Cubans living abroad can invest in Cuba
* The translation is a bit rough
The draft of the Law on Foreign Investment which currently is being studied by deputies to the National People’s Assembly prior to its discussion on Saturday, March 29, stands out for providing a necessary tool to the Cuban legal framework to face the challenges a changing economy is bringing about.
The text sheds vices contained in the current Law 77, which dates from 1995, and focuses its articles in several important aspects: the guarantees to investors, the plurality of possible sectors and taxation of different forms of participation of foreign capital.
In neither case it specifies that foreign investment has to come from natural or legal persons with a nationality other than the Cuban, in this, in Chapter II (section m, Article 2), the Act says that the foreign investor is a “natural or legal person with residency and capital abroad.” This definition explicitly includes Cubans living abroad who may participate in the economic partnerships with the same regulations that the Act provides for citizens of other nationalities.
However, when talking about the “national investor ” is defined only as ” legal person ” which excludes participation in company with foreign capital of Cubans living on the island and legally acquired means to do so. With the rise of the private sector, this limitation becomes a brake but the rules of the Act could protect capital partnership with the non-state sector.
The bill aims to facilitate the participation of foreign capital, clearing the ghosts of authoritarianism and the absence of guarantees. It supports three forms of investment as well as the law in force, but , correspondingly with changes and reforms in the Cuban economic system adds the Special Development Zone as a new economic space in which investors may have additional advantages.
http://www.cubaheadlines.com/2014/03/26/38684/cubans_living_abroad_can_invest_in_cuba.html
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