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Cuba to allow wholly owned foreign companies: NBC News

Adalberto Roque | AFP | Getty Images

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.