Shine a light on Cuba

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All eyes were on Cuba last week following every detail of President Obama's visit to the island nation, not least the potential investment opportunities that a political opening may offer. In a previous post I addressed some of the difficulties U.S. investors face because of the economic embargo imposed by the U.S. on Cuba. This post is dedicated to the investment environment in Cuba, and the opportunities that are coming into view for the energy sector. Foreign Investment Act 118 In April of 2014 the Cuban parliament adopted Law No. 118 to promote foreign investment in the country. It was part of a wave of reforms aimed at ...

Cuba: chipping away at the embargo

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President Obama's visit to Cuba this week has encouraged renewed speculation on the opening of investment opportunities for U.S. investors, despite the repeated caution in most news reports that high level political events are fast outpacing economic change (and certainly political change) on the island. Yet the Cuban government has made much more progress than the U.S. in eliminating legal obstacles to investment (more to come on this). The changes that have happened so far in the U.S., like the lifting of the travel ban, are cosmetic, in light of the edifice of prohibitions embodied in the legislation that constitutes the ...