The Cuban government announced this Monday a set of measures to broaden the participation of Cubans living abroad in the national economy, including the possibility that, even without effective residency in the country, they can engage as partners or own private companies on the island.
The information was provided by the Vice Prime Minister and Minister of Foreign Trade and Foreign Investment, Oscar Pérez-Oliva Fraga, during the official program Round Table.
According to Pérez-Oliva Fraga, grandnephew of Fidel and Raúl Castro, the new measures aim to create conditions for Cubans living abroad to engage more directly in economic activities within Cuba.
Among the central measures is the authorization for residents abroad, even if they do not maintain effective residency in the national territory, to enter as partners or owners in private Cuban companies.
The scope of this opening, as announced, will not be limited to small businesses.
Pérez-Oliva Fraga specified that this participation could also extend to larger-scale projects, including infrastructure-related ventures and other large-scale economic initiatives.
In other words, the decision paves the way not only for smaller-scale activities but also for larger businesses within the private and productive sectors.
The official added that Cubans abroad will be able to partner, through companies, with private Cuban firms.
Furthermore, it is expected that they will be able to establish partnerships with both state entities and private actors, thereby expanding the available modes of economic and business cooperation for the Cuban diaspora.
Lands in usufruct and other measures
Another area mentioned in the announcement was related to land.
According to the senior official, the delivery of land for the development of productive projects is planned, an option that would allow for the channeling of investments, knowledge, and experience from Cubans living abroad into the agricultural sector and other activities related to production.
The measures also include changes in the financial sector. The regime announced that participation of Cubans abroad in the national financial-banking system will be enabled.
As part of that decision, they will be able to open foreign currency bank accounts in Cuban banks, which, according to the official statement, "will facilitate" operations related to investments, business, and other economic activities within the Island and will represent a significant influx of foreign currency for the Cuban leadership.
During his speech, Pérez-Oliva Fraga also pointed out that Cuba is open to trade with American companies, although he argued that these opportunities remain "conditioned by the restrictions arising from the U.S. embargo."
According to the official explanation, the package of decisions aims to "strengthen economic ties with the Cuban community" living abroad and leverage their investment and partnership potential.
However, it does not imply that the measures are a desperate escape for the regime, and they are announced at a time of tension with the Donald Trump administration and amid an economic debacle.
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