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The new law requires that every one real property transactions be made through Cuban bank accounts in order that they can be higher regulated, and it sets a tax price of eight p.c of the assessed worth - break up equally by purchaser and vendor.

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Sign up for EmaxHealth newsletter and receive each day well being tips delivered straight to your inbox. At an intersection in central Havana that for decades has served as the city's underground actual estate bazaar, individuals stated the tax charge appeared cheap in the abstract, however it's going to rely drastically on how authorities end up valuing the properties.

Cross-border property investment by Asians surged to $8.6 billion in the first quarter, essentially the most lively begin to a yr since institutions within the area began a major push into abroad real estate in 2013, CBRE Group Inc.

After getting his PhD, Saiz was employed in 2003 as an assistant professor on the College of Pennsylvania's Wharton Faculty