The agreement between Cuba and United States for the restoration of diplomatic relations has been widely understood as the beginning of a process that will lead to the lifting of the North American embargo.
Our Law Firm has reached some agreements and international alliances to be able to accompany our clients to Cuba, to help them to open new markets, to advise them how to operate with legal certainty and to convert business expectations into definite opportunities of investment.
To invest in a foreign country, apart from the knowledge both of the legal framework and the rules which will apply to the investment (laws, taxes, rules about dividend repatriation, imports, exports, etc.), the knowledge of the culture and the thinking of the country and its authorities it is essential.
Therefore, we are aware that when we to talk with a client about a possible international investment we should be able to inform about laws and contracts but we must be able to transfer our “know how” about the foreign country in a much broader sense.
Tourist investments are well known in Cuba. However Cuba offers a lot of opportunities. For instance Cuba has developed a legal framework in the ZEDM (“Zona Especial de Desarrollo de Mariel”, special zone of development in Mariel) based on the legal commitment and certainty in order to attract new investments with political, financial and legal advantages. ZEDM is much more than a mere custom free-zone.
Florit Abogados is in a position to inform our clients when a Joint Company is not needed any more or in which terms and conditions a direct investment is allowed according to the laws of Cuba, even without compulsory limits on local sales or on exports.
Apart from investments in hotels, there are a lot opportunities in Cuba: Metal structures, electric and telephone, sanitary drivers, air conditioners, steel industry, lead, metal, scaffolding, electrical equipment, elevators, appliances, paint, engines, water pumps, furniture, tires, wrapping and packaging, clothing, footwear, telephony, compute, etc.
Definitely our advice to our clients is to position themselves in Cuba and take advantage of the opportunities of investment.
Florit Abogados together with our partners and collaborators are in a position to assist the investor in this business providing an important added value.