Guantanamo Bay Naval Base (), officially known as Naval Station Guantanamo Bay or NSGB, (also called GTMO or Gitmo because of the common pronunciation of this word by the U.S. military) is a United States military base located on of land and water on the shore of Guantánamo Bay at the southeastern end of Cuba. It was first leased by the United States for use as a coaling station and naval base in 1903 and is the oldest overseas U.S. naval base. The lease was $2,000 in gold per year until 1934, when the payment was set to match the value in gold in dollars; in 1974, the yearly lease was set to $4,085.