Foreign Investment in Cuba
As part of the updating of the Cuban economic model, foreign investment in Cuba orients to the diversification and expansion of export markets, access to advanced technologies, imports substitution, obtaining external financing, the creation of new sources of employment, catchment of management methods and linking it with the development of production chains, as well as the change in the energy matrix of the country through the use of renewable energy sources.
The investment of foreign capital is governed by Law no. 118 "Foreign Investment Act" of March 29, 2014, in force since 28 June of the same year.
The legal framework including the complementary norms was published in the Official Gazette no. 20 Extraordinary, of April 16, 2014.
It Includes Decree no. 325/2014 of the Council of Ministers, Resolutions no. 46 and no. 47/2014 of the Central Bank of Cuba (BCC), Resolution no. 16/ 2014 of the Ministry of Labor and Social Security (MTSS), and the resolutions no. 128 and no. 129/f 2014 of the Ministry of Foreign Trade and Investment (MINCEX).
On May 24, 2014 was adopted the Agreement no. 7567 of the Council of Ministers that delegated to the ministers of Foreign Trade and Investment, and Tourism, approval and authorization of international economic partnership agreements aimed at production and service management and the provision of professional services, as well as the hotel management, respectively.
In relation to the execution of investments in Cuba, it should be noted that in the Official Gazette no. 5 of 23 January 2015 was published Decree no. 327 Investment Process Regulation and its complementary rules, whose purpose is to regulate the essential elements of the investment process, in correspondence with the updating of the economic model.
Article 2.1 of the Decree reads as follows:
ARTICLE 2.1. Joint ventures, the parties of international economic association contracts and totally foreign capital companies, once incorporated under the law for foreign investment, to undertake investment processes in the country, aplying this Act as applicable and as adjusted under this.
For the definition of a foreign investment project to be of economic interest for Cuba, the foreign investor may choose to select one of the projects presented in the portfolio of opportunities that best suits their possibilities and economic interests, or to make a proposal for specific project not covered by the said Portfolio, following the steps that appears below:
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