Cubans Abroad Allowed to Invest on the Island

Cuba’s Deputy Prime Minister Oscar Pérez-Oliva Fraga this week announced that Cubans residing abroad will be allowed to own or partner in private businesses on the island, an opportunity previously reserved for Cuban residents.

The shift enables Cubans living overseas to directly invest in local companies and form ventures with both state and private enterprises. They will also be permitted to open Cuban bank accounts and receive land in usufruct for agricultural use.

“Cuba is open to having a fluid commercial relation with U.S. companies, also with Cubans residing in the United States and their descendants,” Pérez-Oliva toldNBC News.

"This extends beyond the commercial sphere," added Fraga, who also serves as Cuba's minister of foreign trade and investment. "It also applies to investments — not only small investments, but also large investments, particularly in infrastructure.”

The timing suggests a willingness to cooperate with Trump, who has maintained that his Cuba policy aims to benefit Cuban Americans in Florida.

Pérez-Oliva also said Cuba was open to U.S. investment in Cuba, but said U.S. sanctions are the main obstacle.