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Cuba Opens Doors to Expatriate Business Ownership Amid Economic Crisis

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Cuba announced new regulations allowing expatriates to own businesses and invest in private companies, marking a significant shift in the island's economic policy. The measures, unveiled by Deputy Prime Minister Óscar Pérez-Oliva Fraga, permit Cubans living abroad to invest in infrastructure, agriculture, and participate in development funds.

However, experts and Cuban business owners like Diana Sainz expressed disappointment, calling the changes insufficient to address the country's severe economic crisis. The announcement came as Cuba faces crippling U.S. sanctions, fuel shortages, and daily electrical outages that have devastated private businesses. Many expatriates remain skeptical due to memories of property confiscations in the 1960s.

The Trump administration's pressure campaign, including blocking oil shipments, has pushed Cuba to the brink of economic collapse. While the government frames this as an "important change" opening doors to foreign capital, legal experts note the measures would require U.S. Treasury licenses and may conflict with existing trade embargo restrictions. The effectiveness of these reforms in attracting investment remains uncertain as Cuba's regulatory framework and legal system continue to deter potential investors.