The Embassy of Cuba in Canada informs the Cuban community residing in this country about the new measures approved by the Government of the Republic of Cuba to facilitate and expand the participation of Cubans living abroad in the country's national economic development.
These decisions represent an important step toward strengthening the ties between Cuba and its community abroad by creating a broader and more flexible framework that promotes investment, entrepreneurship, and participation in strategic projects for the country's development.
The measures are intended to harness the potential, experience, expertise, and investment capacity of Cubans living abroad, encouraging their active participation in the national economy through various modalities and with full legal guarantees.
Main Opportunities
The new provisions allow Cubans living abroad to:
- Invest in strategic sectors of the Cuban economy, including food production, domestic industry, tourism, energy, territorial development, and other priority projects.
- Become partners or owners of micro, small, and medium-sized enterprises (MSMEs), expanding opportunities to develop business initiatives that contribute to the country's economic growth.
- Participate as investors in Cuban private companies through the modalities established under foreign investment legislation, one of the most significant new features of the announced measures.
- Establish partnerships with state-owned entities and private-sector economic actors, fostering productive and commercial alliances.
- Invest in and participate in the management of hotels and other tourism projects, one of Cuba's strategic sectors for economic development.
- Access incentives for the importation of raw materials, inputs, and other resources intended for productive activities.
- Participate in the national financial system, including the possibility of establishing non-bank financial institutions or investment banks, subject to authorization by the Central Bank of Cuba, as well as operating foreign-currency bank accounts for the development of their projects.
- Participate in investment funds and financing mechanisms designed to support economic and social development projects.
- Submit investment projects and business proposals for evaluation by the competent authorities.
Guidance and Support Throughout the Process
To facilitate the implementation of these measures, the Government of Cuba has established a comprehensive support system for Cubans living abroad who are interested in developing investment or business projects in the country.
The relevant government agencies and institutions, together with the Directorate General for Consular Affairs and Assistance to Cubans Living Abroad (DGACCRE) of the Ministry of Foreign Affairs, will provide guidance, follow-up, and support throughout the various stages of the process, from the submission of proposals to their evaluation and eventual implementation.
Likewise, Cuban embassies and consulates abroad will play an essential role as the first point of contact for interested individuals by providing up-to-date information on the new measures, initial guidance on the available forms of participation, and advice on submitting investment projects and business initiatives to the appropriate institutions in Cuba. These diplomatic missions will also facilitate communication with the competent authorities and accompany interested parties throughout the process, helping ensure that their proposals are processed more efficiently and effectively.
The Embassy of Cuba in Canada reiterates its commitment to supporting all Cubans residing in Canada who wish to learn more about these new opportunities or submit projects that contribute to the economic and social development of our country.