Cuba to allow wholly owned foreign companies: NBC News
CNBC.com staff | @CNBC
Cuba is proposing a new foreign investment law that promises no
“expropriations” and the opening of all economic sectors, except public
health, education and military, according to documents seen by NBC News.
The foreign investment law, which is expected to pass Saturday, would
allow wholly owned foreign companies to exist in Cuba. Up until now,
only “mixed companies” had been allowed in Cuba. “Mixed companies” are
majority-controlled by the government.
The law would also cut the profits tax in half to 15 percent and exempt
investors from payment for 8 years.
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