The Cuban government announced a set of decisions intended to broaden the participation of Cubans residing abroad in the country's economy, including their access to private businesses, productive projects, and the national financial system.
The Vice Prime Minister and head of the Ministry of Foreign Trade and Foreign Investment, Oscar Pérez-Oliva Fraga, explained during his appearance on the television program Mesa Redonda and in an interview with the American media outlet NBC News that the new provisions seek to create conditions for Cubans living outside the country to become more directly involved in economic activities within the island.
Among the announced measures is the possibility for Cubans residing abroad, even if they do not have effective 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 solely to small businesses. Cubans abroad will also be able to become involved in larger-scale projects, including ventures linked to infrastructure and other larger economic initiatives.
Furthermore, these citizens will be permitted to partner with Cuban private companies through different business modalities, as well as establish alliances with both state and private Cuban entities, which expands the possibilities for economic cooperation.
In the case of land-related activities, the Vice Prime Minister indicated that the granting of land in usufruct for the development of productive projects is planned. This would allow for channeling investments and experience from Cubans abroad into the agricultural sector and other related areas.
Another announced decision is related to the financial sphere. Authorities reported that the participation of Cubans residing abroad in the national financial-banking system will be enabled.
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.
Pérez-Oliva Fraga also stated that Cuba is open to trade with US companies, referring to potential economic exchange opportunities, although he acknowledged that these possibilities continue to be constrained by the restrictions imposed by the US economic blockade.
According to the Vice Prime Minister, these measures are part of the actions aimed at broadening financing sources, stimulating the national economy, and 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 auspices of the Foreign Investment Law.
- Be partners or owners of private companies. For this, they must fall under the migratory status of "investors and businesspeople" established by the current Migration Law.
- Participate in the different financial modalities provided for in current legislation. To this end, they will be issued a license from the Central Bank of Cuba, under the auspices of Decree Law 362 of 2018 "On Institutions of the Banking and Financial System."
- Obtain licenses to participate as providers of virtual asset services.
- Open foreign currency accounts in national banks for the development of 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 guaranteeing the fund's return.
- Create funds intended for international cooperation projects with a local or national scope