Cuba Opens Doors for Expat Investments Amid Economic Crisis

Cuba plans to allow nationals living abroad, including those in the United States, to invest in and own businesses on the island. The move represents a significant policy shift and is aimed at boosting the country's struggling economy. Official announcements on this change are expected soon.

Cuba has unveiled plans to permit nationals living abroad to invest in and own businesses on the island, a significant policy shift just days after acknowledging talks with the Trump administration. Oscar Perez-Oliva Fraga, Cuba's deputy prime minister and head of the foreign commerce ministry, expressed openness toward commercial relationships with both U.S. companies and Cuban expatriates residing in the United States.

This decision marks a departure from the longstanding suspicion the Communist government has held toward the exile community. While Cubans living on the island have been allowed to operate private businesses since 2021, those residing abroad were previously excluded from such economic participation.

The announcement comes against a backdrop of economic turmoil, exacerbated by a U.S.-imposed oil blockade and sanctions. These measures have led to severe shortages and blackouts. With over 1 million Cubans having left the island since 2021, this move taps into a source of potential investment. The Cuban government is expected to officially announce these investment policy changes later today.

(With inputs from agencies.)