Cuba Will Allow Nationals Living Abroad to Invest in and Own Businesses

Cuba has announced a landmark policy shift allowing Cuban nationals living abroad, including those in the United States and Miami, to invest in and own private businesses on the island.

“Some voices in the business sector say it is a very positive move, while in the academic sphere experts generally show greater caution”

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The announcement was made by Oscar Pérez-Oliva Fraga, Cuba's deputy prime minister and minister of foreign trade and investment, in an exclusive interview with NBC News.

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This unprecedented opening extends beyond small-scale commerce to include large investments, particularly in infrastructure sectors like tourism, mining, and energy modernization.

'Cuba is open to having a fluid commercial relationship with U.S. companies' and 'also with Cubans residing in the United States and their descendants,' Fraga stated, signaling Havana's willingness to engage economically with both American companies and the Cuban diaspora community.

The policy announcement comes amid Cuba's severe economic and energy crisis, with the government struggling under what it calls a U.S. 'blockade' that has restricted access to financing, technology, and markets.

Cuban authorities confirmed that no petroleum shipments have arrived in Cuba in the past three months, exacerbating the country's energy crisis and causing recurrent blackouts.

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President Miguel Díaz-Canel acknowledged that the energy crisis effects are attributable to the 'energy blockade' imposed by the United States, stating 'The fault is not with the government, not with the revolution. The fault is the energy blockade that has been imposed on us.'

The Trump administration has cut off oil supplies to the Cuban government and imposed tariffs on countries that supply crude to the island, creating unprecedented economic pressure that has forced Cuba to seek alternative economic strategies.

This policy shift represents a significant departure from Cuba's historical stance toward its diaspora, particularly the large exile community in Miami that has maintained a staunchly anti-regime stance since Fidel Castro's 1959 revolution.

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For decades, Cuban leaders have viewed Cuban exiles with hostility, resisting economic engagement with the country's own population living abroad due to their criticism of the communist regime and desire for democratic transition.

However, recent years have seen several Cuban Americans advocating for more engagement with Cuba, urging the government to normalize its relationship with Cubans living outside the island.

The Cuban government has acknowledged these concerns, with Díaz-Canel stating that 'the relationship with Cubans abroad is one of the most important and decisive things we have to do' and expressing willingness to 'welcome them, listen to them, assist them and provide them with a space to participate in economic and social development.'

This represents a striking overture toward a diaspora that has historically been at odds with the Cuban government.

Despite the significance of the policy announcement, significant challenges remain in implementation, particularly given Cuba's highly bureaucratic system and ongoing U.S. sanctions.

The Miami Herald reported that the source expressed doubts that the government will quickly implement everything that it has already approved behind closed doors, noting that in Cuba's highly bureaucratic system, 'laws and regulations approved by the government have sometimes taken months, and even years, to be fully implemented.'

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The changes would essentially legalize what has already been happening quietly, as many private businesses on the island that have mushroomed around the country in recent years are financed with capital from relatives in Miami.

However, investors may encounter obstacles such as U.S. sanctions, insufficient legal protections, and a lack of trust between the government and the Cuban diaspora, which could complicate investment efforts.

The government is considering measures to reduce bureaucratic hurdles and facilitate participation, but the policy's ultimate success will depend on overcoming these structural barriers and the ongoing U.S. restrictions that Cuba cites as 'depriving our country of access to fuel' and other essential resources.