Sector policy


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Sector policy
The objectives of foreign investment in the banking and financial sector are the contribution of foreign capital, access to sources of external financing, the acquisition of banking management techniques and analysis of business information that meet international standards of efficiency and safety, the development of banking and financial relationships, access to new products, services and international financial markets. In this sector, the aim is to favor access to financing in the environment of a national financial market; as well as promoting the participation of investment funds through their establishment as non-bank financial institutions. Foreign investment in the banking and financial sector can be carried out through the purchase of shares in financial institutions created under the Foreign Investment Law, the constitution of institutions with mixed capital or totally foreign capital, under the form of a subsidiary. Investment in the capital of financial institutions with 100 percent Cuban capital, as well as the establishment of branches of foreign banks, is excluded.
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Sector information
The foreign investor interested in investing in the Cuban Banking and Financial Sector will be able to find the information and documents required to request the establishment in the country of a bank or a non-bank financial institution, in Decree-Law No. 362 “Of the Institutions of the Banking and Financial System ”of September 14, 2018. Foreign financial institutions or foreign investors can participate not only through the acquisition of shares in Cuban financial institutions created under the Foreign Investment Law, but also through the constitution of financial institutions with mixed capital or totally foreign capital, or another modality of international economic association, according to the Foreign Investment Law. The types of financial institutions that, in the case of foreign investment, can be authorized through a license from the Central Bank of Cuba are: corporate banks, second-tier corporate banks, investment banks and non-bank financial institutions, which must essentially contribute capital, technologies, new banking products and services, access to international financial markets, creating jobs and investing in the knowledge of human capital. These financial institutions, once established, are governed by Cuban legislation, they meet the capital and liquidity requirements, as well as the information requirements that the Central Bank of Cuba requires, they participate in the interbank market, as well as in the settlement systems of Payments. In the same way, they will be subject to the banking supervision established by the Superintendency of BCC, as well as the rest of the one hundred percent Cuban financial and banking institutions. In the aforementioned Decree-Law No. 362 of 2018, Chapter II, the operations and services that the types of financial institutions mentioned can perform can also be found, and in Chapter VI the documents to present to the Central Bank of Cuba for evaluation of the license application No. 56 of August 6, 2020, Resolution No. 25 of February 20, 2020 was published, which specifies the information that the opportunity, pre or technical-economic feasibility studies must contain in the projects foreign investment business. By Agreement No. 115 of the Central Bank of Cuba, of May 29, 1998, banks must have a minimum subscribed and paid capital equivalent to 5 million CUC for the beginning of their operations, while for non-bank financial institutions the capital The minimum amount to be paid is the equivalent of 2 million CUC, at the prevailing official exchange rate at the time of making the payment.
Activity
PROJECTS BY PROVINCES
Business Oportunity


International Economic Partnership Agreement for the provision of technological services
Sector: Banking and financial.
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