On July 9, Cuba published new amendments to the Regulations of the Foreign Investment Law and several complementary regulations. This publication arrives at a critical juncture in the review of Cuba’s economic model and amid announcements aimed at expanding opportunities for business activity, foreign investment, and new forms of capital participation in certain sectors.
This regulatory package should be viewed as an initial step in that process. While it does not, on its own, represent a significant liberalization of the foreign investment regime, it does introduce important adjustments to the way projects involving foreign capital are submitted, evaluated, and processed. Thus, Decree 153/2026 amends Decree 325, the Regulations of the Foreign Investment Law, with the stated aim of streamlining the processes of evaluation, approval, and operation of foreign investment modalities.
What has changed?
Decree 153/2026 represents a new step in simplifying the regulatory framework for foreign investment in Cuba. One of its main contributions is to establish the business plan as the primary evaluation tool for government authorization. Up to now, pre-feasibility studies were required, governed by a comprehensive methodology that included multiple tables, detailed technical and economic analyses, profitability indicators, and studies on the market, technology, workforce, financing, contributions, logistics, and sectoral impacts.
Under the new regulations—specifically Resolution 79/2026 of the Ministry of Foreign Trade and Foreign Investment (MINCEX)—the business plan is conceived as a strategic and concise document, focused on the essential elements for evaluating the proposal—business description, economic viability, market, basic technical aspects, investment, sources of financing, workforce, and benefits for the country. Thus, the reform does not eliminate the viability analysis, but it makes it more proportionate, practical, and streamlined, facilitating a faster and more focused administrative evaluation.
In general, the new regulations are aimed at reducing the number of documents required for the submission of investment opportunities and proposals. This restructuring allows for more expeditious project preparation, reduces initial administrative burdens, and gives MINCEX greater discretion to request specific information only, when necessary, rather than imposing a uniform and more cumbersome application package from the outset.
Similarly, the Decree makes the management of already authorized businesses more flexible. It simplifies the requirements for operational or corporate changes, eliminates the need for prior approval from the sponsoring entity for applications to create employee incentive funds (bringing their treatment closer to that of state-owned companies), shortens the deadlines for approving certain applications, and replaces some controls with reporting obligations, particularly regarding final evaluation, post-investment review, and liquidation. It also transfers certain documentation responsibilities to the business’s own shareholders, partners, or representatives, which may help ease administrative burdens.
Overall, these measures aim to streamline the entire foreign investment cycle—from promotion and initial approval up to operation, modification, and eventual liquidation—by reducing documentation requirements, shortening processing times, and implementing more targeted administrative oversight.
Where do bureaucratic obstacles persist?
The main limitation is that the regime continues to rely on a system of prior authorization and case-by-case administrative evaluation. The reform reorganizes and simplifies the procedure, but it does not eliminate the need for state approval, nor does it substantially reduce the discretion associated with sectoral policy.
Among the required documents are the aforementioned business plan, statutory or contractual proposals, a list of proposed Cuban executives, a list of import and export products, and, in addition, “any other document” that MINCEX may require.
This last provision allowing for additional requirements is significant: it allows the analysis to be tailored to each project, but it can also prolong the preparation of the application, generate additional rounds of review, and reduce the actual predictability of the timeline. In practice, simplification will depend less on the formal existence of deadlines and more on the quality of the application, coordination among agencies, and the interpretation made by the competent authorities.
Reading for Investors
This is a positive sign, as it confirms that Cuba is making progress in updating its foreign investment framework and formalizing simpler procedures. The regulations may favor investors who arrive with technically mature projects that are aligned with sectoral priorities and capable of demonstrating concrete economic benefits for the country.
For foreign companies already present in or interested in the Cuban market, we recommend continuing to monitor regulatory developments and, where appropriate, taking a prudent approach with the necessary legal guidance: exploring the risks and benefits of each investment modality, sectors with potential, possible counterparties, and the required documentation.