Business in Cuba

Doing Business With Cuba: What You Need to Know

Cuba is home to 11 million consumers and a growing private sector. Its proximity to the United States (the Port of Havana is only 198 nautical miles from the Port of Miami) makes the country a natural trade partner. While changes in policy over the last several years have unlocked new business opportunities in Cuba, there are still regulatory barriers that individuals and companies should be aware of.

U.S. Embargo

The United States imposed a comprehensive economic embargo on Cuba in the 1960’s which restricts most trade between the two countries. It also includes restrictions on travel and investment.

Although the U.S. faced pressure to end the embargo, the state of affairs remained largely unchanged until 2014.

In December 2014, President Obama made a historic announcement: “Today, the United States is taking historic steps to chart a new course in our relations with Cuba and to further engage and empower the Cuban people.” By January 16, 2015, both the U.S. Treasury Department, Office of Foreign Assets Control (OFAC) amended its Cuban Assets Control Regulations, and the U.S. Department of Commerce’s, Bureau of Industry and Security (BIS) amended the Export Administration Regulations with a “Support for the Cuban People” license exception. The license exception was most significant for travel, telecom, building materials and agricultural equipment, financial services, and personal importations.

OFAC and BIS issued additional new rules on January 16, 2015, September 21, 2015, January 27, 2016, March 15, 2016, October 14, 2016, November 9, 2017, and […]

By |2023-07-18T08:19:31-04:00July 18, 2023|Countries, Cuba|0 Comments

UPDATE: Non-Commercial Airplanes and Cruise Ships on Temporary Sojourn are Now Prohibited To Travel To Cuba.

cuba - prohibtFollowing President Obama’s historical break in precedent, easing restrictions on Cuba in 2016, President Trump now seeks to deprive the Communist regime of revenue from American citizens.

President Trump, not wanting the US to be complicit in the oppression and subjugation of Cubans, has decided to roll back the newly established relationship and directed the Bureau of Industry and Security (BIS) to draft a final rule limiting the types of aircraft that are authorized to fly to Cuba and the types of vessels that are authorized to sail to Cuba on temporary sojourn. This change is likely to be a result of the exponential growth of the island’s economy, coupled with the lack of improvement in overall quality of life for its citizens.

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President Trump Outlines New U.S. Policy on Cuba

We’ve been patiently waiting for today’s announcement since President Trump took office on Friday, January 20, 2017. Some have speculated on whether President Trump’s stance on Cuba would further diplomatic relations following the steps of former President Barack Obama, while the majority have opined that Trump’s next steps could reverse some of the changes made by the former President. The speculation can now be put to the side as today President Trump delivered a speech in Miami (at the Manuel Artime Theater), a little over 90 miles away from the island of Cuba, outlining his new policy with the communist island. The announced changes do not take effect until the new OFAC regulations are issued. The forthcoming regulations will be prospective and will not affect existing contracts and licenses.  

Here is a summary of the MAIN changes, and background of why the President has signed an executive order making these changes in support of the Cuban people:

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By |2022-07-07T12:17:07-04:00June 16, 2017|Cuba, Export, International Travel|3 Comments

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