Cuba to Allow Nationals Living Abroad to Invest in Businesses on the Island

Deputy Prime Minister says Cuba is open to commercial ties with U.S. companies and Cuban-Americans

Mar. 16, 2026 at 11:20am

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Cuba's Deputy Prime Minister Oscar Pérez-Oliva Fraga has announced that the country will allow Cuban nationals living abroad, including in the United States, to invest in and own private businesses on the island. Fraga said Cuba is seeking to develop a "fluid commercial relationship" with U.S. companies and Cubans residing in the U.S. and their descendants, as part of broader economic reforms aimed at reviving Cuba's struggling economy.

Why it matters

This policy shift represents a significant opening of Cuba's economy to foreign investment and participation, particularly from the Cuban diaspora in the U.S. It comes as Cuba grapples with an energy crisis, rare public protests, and ongoing economic pressure from the U.S. trade embargo. The reforms are intended to spur investment and economic growth in key sectors like tourism, mining, and infrastructure.

The details

Fraga said the new policies will "extend beyond the commercial sphere" to allow "not only small investments, but also large investments, particularly in infrastructure." However, he acknowledged that the U.S. trade embargo continues to hamper Cuba's economic development by limiting access to financing, technology, and markets. Cuba has also been impacted by the halting of critical oil shipments from Venezuela due to U.S. sanctions on the Maduro regime.

  • Fraga announced the new policies in an exclusive interview with NBC News on March 16, 2026.
  • The Cuban government confirmed it was holding talks with the Trump administration about the reforms on Friday, March 13, 2026.

The players

Oscar Pérez-Oliva Fraga

Cuba's Deputy Prime Minister and Minister of Foreign Trade and Investment, who announced the new policies allowing Cuban nationals abroad to invest in businesses on the island.

Donald Trump

The former U.S. President who has taken a hardline stance against Cuba, warning the communist country could face a similar fate to Venezuela if it does not make a deal with him.

Nicolas Maduro

The President of Venezuela who was captured in an American raid and extradited to the U.S. to face drug trafficking and other charges.

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What they’re saying

“Cuba is open to having a fluid commercial relationship with U.S. companies" and "also with Cubans residing in the United States and their descendants.”

— Oscar Pérez-Oliva Fraga, Deputy Prime Minister of Cuba (NBC News)

“The blockade deprives us of access to financing, access to technology, access to markets, and in recent years, it has specifically been aimed at depriving our country of access to fuel.”

— Oscar Pérez-Oliva Fraga, Deputy Prime Minister of Cuba (NBC News)

What’s next

The Cuban government is expected to formally announce the new investment policies allowing Cuban nationals abroad to participate in the island's private sector on Monday, March 18, 2026.

The takeaway

Cuba's decision to open up investment opportunities for its diaspora, including Cuban-Americans, represents a significant shift in its economic policies as it seeks to attract much-needed capital and expertise to revive its struggling economy in the face of the longstanding U.S. trade embargo.