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Cuban parliament passes new foreign investment law

Monday, March 31, 2014

The Cuban Parliament unanimously adopted on Saturday a new Foreign Investment Law, described as a crucial tool to consolidate the country's economic model and build a prosperous and sustainable socialist system. The law was adopted with modifications along with a report submitted by the parliamentary commissions on economic, and constitutional and legal issues.

The extraordinary session, called by the Council of State to analyse the bill, was attended by President Raul Castro, as well as by Communist Party leaders and government officials. Lawmakers insisted on the need to attract foreign capital to sectors of interest in the country, particularly those related to the production of goods, under the principle of protecting natural resources and the country's national sovereignty.

The new Cuban foreign investment law offers guarantees to investors, such as the free transfer abroad of profits in convertible currency, exemption from taxes on income from net profits and other benefits authorised for reinvestment.

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