Cuba Open to Investment from US Companies and Cuban Citizens

Cuba is open to having a fluid commercial relationship with US companies. As well as with Cubans residing in the United States and their descendants, Deputy Prime Minister Oscar Pérez-Oliva Fraga affirmed today.

Cuban citizens living abroad, in places like Miami, will be able to invest in the private sector and own businesses in their country of origin. The Minister of Foreign Trade and Foreign Investment (MINCEX) explained to NBC News. According to a post on the ministry’s official Facebook page.

This goes beyond the commercial sphere, the Deputy Prime Minister added. Also it applies to investments, not only small ones, but also large ones, especially in infrastructure.

Pérez-Oliva stated that the US embargo against Cuba is what hinders these efforts by the country. During his appearance on the television program Mesa Redonda. Deputy Prime Minister and Minister of Foreign Trade and Foreign Investment, Óscar Pérez-Oliva Fraga, explained that the new provisions aim to create conditions for Cubans living abroad. To become more directly involved in economic activities on the island.

Among the announced measures is the possibility for Cubans residing abroad. Even without legal residency in Cuba, to participate as partners or owners of private companies in the country.

According to the official, this participation will not be limited to small businesses. Cubans abroad will also be able to participate in larger-scale projects. Including infrastructure-related ventures and other major economic initiatives.

Furthermore, these citizens will be allowed to partner with Cuban private companies through various business models. As well as establish alliances with both state-owned and private Cuban entities. Thus expanding the possibilities for economic cooperation. Regarding land-related activities, the Deputy Prime Minister indicated that the granting of land in usufruct for the development of productive projects is planned. This would allow for the channeling of investments and expertise from Cubans abroad into the agricultural sector and other related areas.

Another decision announced is related to the financial sector. Authorities reported that Cubans residing abroad will be able to participate in the national banking and financial system.

In this regard, they will be able to open foreign currency bank accounts in Cuban banks. Which will facilitate operations related to investments, businesses, and other economic activities within the country.

During his remarks, Pérez-Oliva Fraga also affirmed that Cuba is open to trade with U.S. companies. Referring to potential opportunities for economic exchange. Although he acknowledged that these possibilities remain conditioned by the restrictions imposed by the U.S. economic embargo. According to the Deputy Prime Minister, these measures are part of the actions. Aimed at expanding sources of financing, boosting the national economy. Strengthening economic ties with the Cuban community residing abroad.

With the new measures, Cubans residing abroad will be able to:

  • Partner with private companies and cooperatives under the Foreign Investment Law.
  • Be partners or owners of private companies. To do so, they must have the immigration status of “investors and businesspeople” established by the current Migration Law.
  • Participate in the different financial modalities provided for in current legislation. For this purpose, they will be issued a license by the Central Bank of Cuba.Under Decree-Law 362 of 2018, “On the Institutions of the Banking and Financial System.”
  • Obtain licenses to participate as providers of virtual asset services.
  • Obtain licenses to participate as providers of virtual asset services.
  • Open foreign currency accounts in national banks to develop their businesses in the country.
  • Invest in investment funds managed by a financial institution and thus contribute to the financing of projects of interest that offer the profitability necessary to guarantee the fund’s return.
  • Create a fund for international cooperation projects with local or national scope.

With information from Prensa Latina

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