land his eyes had ever seen. Since 1492, the flags of Spain, England, and the USA have flown over Cuba.
Prior to 1959, about 60% of the land and 80% of the businesses in Cuba were owned by USA citizens or companies domiciled in the USA. The nationalization of all assets held by foreigners in Cuba was one of the first actions of the Revolutionary government of Fidel Castro.
Today, there are numerous claims in international forums levied by former owners of real property in Cuba. How all these claims are settled prior to the lifting of the USA Embargo is anyone's guess. Cuba has entered into many joint ventures with non-USA based companies and countries to develop realty throughout Cuba.
Cuba addresses real estate investment in Cuba in the following articles of Foreign Investment Law
FOREIGN INVESTMENT LAW
The foreign investment Law No.77, approved in September of 1995, specifically refers to investments in REAL ESTATE by foreigners. Based upon Napoleonic law (British Origin), used extensively in British colonies such as the UK, British West Indies, British Virgin Islands, Cayman Islands, etc.
Law 77. Authorizes the investments in real estate and the acquisition of property or other rights of property. The investment in real estate referenced in the precedent section applies to:
1.Housing or buildings used by natural people that are not permanent residents in Cuba such as temporary residents or tourists.
2.Property or offices for businesses operated by foreigners.
3.Development of real estate for tourism.
Investments which consist of the acquisition of real estate, which constitutes to a final 'Business Use', will be considered as direct investments.
The conditions and terms, under which the acquisition and transfer of real estate refered to in Article 16 of this Law is determined by current legislation for ownership transfer.
Real estate in Cuba can not be purchased by USA citizens or permanent residents of the USA. Whether or not any purchases and titles will be honored by future governments in Cuba remains to be seen.
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