CubaPLUS Magazine

On Thursday, Cuba published a package of legal regulations in the Official Gazette easing foreign investment and foreign trade rules to streamline procedures, shorten processing times, and respond to investor demands.

Oscar Pérez-Oliva, Deputy Prime Minister and Minister of Foreign Trade and Foreign Investment, explained that regarding foreign investment, Decree-Law 128/2026 was published, amending Law 114. The decree eliminates the mandatory requirement to hire workers through state employment agencies, leaving this option to the investor's discretion.

Speaking at a press conference, the official noted that state employment agencies will remain in place, and it will be up to the investor to decide whether to hire workers directly or utilize the services of employment agencies.

The Decree-Law also removes the requirement for prior authorization from the Central Bank of Cuba to open bank accounts abroad—a measure accompanied by a resolution from the institution's Minister-President regulating the opening of such accounts.

Pérez-Oliva indicated that policies regarding partnerships between private entities and foreign firms have been updated, allowing for joint ventures involving foreign companies, private Cuban enterprises, and cooperatives.

Regarding foreign trade, Resolution 126 of the Ministry of Foreign Trade and Foreign Investment was approved, establishing a new procedure for granting foreign trade authorization.

"These requirements will be uniform for any legal entity, regardless of its ownership structure or institutional nature," he emphasized.

The regulation establishes a list of prohibited or restricted products that entities cannot import or export without express authorization, representing "nine percent of all items included in the Harmonized Commodity Description and Coding System," the Deputy Prime Minister stated.

Pérez-Oliva clarified that these reforms are not aimed at any specific country and are general in nature, intended to add flexibility, simplify procedures, cut red tape, and address investor demands.

The official explained that Cuba is working on updating the Foreign Investment Law, scheduled for debate and approval during the November session of the National Assembly of People's Power.

(Taken from Prensa Latina)