Is it time to Start a Business in Cuba

Considerations for Investing in Cuba

There are two real ways right now to start a business or to invest in Cuba and the two spectrums are really quite different.

If you are a very large company looking to invest several hundred thousand US dollars of British pounds, or if the millions, the Cuban government are actively offering investment opportunities in many different sectors albeit, in very specific projects.

An example of this is the drug and biochemical investment program which is running in conjunction with BioCubaFarm.

If you are a medium-size or small investor like me, then one of the best opportunities right now is property.

Buying a property in Cuba is far from simple and certainly not as you would do in the UK or USA.

There are though properties available in Cuba if you buy one of the very small numbers of foreigner-owned properties.

Alternatively, if you have a family member in Cuba and would trust to have the property in their name, this is another popular option at the moment.

The rules of foreign ownership are quite strict but on suspects will certainly change in a few years’ time.

You could even consider marrying a local but be warned that as the rules presently stand if you got divorced then your partner may then own the property.

it is still quite a high gamble but of course, there are potential high rewards.

The question perhaps is whether or not you are looking for high-risk investment.

The very best investment opportunities in Cuba at this time are reserved for the high-end market ie for those with very large amounts of money to invest and this, of course, tends to favor corporations and large businesses looking to be involved with Cuba.

Starting an English School

I have been getting a number of inquiries from those of you who are interested to start s language school or wish to come here to teach English or to teach Spanish.

The situation is that there are no real opportunities at this time if you are looking for a one-year paid contract such as the TEFL jobs which get offered in countries such as Korea, Japan, Thailand, and Vietnam.

If you are willing to teach for free just for the sake of developing some cultural understanding of Cuba and just to get a chance to meet and spend time with local Cuban people, you can often engage with the locals and teach in return for getting experiences such as the chance to eat at the home of a local family.

Many Cubans I have found are especially interested to begin to master and at least getting to a decent level of English, German and Spanish in the main tourist areas.

Tourism is already developing at a rapid rate in Cuba and the local people are aware of the potential of understanding other languages.

As opportunities do come up they will be on the teaching in Cuba page.

Freight Forwarding

A very genuine and powerful opportunity right now if you are looking for one is to find a way to offer freight forwarding to and from Cuba.

I am getting constant inquiries and requests for shipping and freight requests ie for a freight company but no one seems to be available or run freight services to Cuba.

Such are the restrictions that even freight to the island still seems very difficult at this time of writing. If you know of a freight agent serving Cuba, I would love to know – contact page here.

Is it the Right Time for Starting a Business in Cuba?

Beware – The reality is that even though there is a lot of change afoot in Cuba, it is still very much a minefield and a high-risk location in which to be starting a business at this time.

The government still has very strict controls over countries in Cuba and there is little protection for foreign investors and businesses.

Cultural understanding – One of the hardest things of all for those of you looking to start a business in Cuba as a non-Cuban, apart from getting to grips with the rules, regulations, and controls, is understanding Cuba culture and what will work in Cuba.

Understanding the culture of the local country is of course always important but then what makes it even more different here is the fact that there is and has been such poverty for much of the population.

The purchasing power and consumer needs are thus very different from what you might be used to in other countries.

It is important to try and understand the unique environment, people, and culture and the 60 years of oppression and how this will reflect on your business.

Conclusion – Cuba is a very exciting country and there are some wonderful opportunities to start a business in Cuba.

Do go into it though with great patience and try and spend a few months in Cuba to really try and understand the culture and the people.