A new law in Cuba allows foreign property investors to be granted leases of up to 99 years on government land. It is part of a packet of measures that are meant to reduce the government's near-total control of the economy and generate more revenue.
Foreign property owners had already been allowed 50-year leases with the option to extend them for another 25. This loosening of property laws could result in developments such as luxury villas, holiday homes and golf courses sprouting up all over Cuba to cash in on the growing number of tourists coming to the country. The longer leases also mean that investors will enjoy lower interest rates on international banking mortgages, making it easier for them to get loans.