Following the historic meeting between President Obama and Cuban president Raul Castro, Upstart Business Journal published an article on April 14, 2015 by Bass, Berry & Sims attorneys Thad McBride and Cheryl Palmeri outlining the challenges and opportunities for U.S. companies considering business in Cuba. As the estranged countries work to normalize relations after years of hostility, many U.S. companies are eyeing the new marketplace. However, Thad and Cheryl warn that U.S. law continues to prohibit many transactions in Cuba or with the Cuban people, and “U.S. Businesses Face Many Practical Issues When Entering the Cuban Market.” Among the potential obstacles of doing business in this regime are a Cuban prohibition on foreign investment in certain industries, dual currencies, endemic public corruption, and U.S. banks wary of processing Cuban payments. However, there are areas ripe with opportunity in Cuba, including the energy, technology, automotive, and tourism industries.
For more information on the potential challenges and opportunities for U.S. business in Cuba, click here to read the full article from the Upstart Business Journal.
A similar version of the article, “Viewpoint: ROI in Cuban Market? TBD,” was published in the Washington Business Journal on June 12, 2015 and is available online.