Attorneys in the hospitality, travel, telecommunications and construction sectors stand to gain major opportunities and investments following President Barack Obama's announcement that the U.S. would ease travel and trade restrictions with Cuba.
Financial Services Practice Group Leader Jose Sirven said South Florida could become the epicenter of mid- to small-sized businesses interested in pursuing opportunities in Cuba now that regulations have eased up. He added that financial institutions, which previously were not permitted to have correspondent accounts with Cuban banks, will feel the immediate effect of the changes and that he expects his financial institution clients to call for advice on how these changes might affect them.
“It's an immediate change that they need to figure out how to handle,” Mr. Sirven said. “They can't currently have Cuban accounts, but that's a particular change that the president has requested. It sounds like financial institutions will now be permitted to deal with Cuban banks.”
READ: BigLaw Stands To Gain From New US Policy In Cuba (subscription required)
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