Holland & Knight issued the following announcement on May 26.
International and Cross-Border Transactions attorney Aymee Valdivia was quoted in a Daily Business Review article discussing the Biden Administration's reversal of several Trump-era restrictions on Cuban immigration, travel and remittances. The administration’s latest step to thaw U.S.-Cuba relations would allow more money to flow to the country’s private sector through remittances, but formal investment will still require Cuban government authorization. Mr. Valdivia highlighted that without authorization, the agreements aren’t enforceable in Cuban courts.
"You cannot control what Cuba will authorize," she said. "We have the experience of many clients trying to go to Cuba and put money in the country and invest there. It was authorized by the U.S. government but Cuba didn’t accept the business or approve the business... They didn’t want that U.S. presence or to feel like they were losing control."
Original source can be found here.
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