Property Investor information: Cuba
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Property Investor information for: Cuba
The native Amerindian population of Cuba began to decline after the European discovery of the island by Christopher COLUMBUS in 1492 and following its development as a Spanish colony during the next several centuries. Large numbers of African slaves were imported to work the coffee and sugar plantations, and Havana became the launching point for the annual treasure fleets bound for Spain from Mexico and Peru. Spanish rule, marked initially by neglect, became increasingly repressive, provoking an independence movement and occasional rebellions that were harshly suppressed. It was US intervention during the Spanish-American War in 1898 that finally overthrew Spanish rule. The subsequent Treaty of Paris established Cuban independence, which was granted in 1902 after a three-year transition period. Fidel CASTRO led a rebel army to victory in 1959; his iron rule has held the regime together since then.
Cuba's Communist revolution, with Soviet support, was exported throughout Latin America and Africa during the 1960s, 1970s, and 1980s. The country is now slowly recovering from a severe economic recession in 1990, following the withdrawal of former Soviet subsidies, worth $4 billion to $6 billion annually. Cuba portrays its difficulties as the result of the US embargo in place since 1961. Illicit migration to the US - using homemade rafts, alien smugglers, air flights, or via the southwest border - is a continuing problem. The US Coast Guard intercepted 2,712 individuals attempting to cross the Straits of Florida in fiscal year 2005.
As the winds of change sweep through the Cuban economy, prompted by the introduction of the Foreign Property Investment Law #77, hundreds of investors from North America and Europe have flocked to Cuba. The largest island in the Caribbean offers a tremendous long term investment opportunity and the various sectors searching for investment are numerous.
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