Minimum rates for leasing state property to private persons published in Cuba

The Gazette of the Republic of Cuba just published a new resolution on the minimum monthly fees in convertible pesos (CUC) for the leasing of real estate to domestic enterprises and natural persons residing in the Island

With this new provision it was extended to natural persons residing in Cuba the scope of a resolution (No. 353, 2011) that only favored enterprises.

Now, according to the document, the minimum lease fee per square meter (m²) will be 5.00 CUC on property for residential purposes and the same figure for those who will be embassies, international schools, news agencies and NGOs, 7.00 CUC in property with type of housing that will be used as offices, shops and warehouses, and 10.00 CUC those not classified within the type of housing and will be given the same usage as the previous variant.

From the minimum established, other rates will be added taking into account market behavior, geographic location and other qualitative elements in correspondence with its comfort.

Further, for example, a special plus is set if properties have no common outdoor areas such as pools and authorizes the head of a particular real estate agency to approve a temporary discount on fares apply when weather or other fortuitous situations occur, beyond the control of the leaser.

It also provides that foreign legal and natural persons, who own property, can ask the real estate management entity for the leasing of their homes or apartments, for which such entity charges a commission, at least five percent of the value of income.