The economic reforms announced by the Cuban government to attract foreign investment and open the tourism sector to private companies have sparked interest among international operators, but experts warn that the new measures are unlikely to restore the island's tourism in the short term due to the energy crisis, U.S. restrictions, and obstacles to doing business.
A report published on October 26 by the American magazine Travel Weekly, which specializes in the travel industry, gathers opinions from academics and businesspeople who believe reforms are necessary, although they question their ability to quickly reverse the decline in visitors.
Paolo Spadoni, a professor of Social Sciences at the University of Augusta in Georgia and author of a book on the evolution and challenges of Cuban tourism, explained that the model change represents a positive step, but it arrives at a particularly unfavorable moment.
"They want to change the model, which I think is a good idea, but right now the conditions do not exist to take advantage of its benefits," he stated.
The academic warned that the possibility of attracting significant investments under the current conditions is low, especially after the exit of major international hotel operators and the deterioration of the country's economic conditions.
Cuba opens new investment opportunities, but tourists are lacking
The new regulations published in September in the Official Gazette of Cuba expand the possibilities for private and foreign participation in tourism, including the establishment of private travel agencies and new management modalities for hotel facilities.
According to the Cuban Tourism Office in Toronto, among the main new developments are the possibility of establishing hotels with fully foreign investment, the private operation of travel agencies, tour operators, and car rental companies, as well as new facilities for managing supplies and leasing hotel facilities.
The measures also include private investments in areas of tourist and heritage interest, including Old Havana.
The regulatory reform published in September introduced additional facilities for foreign investment, such as the direct hiring of workers and the ability to operate bank accounts abroad without prior authorization from the Central Bank of Cuba.
However, changes come when the tourist industry is going through one of its worst crises.
According to official data from the National Office of Statistics and Information (ONEI), Cuba received only 450,353 international visitors between January and August 2026, which represents a decline of 64.4% compared to the same period the previous year.
The decline also affects companies that are still trying to market trips to the island.
Sarah Arizaga, sales manager of Cuban Adventures, revealed to Travel Weekly that her company had secured fewer than 40 bookings throughout 2026.
The executive explained that although many travel modalities for Americans to Cuba remain authorized, the restrictions and the perception that visiting the country could be illegal discourage potential customers.
For its part, the company Cuba Explorer stated that its last client had traveled to the island in March.
Business owners see opportunities but warn of obstacles
Despite the adverse outlook, some operators believe that opening up to new companies could stimulate competition, improve services, and introduce innovations in the Cuban tourism offering.
Arizaga emphasized that Cuba has immense potential to develop hotels, attractions, and tourism experiences through private capital participation.
In their view, the new opportunities could help modernize facilities, improve infrastructure, and enhance the quality of services, although the outcomes will depend on the actual conditions for operation.
David Lee, founder of Cultural Cuba, also positively assessed the possibility of Cubans developing businesses as tour guides, hosts, restaurateurs, and cultural entrepreneurs.
However, he warned that the opening announced by Havana does not, by itself, guarantee that companies can operate without difficulties.
To ensure that the reforms work, he explained, viable mechanisms for licensing, banking services, and appropriate operational conditions will be necessary.
Furthermore, he reminded that the authorizations granted by Cuba do not eliminate the restrictions imposed by the United States on its citizens and companies.
"We see a promising new direction, not an overnight transformation," he summarized.
The government is seeking investors as the number of closed hotels continues to rise
The assessment of the specialists aligns with the Cuban government's efforts to incorporate new economic players into an industry that has long been presented as one of the main sources of income for the island.
In October, the tourism authorities of Cienfuegos presented seven facilities and projects to private investors, foreign entrepreneurs, and Cubans residing abroad.
The initiative includes the leasing and recovery of tourist properties that have remained underutilized, some of them for years.
At the same time, the authorities themselves have acknowledged the magnitude of the crisis. In July, Prime Minister Manuel Marrero Cruz noted that 73% of the country's hotel facilities were closed, while around 25,000 workers in the sector found themselves without assigned work.
The shortage of fuel, power outages, and difficulties in maintaining air connections have worsened the decline.
The impact also extends to small private businesses that rely on foreign visitors. In Viñales, one of Cuba's main tourist destinations, entrepreneurs and workers have reported months without income and the closure of establishments.
Meanwhile, U.S. restrictions continue to limit parts of the market. As of September 30, new regulations affecting certain types of educational and professional travel to Cuba came into effect.
Terry Dale, president of the United States Tour Operators Association (USTOA), expressed his opposition to those restrictions and stated that the organization will continue to advocate for changes that allow for the revival of educational group travel between the two countries.
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