Cuba is expected to approve a new law that in theory will draw more foreign investment to the socialist country. But in practice, critics argue, it will be insufficient to assuage investor concerns about their money.
According to the proposed law, a copy of which has been seen by NBC News, fully foreign-owned firms will be permitted, and taxes will be either lowered or eliminated for some time. Additionally the taxes will be streamlined to cover net income rather than labor.
Washington attorney Jason Poblete says Cuba still lacks two of the bedrocks of investing: rule of law, and protection of property rights.
"You need a stable legal system that protects investor rights and has a path to resolve disputes," said Poblete, who represents American clients with claims against Cuba stemming from the mass nationalization of private property in the early 1960s, after Fidel Castro took control of the island in a 1959 coup d'etat.