Abstract
The legislative decree—Decree No. 50—allowing for foreign investment in Cuba today was ironically written back in 1982. Cuban officials have resuscitated this decree following the collapse of the Soviet system in order to obtain badly needed foreign investment. As a result, there has been a significant increase in the amount of joint ventures between foreign entities and the Cuban government. This paper gives an overview of the foreign investment laws, the application process to establish joint enterprises and the various operating aspects regarding business in Cuba, which have come about as a result of Decree No. 50. It examines the risks and rewards of doing business on the island and the impact of the United States on the efforts to liberalize the Cuban market.
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