⚠ COMPLIANCENot investment advice. U.S. sanctions restrict Cuba investment to the licensed independent private sector. Every transaction is KYC'd, OFAC-SDN & Cuba Restricted List screened, confirmed as an independent private entity (≤100 employees), and subject to OFAC counsel. No money flows to state, JV, GAESA, Restricted-List or confiscated-property counterparties.

The law on the ground

What's allowed in Cuba — and what isn't

Every asset on this atlas sits under two legal regimes at once, and you must satisfy both: Cuban domestic law decides what a foreigner may own or do inside Cuba, and U.S. sanctions law decides what a U.S. person may touch at all. A deal that is legal in Havana can still be a felony in Miami. This page is the plain-English map of both — with primary sources where we have them, and an honest flag where the law is unsettled.

The finding that shapes everything

There is no equity lane. No U.S. OFAC general license authorizes a U.S. person to take an ownership stake in a Cuban private business — and the widely-repeated claim that Cuba began letting the diaspora take equity in MIPYMEs in March 2026 could not be verified against primary Cuban law. Both sides point the same way: the only clearly-authorized way for a U.S. person to back a Cuban entrepreneur today is remittance / payment support (via QvaPay), not equity. That is why this site says "support," never "invest."

Go deeper

How to invest under Cuban law — every requirement →

The full Law 118 process: the 7 approval stages & deadlines, the three vehicles, capital, tax & labor regimes, guarantees, and the Mariel fast-track.

1 · On the ground in Cuba (Cuban law)

Foreign investment is governed by Law No. 118 of 2014 and its regulation Decreto 325/2018 (MINCEX, marco legal). Cuban law lets foreigners invest — but almost always with the state, in approved projects, never by quietly buying a state asset or a private shop.

✓ Allowed under Cuban law

✓Foreign investment through three forms: a joint venture (empresa mixta), an international economic association contract (AEI), or a wholly-foreign-owned enterprise. (Ley 118)
✓In all sectors except health & education for the population and the armed forces (bar their enterprise systems).
✓Repatriate profits freely abroad in convertible currency, with no transfer tax.
✓Protection from expropriation except declared public-utility, with indemnification at commercial value in convertible currency.
✓Up to 100% foreign ownership inside the Mariel Special Development Zone (ZED Mariel, Decreto-Ley 313).
✓Operate licensed private MIPYMEs (≤100 employees) — now under Decreto-Ley 88/2024.

✕ Not allowed / unsettled

✕Buying a Cuban state asset outright. State-asset deals must be approved by the state (MINCEX → Council of Ministers, or delegated ministry heads per Acuerdo 8732/2019) and fit the Cartera de Oportunidades portfolio.
✕Investing in health/education-to-population or the armed forces' sectors.
✕Foreigner/diaspora taking direct equity in a private MIPYME — UNVERIFIED. Widely reported (≈March 2026) but not confirmable in primary law. A 2026 migration/investor reform exists (Granma, May 2026); its equity scope is unclear. Treat as counsel-required.
✕Routing money through the military conglomerate GAESA and its arms (CIMEX, Gaviota, FINCIMEX, Almacenes Universales) — which control ports, tourism, retail and the remittance rails.

2 · The U.S. side (sanctions law)

The embargo baseline is the Cuban Assets Control Regulations (31 CFR Part 515): for a U.S. person, transactions with Cuba are prohibited unless authorized, and §515.201(c) independently bans structuring around the rules. A narrow set of general licenses opens a private-sector lane.

✓ Authorized for U.S. persons

✓Remittances & payments to Cuban nationals and independent private entrepreneurs (§515.570).
✓Importing goods & services from independent private sector entrepreneurs — §515.582, using the §515.340 ≤100-employee / non-regime test. (Fed. Reg. 2024-11618)
✓Internet-based services (§515.578) and telecom/payment platforms (§515.542).
✓U.S. bank accounts opened solely in the name of a Cuban independent private entrepreneur (§515.584(h), new in 2024).

✕ Prohibited for U.S. persons

✕Equity in any Cuban enterprise. No general license authorizes it — it would need a specific OFAC license.
✕Any transaction with GAESA / Restricted-List / SDN entities. GAESA has been SDN + Restricted-List since Dec 2020 and was re-designated under EO 14404 (May 7 2026). (OFAC FAQ)
✕Lodging at a Prohibited Accommodations List hotel; any confiscated-property nexus → Helms-Burton Title III treble-damages liability, broadened by Havana Docks (May 21 2026); Title IV visa bars.
✕Payments or inducements to Cuban officials — FCPA plus sanctions exposure.

