From private enterprise to property: Cuba's reforms unpacked

Cuban lawmakers approved nearly 200 free‑market reforms, a sweeping overhaul aimed at ending a grave crisis and easing the U.S. fuel blockade. The package includes 176 measures—the largest shift since the island began embracing capitalist reforms decades ago. The plan expands private enterprise by allowing larger private firms and multiple business ventures, and permits private and foreign investors to acquire shares in state companies. State enterprises will be reorganized as commercial entities, while the state salary scale is replaced by company‑level agreements that allow more flexible compensation. The reforms also target land, banking, energy, and taxation to stimulate private activity. Energy policy loosens fuel restrictions, inviting private and foreign investment in the purchase and sale of fuel, while tax incentives support renewables such as solar panels. On property, Cubans may buy state‑owned real estate on a case‑by‑case basis and develop sites with tourist potential, expanding home ownership beyond existing private rights. Banking rules encourage private investment and allow accounts in foreign currencies for individuals and companies, with remittances no longer confined to the state. Land remains state‑owned but usable through usufruct for agro‑fishing, forestry, agro‑tourism and tobacco production for an indeterminate period.