The Obama administration announced wide-ranging changes to loosen travel, commerce and investment restrictions on Cuba. The new rules allow American companies to open locations and hire workers in Cuba. U.S. companies will be allowed to establish subsidiaries or joint ventures as well as open offices, stores and warehouses in Cuba. Additionally, the new rules will expand telecommunications services, facilitate financial transactions between the two countries, remove limits on the amount of money that can be brought to Cuba, and allow “certain persons” to open and maintain bank accounts in Cuba. Read more about the Details of the Changes in this Blog Post by Jose Aquino, Esq. of the Duane Morris Cuba Practice Group.
Most travel restrictions for US citizens remain in place, but according to the announcement, additional close relatives will be allowed to visit or accompany authorized travelers for certain additional activities. Information about visa requirements and travel restrictions may be found here.
Check back often for updates on this rapidly evolving situation.