Cuba announces new investment opportunities

Photo: Razones de Cuba

By Rachell Cowan Canino

The Cuban government announced a package of measures aimed at expanding the participation of Cubans living abroad in the national economy, facilitating their access to private businesses, productive projects, and the country’s financial system. The provisions were detailed by Deputy Prime Minister and Minister of Foreign Trade and Investment, Óscar Pérez-Oliva Fraga, during his appearance on the television program Mesa Redonda.

The official explained that the new regulations seek to create conditions for Cubans living outside the country to become more directly involved in economic activities on the island, with an emphasis on investment opportunities of varying scales and sectors.

One of the main new developments is the possibility for Cubans living abroad, even without legal residency in Cuba, to participate as partners or owners of private companies in the country. According to Pérez-Oliva Fraga, this participation will not be limited to small businesses, but will extend to larger-scale projects, including infrastructure-related ventures and other significant economic initiatives.

Those interested must meet the immigration status of “investors and businesspeople” established by the current Migration Law. They will also be able to partner with Cuban private companies through various business models and establish alliances with both state and private entities, significantly broadening the scope of economic cooperation.

Regarding land-related activities, the mnister indicated that the granting of land in usufruct for the development of productive projects is planned. This measure will allow for the channeling of investments and expertise from Cubans abroad into the agricultural sector and other areas related to food production.

Another high-impact decision is related to the financial sector. Fraga announced that Cubans residing abroad will be able to participate in the national banking and financial system. Specifically, they will be able to open hard currency bank accounts in Cuban banks, which will facilitate transactions related to investments, businesses, and other economic activities within the country.

To this end, they will be issued licenses by the Central Bank of Cuba, under Decree-Law 362 of 2018, “On the Institutions of the Banking and Financial System.” They will also be able to obtain licenses to participate as providers of virtual asset services.

The measures also include the possibility of investing in investment funds managed by Cuban financial institutions, thus contributing to the financing of projects of interest that offer the necessary profitability to guarantee a return. Likewise, the creation of funds for international cooperation projects with local or national scope is being considered.

During his remarks, Fraga noted that Cuba is open to trade with U.S. companies, referring to potential opportunities for economic exchange, although he acknowledged that these possibilities remain contingent upon the restrictions imposed by the U.S. economic blockade.

According to the minister, these measures are part of the efforts aimed at expanding sources of financing, revitalizing the national economy, and strengthening economic ties with the Cuban community residing abroad, recognizing their potential as key players in the country’s development.