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Notary Bulletin

Cuban Notary Offices Get Busy With First Home Sales In 53 Years

Cubans are increasingly seeking Notary and banking services after the government passed an economic reform law this month allowing them to legally buy and sell their homes for the first time since the communist regime came to power in 1959, according to Reuters news service.

While more than 80 percent of the island nation’s households own their homes, they have been prohibited from selling them. Until this month, homeowners could only trade their property for another home.

Last month, Cubans were given the right to buy and sell their cars. The move could spark a thriving new sector of the economy because of a chronic housing shortage. To meet the demands of Cuba’s 11 million citizens, the government estimates there is a need for 600,000 new housing units.

Some of the financing for new housing is expected to come from Cuban communities in the U.S., potentially bringing business to impact Notaries here.

Another provision of the law permits people permanently emigrating from Cuba can now sell their homes or turn them over to family members. Previously, they had to turn them over to the government.

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