Cuba eases foreign currency account rules for private sector

The Cuban government has introduced new regulations to liberalize the economy by easing restrictions on foreign currency bank accounts for the private sector. Under Resolutions 102/2026 from the Central Bank of Cuba and 103/2026 from the Ministry of Economy and Planning, individuals and legal entities can now open foreign currency accounts without prior authorization from the Central Bank.

Non-state economic actors, including MSMEs, cooperatives, and self-employed workers, may now accept cash payments in foreign currencies and deposit them into their fiscal accounts. These entities can also use foreign currency accounts to pay for international imports of goods and services, receive income from exports and e-commerce, and manage international transfers.

While prior authorization is no longer required, the regulations mandate that accounts opened abroad must be reported to the Central Bank and the National Tax Administration Office. The new framework aims to organize the use of foreign currency in internal and inter-company transactions while maintaining due diligence measures to prevent money laundering and terrorist financing.