In
1995 Cuba began to open up to the real state business, for which
the country has exceptional features: geographical location, climate,
increasing foreign investments and wonderful lands. For these
reasons the CIMEX Enterprise Group, a private commercial organization,
property of the Cuban State, with 20 years of experience, decided
to create its own real state entity. To support this they have
the advantages of possessing the most complete Free-Trade Zone
located East of Havana City, close relationships with the International
Financial Bank and its branches around the world, they also have
an International Legal Consultancy, the Melfi Marine SA maritime
line and a wide trade net and wholesale and retail services, among
other benefits.
That is how INMOBILIARIA
CIMEX was created and with it, the possibility of joining foreign
investors in the construction of high and medium standard houses
in Havana City and the areas near its beaches.
Number 77 Law,
approved on September 1995, refers specifically to investments
in real estate, allows commercial relationships with foreign
investors up to 100% foreign property and guarantees the observance
of international rules and agreements concerning nationalisation
of properties.
This Law authorises
investments in real estate and the right to purchase the property
or other associated rights. The above-mentioned investments
may be used for: houses and buildings used by natural persons
who are not permanent residents in Cuba, such as private residences
or for tourists, houses or offices for foreign legal persons
and development of real estate for tourist use.
Purchase and sale
of real states is legalised by a public document and must fulfil
other legal requirements such as the Reservation Contract, Contract
of Purchase and Sale and the Real State Registry
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