Private property is an indispensable component of individual freedom. Without the right to private property, individuals do not enjoy enough freedoms to pursue their personal interests. Private property is a component of individual wealth. Wealth, in any of its many forms, enhances the ability or choice sets of individuals to achieve their goals. The historical […]
Identifying and Locating Looted Artworks from Cuba
Cuba’s revolutionaries reviled all things associated with the island’s bourgeoisie including art. Early in 1959, the revolutionaries swiftly ransacked the homes and offices of all those they accused of the crime of being affiliated with the regime of Fulgencio Batista. Soon thereafter they looted the properties of many who fled into exile. The new Cuban […]
Real Property Restitution: Risks for Claimants and Investors
In the 1990s, several transitional governments addressed the issue of Communist-era property confiscations by allowing former owners and their heirs to lodge claims. One of the remedies offered to resolve claims was restitution. Restitution involved the return of the original property when possible. This remedy was essential for a variety of reasons including: demonstrating a […]
Taxation of Cuban Confiscated Assets After Property Claims Settlements: Issues for Taxpayers and the U.S. Government
From 1959 onward, the Cuban revolutionary government confiscated assets such as homes, businesses, farms, factories, and personal property belonging to U.S. taxpayers and others.1 This was the largest seizure of U.S. property in history, greater than the value of American assets taken by all other Communist governments combined.2 Although the Castro regime promised compensation for […]