TORONTO — Cuba is easing rules on foreign ownership for tourism projects, unlocking supply chain control and more as it works to keep its tourism industry afloat amid severe challenges brought on by the U.S. administration’s sanctions and oil blockade.

The island has rolled out what it calls a historic package of 176 free-market reforms with the goal of revitalizing its travel sector. The economic pivot empowers travel sector key players and global investors, says the Cuba Tourist Board, as it eases state dominance.

“We are excited to be part of this extraordinary chapter,” said Gihana Galindo, Director of the Cuba Tourist Board in Toronto. “These reforms mark a milestone that allows our industry to be more sustainable, autonomous and resilient.”

Canada’s travel advisory for Cuba remains at orange (avoid non-essential travel) and major resort companies have pulled out of the island ahead. Canada’s airlines have suspended flights to Cuba, while earlier this month Canada’s major tour operators announced they were suspending Cuba operations indefinitely.

Here’s a look at some of the key points in Cuba’s plan …

• 100% Foreign Ownership Allowed: Investors can now bypass state joint ventures to build and fully own new tourism projects.
• Direct Supply Chain Control: Operators can import premium inventory directly, eliminating bureaucratic delays and product shortages.
• Prime Destinations Unlocked: Exclusive private capital is entering previously restricted state zones like Old Havana, Trinidad and Los Cayos.
• Global Banking Integration: New private bank entries streamline financial transactions for seamless booking and operator payments.
• Diaspora Funding Recommitted: Cubans living abroad can buy property and directly manage premier heritage boutique hotels.
• Dynamic Property Leasing: Hotels are being rapidly leased out to agile, private hospitality operators.
• Authentic Local Excursions: Private enterprises are free to design and market unique, hyper-local cultural experiences.
• Real Estate & Marinas: Authorizes real estate development in all tourist areas based on demand, alongside joint ventures and leasing schemes for marinas.
• Digital Banking: Establishes an online cooperative bank specifically designed to promote and manage virtual assets.
• Transport & Logistics: Approves car rental operations managed through joint ventures, foreign investment, and private or non-state entities.
• Travel Operations: Recognizes travel agencies run by joint ventures and private actors, while incorporating tourist guides and local destination managers.
• Global Expansion: Drives the international franchising of prestigious Cuban brands, including La Bodeguita del Medio, Floridita and Gato Tuerto, to boost global market positioning.
• Non-Western Investment Influx: Targeted marketing drives capital from alternative global markets into coastlines and cruise terminals.
• Elevated Guest Standards: Decentralized management guarantees faster service, upgraded facilities and enhanced visitor satisfaction.

The Cuba Tourist Board notes that Cuba’s Ministry of Tourism is actively welcoming international proposals for commercial opportunities, and says those interested in submitting projects can contact the Cuba Tourist Board, the Cuban Consulates, or the Cuban Embassy in Ottawa.