Cuba

Cuba Legalizes Purchase/Sale of Private Property

Cuba announced Thursday that it will legalize the purchase and sale of real estate for the first time in a very long time. It has not been allowed in Cuba since before the revolution. The law, which will take affect on November 10, is a huge step in promoting free-market changes for Cuba. President Raul Castro has been ushering in certain reforms lately promoting free-market, but this is undoubtedly the most important. Though with the new law, there will still be some restrictions.

This is a very important reform for Cuba and its people. Not since Fidel Castro took power in 1959 have the citizens of Cuba been able to participate in selling/purchasing real estate. This move is promoting a new level of free market trading in Cuba, which is obviously known to be a Socialist state. President Raul Castro has vowed to keep the label of Socialism by taxing and regulating sales so that nobody can gain great wealth. Regardless, this new law is intriguing due to the fact that it is one of many free market reforms entering a Socialist state. In October, another reform has allowed Cubans to openly purchase motor vehicles, with some restrictions.

Identity

http://www.jamaicaobserver.com/latestnews/Cuba-legalises-sale--purchase-of-private-property

http://www.bbc.co.uk/news/world-latin-america-15575632

November 3, 2011 at 11:10 pm