The general licenses that open the lane

515.340

Not a stand-alone license — defines 'independent private sector entrepreneur', the eligibility class the other private-sector GLs run through. Excludes prohibited Cuban government officials and Communist Party members; caps qualifying private businesses/cooperatives at 100 employees.

Establishes who counts as legitimate private sector. A MIPYME or its owners must fit this definition to be a permissible counterparty, keeping the activity clear of GAESA / state-controlled (CRL) entities.

515.582

Import into the U.S. of goods and services produced by independent Cuban entrepreneurs (per the State Department's 515.582 List), including all payments necessary, with documentary proof of independent status.

Primary legal lane for buying from / paying Cuban private-sector producers (MIPYMEs). Supports remittance- and payment-rail flows (e.g., QvaPay) tied to genuine private-sector goods/services rather than state entities.

515.542

Mail and telecommunications transactions and payments involving Cuba, including internet connectivity and contracts with providers serving individuals in Cuba.

Underpins the connectivity and payment-messaging layer that fintech and digital private-sector services rely on; legitimizes paying for telecom/data services that QvaPay/MIPYME operations depend on.

515.578

Export/reexport to Cuba of internet-based communication and supporting services (incl. software design, IT management, cloud services) and import of Cuban-origin software.

The lane for software, fintech app delivery, and cloud/IT services to and from Cuban private-sector developers — directly relevant to a digital wallet / fintech (QvaPay-type) and to investing in MIPYME tech ventures.

What changed in 2025–2026

2020-12-21GAESA originally placed on the SDN List and Cuba Restricted List
2024-05-29CACR amendments effective — 515.340 redefines 'independent private sector entrepreneur'; expanded private-sector general licenses
2026-03-18Cuba rule change allowing diaspora/foreign equity in MIPYMEs (private SMEs); formalized via Official Gazette package published May 5, 2026
2026-05-01EO 14404 signed — expanded IEEPA-based Cuba sanctions and secondary-sanctions authority
2026-05-07First EO 14404 designations: GAESA, Moa Nickel S.A., Ania Guillermina Lastres Morera
2026-05-18Second tranche: MININT, PNR, DGI and eleven senior officials (incl. Rodriguez Lopez-Calleja, Rosabel Gamon Verde)
2026-05-21SCOTUS Havana Docks ruling (8-1, Thomas, J.) broadened Title III Helms-Burton trafficking liability for use of confiscated Cuban property
2026-06-04Third tranche: MINFAR, Minera La Victoria, CDR, ICAP/Amistur, Diaz-Canel and Lis Cuesta Peraza, Alejandro Castro Espin
2026-06-05GAESA foreign-person wind-down deadline (OFAC limited non-targeting posture ends)

3 · The only lane today

Put the two regimes together and one path survives: support the licensed independent private sector through OFAC-authorized remittances and payments, routed via QvaPay, to entrepreneurs who pass a KYC + OFAC-SDN screen as independent private entities of ≤100 employees — with settlement that never touches GAESA, FINCIMEX, or a Cuban state bank, and no confiscated-property nexus. Not equity, not state assets, no regime counterparties. See how support works and the compliance posture.

Open legal questions (get counsel)

• Whether Cuban law actually permits foreign/diaspora equity in MIPYMEs (unverified).
• How EO 14404's IEEPA program and secondary-sanctions reach interact with the CACR private-sector GLs.
• Helms-Burton Title III exposure for any asset with a confiscation history after Havana Docks.
• Securities-law treatment of any pooled vehicle, even one limited to remittance/payment support.

Confidence: Cuban-law and core OFAC statements above are drawn from primary sources (MINCEX/Ley 118, Gaceta Oficial, Federal Register 2024-11618, OFAC FAQs) and were adversarially verified; Helms-Burton and EO 14404 secondary-effects statements rest on named law-firm analyses and the ingested OFAC corpus and are not individually court-confirmed here. See Data & methodology. This is research, not legal advice — stand up any structure only with OFAC sanctions counsel and securities counsel.