Updated March 17, 2026 / 8:11 PM EDT / CBS News
The Cuban government plans to permit Cuban nationals living abroad — including in the United States — to invest in companies on the island, Deputy Prime Minister Oscar Pérez-Oliva Fraga told NBC News in an interview aired Monday. Fraga said Cuba is open to a “fluid commercial relationship” with U.S. firms and Cubans residing in the U.S. and their descendants, and that investments could range from small businesses to large projects, particularly infrastructure. He indicated the policy change would be announced Monday night.
CBS News has sought comment from the White House.
The announcement would mark a notable shift for an economy long dominated by state control and where private enterprise was tightly limited until reforms began in 2021. The move comes as Cuba confronts a failing energy grid, public protests and growing strain from U.S. pressure. Earlier this year, the Trump administration threatened steep tariffs on countries that ship oil to Cuba, cutting off fuel supplies and exacerbating shortages.
President Trump has suggested the island’s communist government could collapse, and late Sunday said the U.S. and Cuban governments were in talks. He described Cuba as a “failed nation” that wants a deal and warned “we will pretty soon either make a deal or do whatever we have to do,” adding that “something will happen with Cuba pretty quickly” though he wanted to focus on other priorities first. He has previously floated the possibility of a “friendly takeover” of Cuba and said he could “do anything I want with it” when asked about potential plans.
How much investment Cuba could attract is uncertain. U.S. sanctions make direct American investment difficult without government permission, though some exceptions exist. The U.S. Treasury’s Office of Foreign Assets Control and the State Department restrict many transactions and bar direct financial dealings with firms tied to Cuba’s military or intelligence services.
Fraga acknowledged U.S. commerce restrictions are “undoubtedly an element that affects the development of these transformations.” Andy Gomez, a University of Miami professor of Cuban studies, told CBS Miami that foreign investment carries risks in Cuba, noting it is unclear whether companies investing there would be able to retain most of their earnings.