Cuba Tightens Grip on Foreign Investments with New Management and Evaluation Regulations

On July 9, the Cuban government unveiled a comprehensive set of regulations in the Official Gazette No. 57 Ordinary of 2026, aiming to tighten control over foreign investments on the island. This new framework includes additional documentation requirements and a revamped evaluation commission led by the Minister of Foreign Trade.

The regulatory package is composed of Decree 153/2026 from the Council of Ministers, signed by Prime Minister Manuel Marrero Cruz on June 3, and two resolutions from the Ministry of Foreign Trade and Foreign Investment (MINCEX): Resolution 78/2026, which outlines the methodological foundations for creating a Business Plan, and Resolution 79/2026, which endorses the new regulations for the Foreign Investment Business Evaluation Commission.

Decree 153/2026 revises the 2014 Decree 325 "Regulation of the Foreign Investment Law," previously amended in 2018 and 2019. The stated aim is to "streamline the processes of evaluation, approval, and operation of foreign investment modalities, while upholding national sovereignty and independence."

Key Changes and Implications

One significant change allows the evaluation of businesses not listed in the official Portfolio of Opportunities, provided they comply with state-approved sectoral policies.

Resolution 78/2026 replaces the former technical-economic feasibility study with a Business Plan. This plan is defined as a "strategic and concise document that structurally presents the key aspects of a foreign investment proposal to assess its alignment with current legislation, policies, and the economic feasibility of the project, as well as its contribution to national economic and social development."

All foreign capital proposals must include this document, structured into 12 sections covering everything from the executive summary and business description to the financial analysis, market study, workforce, and indicators of direct benefits to the country.

Operational Framework of the Evaluation Commission

Resolution 79/2026 revitalizes the operations of the Evaluation Commission, chaired by Minister Oscar Pérez-Oliva Fraga, or the General Director of Foreign Investment in his absence. The regulation mandates regular sessions every seven business days and allows extraordinary meetings with at least 48 hours' notice when urgent matters arise.

If the Commission requires modifications to a proposal, the applicant has seven calendar days to make the changes; failure to do so halts the approval process.

Adding to these regulations, Resolution 146/2026 from the Ministry of Finance and Prices extends the validity of the Valuation Certificate from one to two years, retroactively applicable to certificates issued since December 1, 2025.

Broader Economic Context

This regulatory framework is part of 176 economic measures approved by the regime in June 2026, which also included allowing direct foreign investment in private Cuban companies and cooperatives, extending surface rights up to 99 years, and authorizing overseas bank accounts without prior permission.

Despite the rhetoric of openness, the institutional structure retains strict state control: all foreign investments remain subject to a government-composed evaluation commission and require approval from the relevant state authority, depending on the project's nature and scope.

This situation unfolds amid Cuba's most severe economic crisis in decades, with a cumulative GDP contraction of 23% since 2019. According to [source], the Economic Commission for Latin America and the Caribbean (ECLAC) and the Economist Intelligence Unit project further declines of 6.5% and 7.2%, respectively, for 2026.