Cuba to allow wholly owned foreign companies - NBC News

Cuba to allow wholly owned foreign companies: NBC News

CNBC.com staff | @CNBC



Cuba is proposing a new foreign investment law that promises no

"expropriations" and the opening of all economic sectors, except public

health, education and military, according to documents seen by NBC News.



The foreign investment law, which is expected to pass Saturday, would

allow wholly owned foreign companies to exist in Cuba. Up until now,

only "mixed companies" had been allowed in Cuba. "Mixed companies" are

majority-controlled by the government.



The law would also cut the profits tax in half to 15 percent and exempt

investors from payment for 8 years.



Source: Cuba to allow wholly owned foreign companies: NBC News -

http://www.cnbc.com/id/101515488