Cuba published a package of legal regulations on Thursday 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 Cuban official stated at a press conference that employment agencies remain in place, and it is up to the investor to decide whether to hire workers directly or use the services of employers.
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 been updated, which will allow for joint ventures between foreign companies, private Cuban companies, and cooperatives.
Regarding foreign trade, Resolution No. 126 of the Ministry of Foreign Trade and Foreign Investment was approved, 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,” the deputy prime minister stated.
Pérez-Oliva clarified that the reforms are not targeted at any specific country and are general in nature, aimed at streamlining processes, simplifying procedures, reducing bureaucratic delays and red tape, and responding to investor demands.
The official explained that Cuba is working on updating the Foreign Investment Law, which is scheduled for discussion and approval at the November session of the National Assembly of People’s Power.
[ SOURCE: PRENSA LATINA ]
