Celebrities flock to Cuba; will investors follow?
FOX 5 NEWS - From the same streets where seeds of the communist revolution were planted, something new is growing in Cuba and it has roots linked to western investment and entertainment. Now that relations between the U.S. and the island nation have thawed, celebrities are now flocking to Havana: A-Listers Katy Perry, Rihanna, Mick Jagger are all experiencing a taste of the nightlife recently.
Two years ago, Jay-Z and Beyoncé took a quick trip to Cuba as well. The publicity only added allure to the tropical island, considered a forbidden fruit to investors for decades, says Jill Noonan, the managing editor of real estate magazine The Real Deal. But the potential of an influx of American cash is complicated. She says investors and developers have to be patient.
U.S. Sen. Bob Menendez, a Cuban American and a critic of the emerging relationship, says looking to history as a guide is also a prudent investment. He points out that many years ago Americans invested in Cuba and saw their properties confiscated by the government.