Cuba published a package of legal regulations today in the Official Gazette that relaxes regulations for foreign investment and foreign trade. With the aim of simplifying procedures, reducing processing times, and responding to investor demands.
Oscar Pérez-Oliva, Deputy Prime Minister and Minister of Foreign Trade and Foreign Investment, explained that in the case of foreign investment, Decree-Law 128/2026, amending Law 114, was published. This decree eliminates the requirement to hire workers through employment agencies, leaving this option to the investor’s discretion.
The official stated at a press conference that employment agencies remain in place. It is up to the investor to decide whether to hire workers directly or use the services of employment agencies.
Furthermore the Decree-Law also stipulates that the requirement for prior authorization from the Central Bank of Cuba to open bank accounts abroad is waived. A measure accompanied by a resolution from the bank’s president regulating the opening of such accounts.
Pérez-Oliva indicated that policies related to partnerships between private entities and foreign companies have updated. Which will allow for joint ventures between foreign companies, private Cuban companies, and cooperatives.
In the case of foreign trade, Resolution No. 126 of the Ministry of Foreign Trade and Foreign Investment was approve. Establishing a new procedure for granting foreign trade authorizations.
“These requirements will be the same for any legal entity, regardless of the type of ownership or the nature of the institution,” he emphasized. The regulation establishes a list of prohibited or restricted products that entities may not import or export without express authorization. “Nine percent of the total number of products included in the Harmonized System of Goods and Services,” said the Deputy Prime Minister.
Pérez-Oliva clarified that the changes are not directed at any specific country and are general in nature. Aimed at making processes more flexible, simplifying procedures, reducing bureaucratic timelines and red tape, and responding to investor demands.
The official explained that Cuba is working on updating the Foreign Investment Law. Scheduled for discussion and approval at the November session of the National Assembly of People’s Power.
With information from Prensa Latina
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