The Central Bank of Cuba has granted permission to the Spanish company Bagalso Internacional S.L. to engage in money transfer activities on the island. This is outlined in Resolution 21/2026, which was published in the extraordinary edition No. 48 of the Official Gazette.
This regulation allows the company to channel funds for deposits into bank accounts, debit cards, or prepaid cards for beneficiaries in Cuba. Additionally, it enables the distribution of cash in either national currency or foreign currency and the issuance of transaction receipts.
Moreover, Bagalso is authorized to develop, manage, and operate digital platforms and technological interfaces essential for executing these transactions, creating a framework for sending money from abroad to the island.
The authorization comes with stringent conditions. Bagalso must appoint a representative residing in Cuba, ensure cybersecurity and traceability systems, inform users about fees and commissions, and adhere to the operational limits set by the Central Bank.
Furthermore, the company will be subject to oversight by Cuban authorities, must answer with all its assets—including those abroad—and comply with the jurisdiction of Cuban courts.
The resolution also specifies that the company will not establish a legal entity in Cuba and that the authorization will become effective three working days after its publication in the Gazette.
According to CubaNet, Spanish commercial records indicate Bagalso Internacional S.L. was established in June 2025, headquartered in Lugo, with a capital stock of 3,000 euros.
The company is managed solely by Eduardo Valín Fernández, with Sonnia Alejandra Núñez del Riego later added as a proxy.
While the resolution does not explicitly mention remittances, the scope of the authorized operations suggests the facilitation of money transfers from overseas to recipients in Cuba.
This is not the first license of its kind; in 2025, the Central Bank granted a similar license to the American firm Cubamax Travel Inc.
Unlike the previous authorization, this new directive does not specify that transactions must occur through Cuban financial institutions, leaving questions about the reasons for this change and how the service will operate in practice.
Understanding Money Transfer Operations to Cuba
What are the main responsibilities of Bagalso Internacional S.L. under the new authorization?
Bagalso must appoint a Cuban resident as a representative, ensure cybersecurity measures, provide transparency on fees, and comply with Central Bank regulations, all while being under Cuban jurisdiction and oversight.
When will the authorization for Bagalso Internacional S.L. take effect?
The authorization will become active three working days after its announcement in the Official Gazette.
How does this authorization differ from the previous one given to Cubamax Travel Inc.?
The new authorization does not require transactions to be conducted through Cuban financial institutions, contrasting with the previous mandate for Cubamax Travel Inc.