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The Cuban regime published this Thursday the in the , a regulation that modifies the existing Foreign Investment Law that has been in effect since 2014, aiming to accelerate the attraction of external capital amid a stifled economy.
The decree, signed by Prime Minister Manuel Marrero Cruz and issued on June 3, 2026, modifies 13 articles of Decree 325, adds new sections, and repeals several provisions of the previous regulations.
According to the official text, the measure aims to "streamline the processes of evaluation, approval, and operation of foreign investment modalities, motivated by respect for national sovereignty and independence."
The formula summarizes the true scope of the reform: the regime tries to appear more agile to investors, but without dismantling the architecture of political, administrative, and economic control that has defined the Cuban model of foreign investment.
Among the most significant changes, the amended Article 9 opens a pathway for businesses that are not listed in the official Foreign Investment Opportunities Portfolio.
The regulation states that if, after the publication of that portfolio, business interests arise that are different from the included proposals, the Ministry of Foreign Trade and Foreign Investment will assess the feasibility of promoting them, provided that they align with the approved sectoral policies.
In other words, the government acknowledges some flexibility to attract projects outside the official list, but it leaves the decision of what can move forward and under what conditions in the hands of MINCEX.
Article 14 also reinforces a structural condition of the Cuban model: the agreements for the creation of joint ventures must ensure "the participation of the Cuban side in the management or co-management of the company."
Article 11 also imposes a significant documentation burden on the interested parties.
The proposals must include a request for approval with endorsement of the business plan, a partnership agreement proposal, the company bylaws, the business plan, a proposal for Cuban executives for the governing bodies, a nomenclature of import and export products, and any other documents required by the Ministry of Foreign Trade and Foreign Investment.
The new regulation establishes deadlines that aim to create an appearance of greater efficiency. Applications accepted by MINCEX will be forwarded to the Foreign Investment Business Evaluation Commission, which must assess them within seven business days.
If the commission requests adjustments, the applicants will have seven calendar days to submit the modified proposal.
Decisions subject to the Council of State or the Council of Ministers must be issued within 60 calendar days, whereas those corresponding to heads of bodies of the Central State Administration will have a period of 45 days.
For specific increases or decreases in capital that do not involve changes in the percentage of participation of the parties, the decision rests with the Minister of Foreign Trade and Foreign Investment and must be made within 15 business days.
However, the Gaceta itself makes it clear that foreign investment will continue to go through an evaluative committee with a strong presence of the state apparatus.
The , published in the same edition, updates the Regulations of the Business Evaluation Commission for Foreign Investment and establishes that this body will continue to be responsible for assessing opportunities, evaluating proposals, issuing rulings on modifications, and making recommendations.
That commission operates under the presidency of the Minister of Foreign Trade and Foreign Investment, and in the process, entities such as Economy and Planning, Finance and Prices, Justice, Labor and Social Security, the Central Bank, CITMA, as well as the Revolutionary Armed Forces and the Ministry of the Interior are involved.
The participation of the FAR is linked to the alignment of economic and social development with defense interests, while the MININT assesses matters related to State Security and Internal Order.
The explicit inclusion of those filters confirms that foreign investment will continue to be subject to political and security controls, not just economic ones.
The , also from the Ministry of Foreign Trade and Foreign Investment, establishes the methodological foundations of the business plan.
That document must include projections for revenues, costs, expenses, profits, exports, sales on e-commerce platforms with payments from abroad, sales in the market, imports, financial expenses, Cuban and foreign labor, salaries in CUP, planned investments, and direct benefits for the country.
On its part, Resolution 146/2026 from the Ministry of Finance and Prices extends the validity of the Valuation Certificate issued by the State Heritage Office from one to two years, a minor measure but aimed at preventing delayed processes from requiring the repetition of valuations.
Decree 153 is the third modification of the regulation since its approval in 2014, following Decrees 347 of 2018 and 366 of 2019, and it falls within an accelerated sequence of reforms driven by economic urgency.
Cuba has experienced a GDP decline of nearly 26% since 2020, with a projection of -6.5% for 2026 according to data cited by CiberCuba based on estimates from CEPAL, placing the island at the bottom of the regional economic ranking.
In that context, the Díaz-Canel government has implemented several measures to attract foreign currency and capital.
In April, a special immigration status was formalized for Cubans residing abroad who wish to invest in the island, and in June, a package of 176 economic transformations was announced, which includes the opening of foreign investment to private companies and cooperatives, as well as the extension of land lease rights up to 99 years.
The new decree, therefore, does not represent a full liberalization, but rather a controlled flexibility: the regime reduces certain timelines, expands some avenues for promotion, and better organizes the files, but it maintains the state's unaltered ability to authorize, supervise, condition, and filter every foreign business that intends to operate in Cuba.
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