In Cuba, change is underway in ways that could not have been imaged just last year.
The embargo still restricts commercial activity in Cuba by US firms and individuals, but doing business in Cuba has gotten a lot easier. Despite existing restrictions, planning is now a critical aspect for any business that may one day desire Cuban exposure.
Obama’s recent changes to Cuban regulations is the latest in a steady, slow drum beat of actions taken by Obama to leverage executive authority to dismantle various Congressional rules that together make up the US embargo against Cuba. We call these actions Cubamacare. Here is a complete report of all recent Cubamacare actions. Get the Cuba Journal’s free report on Doing Business in Cuba (March 2016) here:
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) this week announced significant amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR).
These changes, coupled with the arrangement recently announced by the Departments of State and Transportation allowing scheduled air service between the United States and Cuba, will significantly increase the ability of US citizens to travel to Cuba to directly engage with the Cuban people.
Additionally, these regulations expand Cuba and Cuban nationals’ access to US financial institutions and the US dollar from Cuba, and will expand the ability for Cubans legally present in the United States to earn stipends and salaries beyond living expenses.
Cuba Journal’s report includes detailed information about:
- Travel and Related Transactions
- Banking and financial services
- Trade and commerce
- Grants and awards
The report includes a description of all the major companies with recent approval to do business in Cuba including:
- General Electric
- Norwegian Cruise Lines Ltd.
- Stonegate Bank
- Roswell Park Cancer Institute
- Royal Caribbean:
- Weber Shandwick
- Wheels Up
- US Agricultural Coalition for Cuba (USACC)
- Western Union