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Law Number 77, of September 5, 1995, issued by the National Assembly of Cuba

The Foreign Investment Law is aimed at increasing foreign investment and interfacing the said investments into the domestic economy, offering greater security and guarantees to the foreign investor. At the same time allowing Cuba to obtain financial resources, technology and new markets in both production and services where mutual benefits are attainable.

The authorisation to make foreign investments in Cuban territory is granted by the Executive Committee of the Council of Ministers.

Foreign investments within the national territory enjoy total protection and security, they cannot be expropriated, except if that action is carried out for reasons of public use or social interest, declared by the government, in compliance with the Constitution of the Republic. All foreign investments will also be protected from claims by third parties. The State guarantees the foreign investor free transference abroad, in freely convertible currency - and tax free - of all profits derived from the venture, the net profits and dividends that are obtained from the exploitation of the investment.

It is the exclusive faculty of the Council of Ministers' Executive Committee to authorise foreign investments when any of the following sectors are involved or the investment has the following characteristics: Those in which the total amount of the contributions by foreign and national investors is over 10 million US Dollars; companies with 100% foreign capital; those that involve the exploitation of public services such as transportation, communications, waterworks, electricity or to build and exploit some public works; when the foreign company is involved with capital participation of a foreign state; when it is related to the exploitation of natural resources; those that include the transference of state property or real estate, property of the State, and those pertaining to the system of enterprises of the armed institutions.

Agreements authorising or rejecting a foreign investment are issued within sixty natural days from the application date and applicants must be notified in writing.

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