Cuba will allow nationals living abroad to invest in and own businesses on the island, economic czar tells NBC News [View all]

Source: NBC News

March 16, 2026, 7:20 AM EDT / Updated March 16, 2026, 9:20 AM EDT


HAVANA — Cuban nationals living abroad in places such as Miami will be allowed to invest in the private sector and own businesses in their homeland, the country's economic czar has told NBC News in an exclusive interview.

Oscar Pérez-Oliva Fraga, Cuba's deputy prime minister, said that a "blockade" by the United States is hampering these efforts as the island grapples with an energy crisis, rare violent protests and public pressure from the Trump administration.

“Cuba is open to having a fluid commercial relationship with U.S. companies" and "also with Cubans residing in the United States and their descendants," Fraga said in a sit-down in Havana, ahead of announcing the news to his country Monday night.

The interview, his first, comes as Fraga tries to breathe life into Cuba's ailing economy with a series of economic reforms aimed at creating what he called a “dynamic business environment.” The aim would be to revive a range of sectors, from tourism and mining to fixing and updating the antiquated power grid.

Read more: https://www.nbcnews.com/world/cuba/cuba-allow-nationals-living-abroad-invest-businesses-island-economy-rcna263637