Property tax in Cuba is based on the value of the property and is typically paid annually. The tax rate ranges from 0.1% to 1%.
Capital Gains Tax (CGT)
- When selling a property in Cuba, the seller is subject to CGT. The tax rate is 20% on the difference between the sale price and the original purchase price.
Inheritance Tax
- Inheritance tax in Cuba is imposed on the transfer of property from the deceased to the heir(s). The tax rate ranges from 5% to 25% depending on the relationship between the deceased and the heir(s) and the value of the property.
Gift Tax
- Gift tax in Cuba is imposed on the transfer of property as a gift. The tax rate ranges from 5% to 20%, and is based on the value of the property and the relationship of the giver and receiver.
Tax on Property Income
- Income from renting out a property in Cuba is subject to income tax. The tax rate ranges from 15% to 30%.
Tax Advantages
- There may be certain tax advantages in buying a house in Cuba, however, the laws regarding property ownership and taxes are complex and subject to change, the country’s economic situation makes it difficult to have a clear picture of it. It is highly recommendable to seek professional advice before making a purchase.