HAVANA, Nov 29. Resolution 271 of 2023 of the Ministry of Finance and Prices, published in the Cuban Gazette on November 27, regulates the sale of land to foreign investors.The standard approves the minimum value of the land, owned, for land where investment projects with foreign capital will be developed in the renewable energy sector (solar photovoltaic and wind).
In the text, it is justified that the Constitution of the Republic of Cuba, in its Article 28, determines that “the State promotes and provides guarantees to foreign investment, as an important element for the economic development of the country, on the basis of protection and the rational use of human and natural resources.”
In this sense, they reiterate that “property rights over movable and immovable property and other real rights over them, including usufruct and surface rights” are considered as contributions destined to the capital stock of mixed companies and companies with totally foreign capital.
With the provision, the Cuban government admits its “interest in promoting the use of renewable energy sources,” and highlights the usefulness of determining the “minimum values of land for investments where wind and solar photovoltaic parks will be developed that may constitute contributions for businesses with foreign capital.”
SALE OF LAND IN CUBA FOR FOREIGN INVESTMENT
Resolution 271/2023 approves as a minimum land value (owned) a value of 0.34 USD/m² for land where investment projects with foreign capital will be developed in the renewable energy sector (solar photovoltaic and wind), in the municipalities of the country that are listed in Annex I.
Likewise, it points out that to determine the value of the land in each negotiation or specific project, it is mandatory to carry out an appraisal and certify it by the Ministry of Finance and Prices, in accordance with the established procedure.
“The minimum values established in the First section are a mandatory reference for calculating the value of the land in each project or negotiation,” the standard also indicates.
This Resolution will come into force three days after its publication in the Official Gazette of the Republic of Cuba.