In another testament to the fallacies and disastrous effects of Marxism in practice, Cuba announced on Thursday that citizens will soon be permitted to sell and purchase real property. The Associated Press is reporting that "the law will take effect Nov. 10 and applies to citizens living in Cuba and permanent residents only" according to the front page of the Communist Party daily Granma and details published in the Cuban government's Official Gazette.
Those who think that this means that Cuba is moving from "pure communism" to "pure capitalism" in a matter of days may find themselves disappointed. Associated Press: "The law limits Cubans to owning one home in the city and another in the country, an effort to prevent the accumulation of large real estate holdings." Even further, "[The law] requires that all real estate transactions be made through Cuban bank accounts so that they can be better regulated". Real estate transactions will also be subject to bank commissions and an 8 percent tax on the assessed value of the property to be paid equally by buyer and seller.
Source: So-Called Communist Cuba Legalizes Sale, Purchase of Real Estate | Benzinga
Those who think that this means that Cuba is moving from "pure communism" to "pure capitalism" in a matter of days may find themselves disappointed. Associated Press: "The law limits Cubans to owning one home in the city and another in the country, an effort to prevent the accumulation of large real estate holdings." Even further, "[The law] requires that all real estate transactions be made through Cuban bank accounts so that they can be better regulated". Real estate transactions will also be subject to bank commissions and an 8 percent tax on the assessed value of the property to be paid equally by buyer and seller.
Source: So-Called Communist Cuba Legalizes Sale, Purchase of Real Estate | Benzinga
