Hiring of employees, facilities for investors: Cuba regulates opening amid crisis

The Cuban government has implemented new regulations under Decree-Law 128, which went into effect on September 3, introducing significant changes for foreign companies operating in the country. The measures eliminate state intermediaries in the hiring of personnel for foreign firms and grant them the ability to operate bank accounts outside the island without prior authorization from the Central Bank.

Additionally, the new framework provides foreign businesses with expanded administrative facilities to conduct import and export activities. These regulatory adjustments represent a notable opening for foreign investors amidst the ongoing economic crisis in Cuba.