Cuba Introduces New Decree to Attract Foreign Investors

On Thursday, the Cuban regime unveiled Decree 153/2026 from the Council of Ministers, published in the Ordinary Official Gazette No. 57. This decree revises the regulations of the Foreign Investment Law, which has been in effect since 2014, in an effort to speed up the attraction of foreign capital amid a suffocating economic situation.

Endorsed by Prime Minister Manuel Marrero Cruz and issued on June 3, 2026, this decree alters 13 articles of Decree 325, introduces new sections, and repeals several portions of the previous regulation.

The official document asserts that the goal is to "streamline the processes of evaluation, approval, and operation of foreign investment modalities, while respecting national sovereignty and independence."

Despite these claims, the regime seems to be attempting to present itself as more investor-friendly, without dismantling the political, administrative, and economic control structures that have long characterized Cuba's foreign investment model.

Key Changes and Flexibility

One of the most significant updates is found in the revised Article 9, which opens opportunities for business ventures not listed in the official Foreign Investment Opportunities Portfolio.

The regulation states that if business interests arise after the portfolio's publication that differ from the included proposals, the Ministry of Foreign Trade and Foreign Investment will assess the feasibility of promoting these interests, provided they align with approved sectoral policies.

This indicates a degree of flexibility to attract projects outside the official list, though the MINCEX retains the authority to decide which ventures can proceed and under what conditions.

Structural and Procedural Adjustments

Article 14 reinforces a structural condition of the Cuban model: joint venture agreements must ensure "Cuban participation in the management or co-management of the company."

Additionally, Article 11 maintains a substantial documentary requirement for interested parties. Proposals must include an approval request with business plan endorsement, association agreement proposal, social statutes, business plan, proposal of Cuban executives for management bodies, import-export product nomenclature, and any other documents required by the Ministry of Foreign Trade and Foreign Investment.

The new regulation sets deadlines intended to project a semblance of greater efficiency. Applications accepted by MINCEX will be forwarded to the Foreign Investment Business Evaluation Commission, which must evaluate them within seven business days.

If modifications are requested, applicants have seven calendar days to submit the revised proposal.

Evaluation and Control Mechanisms

Decisions subject to the State Council or the Council of Ministers must be made within 60 calendar days, whereas those concerning heads of Central State Administration agencies have a 45-day deadline.

For specific capital increases or decreases that do not alter the parties' participation percentages, the decision rests with the Minister of Foreign Trade and Foreign Investment and must be made within 15 business days.

However, the Gazette itself makes it clear that foreign investment will continue to be scrutinized by an evaluative commission heavily influenced by the state apparatus.

Resolution 79/2026, published in the same edition, updates the Regulations of the Foreign Investment Business Evaluation Commission and specifies that this body will continue to assess opportunities, evaluate proposals, provide opinions on modifications, and make recommendations.

This commission operates under the leadership of the Minister of Foreign Trade and Foreign Investment, with the involvement of 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.

The participation of the FAR is linked to reconciling socio-economic development with defense interests, while the MININT addresses issues related to State Security and Internal Order.

Business Plan Methodology and Financial Procedures

Resolution 78/2026, also from the Ministry of Foreign Trade and Foreign Investment, establishes the methodological foundations for the business plan. This document must include projections of income, costs, expenses, profits, exports, sales on e-commerce platforms with payments from abroad, domestic sales, imports, financial expenses, Cuban and foreign labor, salaries in CUP, planned investments, and direct benefits for the country.

Meanwhile, Resolution 146/2026 from the Ministry of Finance and Prices extends the validity of the Appraisal Certificate issued by the State Heritage Directorate from one to two years, a minor measure aimed at preventing delayed procedures from requiring repeated appraisals.

Decree 153 marks the third amendment to the regulation since its inception in 2014, following decrees 347 of 2018 and 366 of 2019. This reflects a rapid sequence of reforms driven by urgent economic needs.

Since 2020, Cuba has suffered a nearly 26% decline in GDP, with a projected -6.5% for 2026, according to CiberCuba, based on CEPAL estimates, placing the island at the bottom of the regional economic ranking.

In response, the Díaz-Canel government has implemented several measures to attract foreign currency and capital. In April, it formalized a special migratory status for Cuban expatriates wishing to invest on the island. In June, it announced a package of 176 economic reforms, including opening foreign investment to private companies and cooperatives, and extending the right of superficies up to 99 years.

The new decree thus represents not a full liberalization, but a controlled relaxation: the regime reduces some timelines, expands certain promotional channels, and better organizes the documentation, yet maintains the State's authority to authorize, supervise, condition, and filter every foreign business endeavor in Cuba.