Cuba: definitely open for business!

There has been much made of the easing of relationships between the United States and Cuba, and is it true that Cuba is an increasingly attractive market for foreign companies to do business with. Tax incentives are available and if your strategy is to export into Latin America the ZED Mariel Bay special development zone could be the answer. 

Cuba is the most populated country in the Caribbean with more than 11 million
consumers and has one of the highest literacy rates in the world at 98%.  
90% of Cubans own their own homes
Miami is only 198 miles from The Port of Havana 
 
The Cuban government has targeted an economic growth rate of between 4 and 5%pa requiring some $2.5bn in annual foreign investment. 

Over 40 new foreign investment projects are currently under negotiation with the Cuban foreign trade and investment authority. Many projects will be delivered in the ZED Mariel Bay Special Development Zone a 465 square kilometer deep-sea port, railroad, telecoms, and communications hub. 

The business portfolio offered by the Cuban foreign trade and investment ministry is expected to attract investment also in the areas of:
 
Biotechnology
Renewable energy
Food processing
Real estate
Telecommunications
Information technology
Agricultural products
 
The ministry has thus far announced the receipt of some 400 investment requests in the Special Zone, coming from Spain, Italy, China, Panama, Brazil, Mexico, Canada, Russia, Portugal, France and Vietnam.

 

INCENTIVES

Conventional Cuban law requires foreign investors to partner with a state company
but within the ZED Mariel Bay area, companies have the
freedom to be 100 percent foreign owned. 
Foreign businesses can be exempt from taxes on profits for up to10 years.
There is no sales tax for a year and no customs duties on inbound materials.
Foreign investors have the right to transfer their funds and salaries abroad. 
ZED Mariel port has the export advantage of a contract with Mercosur,
the trade bloc that includes Brazil, Latin America's largest country.

 

Contact the AGN Firms best prepared to provide further information:
MONTERO DE LOS SANTOS & ASOCIADOS

Contact Person: Felipe Montero
Phone: (+1 809) 549 5387
EMail: fmontero@monterodelossantos.cominfo@monterodelossantos.com
Firm website: www.monterodelossantos.com

AGN International Ltd is a company limited by guarantee registered in England & Wales, number 3132548, registered office at 24 Greville Street, London EC1N 8SS, United Kingdom.

AGN International Ltd (and its regional affiliates; together "AGN") is a not-for-profit worldwide membership association of separate and independent accounting and advisory businesses. AGN does not provide services to the clients of its members, which are provided by Members alone. AGN and its Members are not in partnership together, they are neither agents of nor obligate one another, and they are not responsible or liable for each other's services, actions or inactions.

This communication is generic in nature, for general information only and does not constitute professional advice. It should not be relied upon in arriving at any decision, and no responsibility is accepted. Salient facts should be verified and professional advice should be taken before taking or refraining from any course of action.

Copyright © 2015 AGN International Ltd, All rights reserved. You are receiving this because you are a member of AGN International Ltd



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AGN International Ltd is a company limited by guarantee registered in England & Wales, number 3132548, registered office 6 Hays Lane, London Bridge, London SE1 2HB, United Kingdom.
AGN International Ltd (and its regional affiliates; together "AGN") is a not-for-profit worldwide membership association of separate and independent accounting and advisory businesses. AGN does not provide services to the clients of its members, which are provided by Members alone. AGN and its Members are not in partnership together, they are neither agents of nor obligate one another, and they are not responsible or liable for each other's services, actions or inactions.

Copyright © 2020 AGN International Ltd, All rights reserved. You are receiving this because you are a member of AGN International Ltd




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