A 2026 with New Measures for Greater Foreign Currency Acquisition

Cuba has begun 2026 with new policies and incentives aimed at improving foreign currency acquisition, boosting exports, attracting investment, and strengthening its international integration in foreign trade.

A set of measures announced last November during the 41st Havana International Fair (Fihav 2025) are designed to foster a more dynamic business environment. These include greater monetary flexibility, streamlined procedures, faster processing times, and novel operational modalities.

According to Cuban authorities, the sectors of greatest interest for developing investments with foreign capital are food production, tourism (including health tourism), the energy sector (with emphasis on renewable energy development), hydrocarbon exploration and exploitation, mining, construction, and the improvement and expansion of industrial infrastructure.

Joaquín Alonso Vázquez, Minister of Economy and Planning, stated before Cuban deputies in December that most of these sectors are identified as strategic within the National Economic and Social Development Plan through 2030.

In all cases, the objective of attracting foreign investment is to increase exports, effectively substitute imports, access new technologies, and establish productive linkages with the rest of the national economy.

Another relevant goal is the realization of projects in areas of lesser economic development, in correspondence with the potential of the territories and with the support of provincial governments.

Complementing the measures, an updated Portfolio of Investment Opportunities was presented at the 41st Havana International Fair. It comprises 426 projects totaling over 30 billion dollars, distributed across 13 sectors and all provinces of the country.

Changes and Incentives for Foreign Direct Investment

During the VIII Investment Forum at Fihav 2025, Oscar Pérez-Oliva Fraga, Deputy Prime Minister and head of the Ministry of Foreign Trade and Foreign Investment (MINCEX), outlined several changes and incentives. These include a differentiated scheme that will allow foreign companies to operate, according to their needs, in either national currency or foreign currency.

Operationally, they can wholesale their products to any national economic actor with payment capacity, without restrictions.

They will also have access to unrestricted fuel purchases in foreign currency and the possibility to import it if unavailable domestically.

As part of monetary flexibility for the new investment environment, more competitive foreign exchange rates will be established; companies will be allowed to hold bank accounts abroad. Regarding procedure simplification, the feasibility study will be replaced by a business plan, the evaluation period will be reduced from 15 to seven days, and "positive silence" (tacit approval) will be implemented.

The MINCEX head specified that, in labor matters, the investor can directly decide on the selection of their workforce or do so through an employment agency. They can also pay bonuses in foreign currency to workers linked to the project through banked payments, provided the company generates external income.

Furthermore, new business models are emerging, such as unrestricted wholesale marketing and the use of underutilized productive facilities.

Pérez-Oliva Fraga confirmed that Cubans residing abroad have the same rights and opportunities as any foreign investor to conduct business in the country, a principle that will be applied with all the new measures without "any type of difference or hindrance."

Other Avenues to Achieve Greater Revenue

To increase and diversify external income, Cuba has approved a policy to incentivize IT services exports, authorizing self-financing schemes in foreign currency for selected companies. A policy aimed at incentivizing exports from the knowledge sector is also being updated.

Presenting the Government Program to correct distortions and revive the economy to the National Assembly of People's Power, Prime Minister Manuel Marrero Cruz emphasized that, in addition to the decisions announced at the International Fair, five business directives for real estate projects and regulations to organize e-commerce with payments from abroad have been approved.

A second stage of restructuring the state entities authorized to manage foreign trade for non-state forms of management was completed, leaving 52 companies.

According to the head of government, as of November, non-state forms of management and natural persons had imported approximately 2.2 billion dollars, a 26% increase compared to the same period in 2024.

However, total foreign currency revenues and exports have not met planned targets, influenced by the fact that tourism did not receive the projected number of visitors.

Therefore, 2026 will require giving maximum priority to the recovery of tourism services and other traditional export items, increasing revenue from professional services, and attracting a greater volume of foreign investment, remittances, and external financing.

Consequently, it is essential to generate new export items, add value to current ones, and promote exports based on knowledge and high technology.