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Retirement homes instead of tourism

Many countries in the Caribbean promote tourism as an economic factor. It has the advantage that additional income flows in from abroad, ie is not shifted from domestic income. The disadvantage, however, is that large investments in infrastructure are needed. If they are financed by foreign hotel operators, many revenues go back abroad. Often only the multiplier effects from the generated domestic income remain. In hotel complexes, where the tourists but hardly use services of the local economy, these effects are low. This form of tourism is therefore also viewed critically in regional economics.

The effect of the multiplier effect can be with the formula

where "Y" describes the additional income, "X" the income used, and "m" the multiplier. In the case of a domestically directed foreign income and a multiplier of "m = 0.75", an additional 300% of domestic income is created; with a multiplier of "m = 0.25", however, only an additional 33.3%. Ideal would be a tourism that has very large contact areas with the local economy, thereby achieving high multiplier effects and at the same time requires less investment. High multiplier effects of 60-90% are only achieved if the services are used by small companies that use hardly any imported inputs.

A worthwhile target group may be pensioners with good retirement plans who want to enjoy their last few years permanently in a beautiful environment. If they spend an amount of only 1,000 CUC per person per month in the local economy, with a multiplier effect of 0.75 this creates additional income of 3,000 CUC in the local economy, ie a total of 4,000 CUC. Assuming an average salary of now 25 CUC, a retiree would double the wage of 160 workers. This target group wants a small house or apartment close to a beach with shopping and restaurants, they want internet access to stay in touch with their children via Skype and they want to drive a car because they have been a car all their lives had.

In order to recruit this group, they would have to be allowed to import their moving goods, including cars, duty-free (as is customary internationally for a move). This should be true even if they had not packed a container in Europe and shipped to Cuba, but had previously bought these items in Mexico new. The state would only give up revenue at first sight. Without this renunciation, however, no one from Europe would come to Cuba, and the state would then have no revenue. Pursuant to Article 18 (f) of Law No 113 on the tax system, pensions are not taxed. It would be considered fair by foreign pensioners if they could not claim free healthcare. The Cuban doctors can then earn royalties for their treatments, which would be reimbursed to the pensioners by their health insurance. These fees would come in addition to the 1,000 CUC per month in the country. Because they are already paying taxes on their pensions in their home country, they would find additional taxation unfair and prefer to move to the Dominican Republic, which does not tax pensioners. Article 18 (f) of Law No 113 must therefore apply to foreigners.

In a research project could be examined, which places would be eligible for such an offer and what offers would be possible there. There should not be large renters settlements, but small units for 6 to 10 people, each with a small house or apartment and community facilities, for their use, the pensioners would of course pay. They could easily be integrated by the population. One could then calculate the probable costs and deduce therefrom the prices to be paid by the pensioners. You could rent a house or apartment in these facilities or have a right of residence for e.g. Buy 20 years. At 4% interest, they would be calculated according to the formula (i = interest)

then pay 165 monthly rents in advance, from which then the construction costs could be covered. Instead of a rent of 200 CUC per month, 33,000 CUC would be paid as the purchase price. At 6 units there would be 198,000 CUC available, which would be immediately income effective. Such models can be used to formulate a recommendation and justify whether a pilot project should be attempted to gain experience.

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