The Central Bank of Cuba published a Granma interview with Deputy Minister of Foreign Trade and Foreign Investment Déborah Rivas Saavedra reviewing broader access for foreign investors and confirming that two ventures with Cuban private businesses have already been approved. Private sector access was among the proposals discussed in parliament in June. The expanded rules allow all Cuban economic actors with legal personality, including private companies and cooperatives, to partner with foreign capital. Investment opportunities also extend to real estate beyond tourism, including factory construction and recapitalization, and to conservation and heritage areas.
Amendments to the Civil Code allow usufruct and surface rights to extend to 99 years, compared with the previous maximum of 20 years cited for agricultural usufruct. Financial autonomy arrangements allow businesses to use their foreign currency earnings and access the foreign exchange market. Approval reforms under Decree 153, in force since July 9, shorten project evaluation periods and treat an evaluator’s failure to comment within the prescribed deadline as a favorable assessment, allowing the project to advance to the next stage. Projects have already been approved using this procedure. A new foreign investment policy and law are also being developed.