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Reinier Gutiérrez, a Cuban-American businessman from Coconut Grove, Miami, claims that he remains interested in acquiring real estate in Cuba despite the risks posed by a new Cuban citizenship law that requires those born on the island to enter the country with a Cuban passport and prevents them from invoking their U.S. citizenship to obtain legal or consular protection.
The legislation, known as Law 172/2024, was approved by the National Assembly in July 2024 and published in the Official Gazette on May 5 of this year. Its entry into force is scheduled for November 2026.
The text of the law is explicit: "Cuban citizens, while they are in national territory, are governed by this status under the terms established in this law and cannot make use of foreign citizenship."
Gutiérrez acknowledged his concerns regarding the new requirements, particularly the cost of the Cuban passport. "I am convinced that these are desperate measures, because each Cuban passport costs more than 200 dollars," he stated in Spanish to CBS Miami.
Nevertheless, the businessman remains optimistic and referenced statements from President Donald Trump, who hinted at future U.S. actions related to Cuba with the phrase: “We will do something with Cuba very soon”.
Not everyone in the Cuban-American community shares that view.
Andy Gómez, former director of the Institute of Cuban and Cuban-American Studies at the University of Miami, warned that Cuban Americans should think carefully before investing under the current system. "Why would I want to be in Cuba with a Cuban passport? I am subject to Cuban laws. What judicial system exists in Cuba in case any problems arise?" he asked.
Gómez pointed out that the investment interest of many Cuban-Americans increased after the regime announced that Cubans residing abroad could own private businesses on the island, formalized by the Decree-Law 117/2026, which establishes a "special immigration status for Investors and Business."
However, the expert raised doubts about whether Cuba has the necessary conditions to support that investment. "The logistics, the infrastructure for doing business in Cuba simply do not exist. Who can you turn to if there is a problem? Labor rights? Can I hire whoever I want?" he stated.
Gómez also warned about the lack of U.S. consular protection. Cuban Americans entering Cuba as Cuban citizens will not be able to seek assistance from the U.S. Embassy in Havana if they encounter legal or political issues during their stay.
The situation is further complicated by the tightening of Washington's policy towards Havana. Secretary of State Marco Rubio announced on May 7 direct sanctions against GAESA, the military conglomerate that controls between 40% and 70% of the formal Cuban economy, adding an additional legal risk for any Cuban-American considering doing business on the island.
The Cuban real estate market also has its own barriers. The direct purchase of housing is reserved for citizens with actual residency on the island, and the regime faces a housing deficit of more than 900,000 units, with only 0.3% of the demand met in 2025.
The new law will come into effect in November, and only then will the legal process be available for a Cuban American to formally renounce their Cuban citizenship and enter the island solely with a U.S. passport.
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