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.
to make foreign investments in Cuban territory is granted by
the Executive Committee of the Council of Ministers.
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
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.
Due to the drastic reduction in fleet purchases for 2014, Cuba Car Rental companies Havanautos, REX, CubaCAR and Via have recently introduced discounts for advance bookings. Responding to recent reports [...]