Frequently asked questions

Q. I want to invest in Cuba, what I have to do for that?

It is possible to invest in Cuba, for which we recommend the following steps:

I. Identify Cuban enterprises with potential interest in joint investment projects with foreign natural or legal persons. To do this you can:

- Contact ProCuba: Investment Promotion Center of Ministry for Foreign Investment and Economic Collaboration (MINVEC);

- Contract the services of a Cuban consultancy;

- Contact Ministries and business groups according to their interests.

II. If there is interest in developing the investment project, both parts subscribes an Intention Business Letter or a general agreement.

III. Process business is where the economic and legal documentation required by the proposed association is prepared.

IV. Submission of documentation to the MINVEC, who made a preliminary assessment of the investment

V. Approval (or denial) of the investment project by the Government or a Commission appointed by this purpose.

Q. Can I establish a 100% foreign company in Cuba?

Yes, you can establish a 100% Foreign Company in Cuba. Foreign investors in totally (100%) foreign capital companies can be established within the national territory:

 - as a natural person acting for himself;

- as a legal entity, constituting a Cuban subsidiary of the foreign entity that owns, through public deed, in the form of joint stock company with registered shares; or

- as a legal entity, establishing a branch of a foreign entity

But, the foreign investment in Cuba can take other forms, too:

- Joint Venture: a new legal person is created in the form of corporation, where participate national and foreign investors as shareholders.

- International Economic Association Agreement: a new legal entity is created and is concluded by national and foreign investors. As to international economic association classified, among others, risk contracts for the exploration of non-renewable natural resources, construction, agricultural production, hotel, production or service administration and contracts for the provision of professional services.

- Cooperated Production Contract of goods or services:

These contracts are approved by ministers in charge of the economic sector in question.

The contractual relationship comprises one or more national parties with one or more foreign parties to the joint implementation or cooperation of productive activities and / or services.

The foreign party should provide material or financial resources, technology or market for production or services object of the contract, settling in the negotiations the form of remuneration for each concept.

Marketing, either national or abroad, it will be made independently by the parties, with no distribution of profits between them.

Q. What guarantees offered Cuba to foreign investors?

The Cuban State guarantees that the benefits granted to foreign investors and their investments are maintained throughout the period for which they were granted.

Foreign investments within the national territory enjoy full protection and security and cannot be expropriated except for reasons of public utility or social interest, in accordance with the Constitution, international treaties signed by Cuba and legislation, with due compensation for their commercial value established by mutual agreement.

The State guarantees the free transfer abroad in freely convertible currency, without payment of taxes or other encumbrance of dividends or profits for the foreign investor.

The term of the authorization may be extended by the authority that granted it.Foreign investors may sell or transfer their rights to the Cuban State, the parties to the association or to a third party, prior government authorization.

Q. Cuba has Free Zone?

Cuba has no free zone, but has a special development zone: Mariel, established in 2013, located 1 hour from Havana, and with an area of 465.4 km2. The area has very favorable logistical location and conditions, especially from the investment in the Port of Mariel.It has a strategic position, located in a broad point of trade.A thousand miles around the Zone 32 ports in 17 countries, the most important in the region are located.

The Mariel Special Development Zone (ZEDM) is a space within the national territory not defined demarcation of the customs, in which special regimes and policies apply, such as: customs, tax, labor, insurance, control, monetary and banking.

Not being in the presence of a free zone for processing goods not requiring quotas to producers established in the area or mandatory limits proportions of sales for the local market and export are arranged.

ZEDM gives priority to the following activities:

- Biotechnology and pharmaceutical industry

- Renewable energy

- Agri-food industry

- Tourism and Real Estate

- Packaging industry

- Agriculture

- Telecommunications and Informatics

- Investments in infrastructure

Q.Can I have permanent residence in Cuba?

Yes, sure. Foreign citizens can obtain in Cuba, two types of residences:

- Permanent Residence, or

- Temporary Residence

Permanent residence in Cuba is obtained only by:

- Marriage to a Cuban citizen

- Have children with a Cuban citizen

 - Government Interest

This kind of residence is granted indefinitely, while it is not waived by the foreign citizen or revoked by the Cuban authorities authorized for the reasons stated in the law. This is granted by the Immigration and Nationality request of the foreign national concerned.

It is therefore required that the foreign citizen has entered Cuba on a tourist visa or relative and that during his stay in Cuba, make the request.

Moreover, Temporary Residence is obtained only on the basis of existing contracts or employment ties with Cuban entities or companies or branches or representative offices of foreign enterprises institutions based in the Republic of Cuba.

This is granted for one year and can be renewed whenever appropriate.

This is granted by the Immigration and Nationality request of the Ministry served by the economic branch to which the company or Cuban or the Chamber of Commerce in the case of branches of foreign companies in Cuba institution belongs.

It is therefore required that the foreign citizen has entered Cuba with a Visa D-1 work visa, and the expiration of their term would have been awarded the corresponding Work Permit.

Once the permanent residence, the foreign citizen to be a Cuban more, with the rights and limitations on the exercise of economic possibilities and migratory activities. Within the rights we can cite, for example, you can buy two houses: one in the city and one on the beach.

Q. How much money can I send to Cuba?

There is no limit for remittances to Cuba, only from 10,000 CUC (Cuban Convertible Pesos) or the equivalent in any freely convertible currency, you must fill out an Affidavit on the origin of the money.

This is a procedure the Central Bank of Cuba to avoid entering the country not lawful money.

For the company, the limit is 50,000 (Cuban Convertible Pesos) or the equivalent in any freely convertible currency.