Q COSTARICA — The Cuban government has declared it will permit Cuban citizens living overseas to invest in and own businesses back home, including starting private companies and forming partnerships with state-owned firms.
Cuba said on Monday the “doors are open” to a community that has traditionally agitated for harsh economic sanctions against the communist government, Reuters reported. “There are no limitations,” Cuban Deputy Prime Minister Oscar Perez-Oliva Fraga, who also heads the foreign commerce ministry, told state television in an interview.
Perez-Oliva Fraga said Cuba needs desperately to revive the island’s shattered economy, a crisis deepened by a U.S. oil blockade and sanctions that have caused long power outages and shortages of fuel, food, and medicine.
The policy change shows a new willingness just days after Cuba confirmed it had started discussions with the United States. Meanwhile, officials from the Trump administration have privately indicated that the U.S. aims for economic openings as part of any future bilateral deal.
Letting exiles invest in Cuban businesses is a delicate topic for Cuba, which has long been wary of a hostile faction within the exile community. Historically, exiles have been strong supporters of maintaining the trade embargo.
Since 2021, Cubans living on the island have been permitted to open and run private businesses, but those living abroad were left out.
Paolo Spadoni, an economist at Augusta University and author of the 2014 book “Cuba’s Socialist Economy Today,” described the move as “pragmatic,” yet argued Cuba should have acted years ago on its own instead of waiting until facing intense pressure from the U.S.
“This shift could spark deeper economic ties between the U.S. and Cuba, offering major opportunities for American companies despite ongoing challenges,” Spadoni noted. “Still, it marks an important and potentially impactful first step.”