June 29 – The Cuban Foreign Investment Law came into force on Saturday after being approved on March 28 by Parliament as an alternative to boosting economic growth of the nation.
Act 118 poses financial and tax facilities to attract foreign capital, with respect to socialist principles and projections update the Cuban economic model.
It also establishes a mechanism for renewal and the economic future of Cuba, which will also grow international confidence by providing adequate and transparent legal framework.
This legislation also establishes joint venture arrangements, international economic association contract or the company with totally foreign capital.
Also provides, with respect to state ownership, the total or partial transfer of economic objectives for development, exceptionally, if it prove useful and necessary.
The law also emphasizes patriotic aspects such as respect for the sovereignty and independence of the country to investment in any sector. Furthermore, it may agree to international economic association contracts, something that had already lost in the law effective.