A New Dawn For Cuba?
International and Cross Border Transactions Partner Aymee Valdivia was quoted by the Latin American Corporate Counsel Association (LACCA) News on Article 28 of the newly proposed Cuban constitution. Article 28 shows support for foreign investment for the first time, but many attorneys are divided on if the new law will impact Cuba's business landscape. Ms. Valdivia states that Cuba's opening of the private sectors of tourism and construction have had some success, but there are many hurdles holding back the sectors from flourishing further.
“Foreign investment is not allowed within the private sector – essentially, a foreign company can only invest through a partnership with a state-owned company,” says Holland & Knight Partner Aymee Valdivia.
“Unless there is a change in policy and in the foreign investment law and its regulations, I don’t see the new constitution, by itself, providing a change in the foreign investment regime in Cuba or creating a sufficiently improved legal framework to increase foreign investment in the island,” says Ms. Valdivia.
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