Spanish companies flooding into Cuba to build golf resorts

SPANISH companies are flooding in to invest in golf resorts in Cuba since the US lifted its trade embargo on the island last year.

2015 saw 3.5 million people visit Cuba, a 17% increase on the year before, and it seems the country cannot build hotels and golf resorts quick enough, changing the law to allow increased foreign direct investment as long as there is a cuban partner involved.

In June, Cuba’s Ministry of Tourism said it was close to a deal with Spanish consortium La Playa Golf/Resorts S.L to build the vast Punta Colorada Cuba Golf Marina in remote Punta Colorada in the Pinar del Río province.

They are also said to be closing in on a golf development deal with another Spanish firm just west of Havana at El Salado.

Meanwhile, Spain’s Urbas Grupo Financiero announced in March that it had begun gathering funds for a resort of 1,500 villas and 3,000 apartments with several golf courses at Rancho Luna-Pasacaballos, near Cienfuegos, with an investment budget of €519 million.