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I will not invest in Cuba: Cuban-American executive

He runs his own real estate development group and sits on the board of the Mayo Clinic and Home Depot, but Cuban-American business executive Armando Codina has no interest in investing in Cuba now that the U.S. is re-establishing diplomatic relations with the communist country.

"I would not invest in a place until I could feel comfortable with a constitution, a rule of law and respect for private property," Codina, CEO of Codina Group, told CNBC's "Power Lunch" on Wednesday.

Earlier in the day, President Barack Obama declared an end to America's "outdated approach" to Cuba. Plans include expanding economic ties, opening an embassy in Havana, reviewing Cuba's designation as a state sponsor of terrorism and easing some travel restrictions.

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Codina, who came to the United States from Cuba as a child as part of a U.S.-orchestrated airlift, said he has no immediate plans to return to his native country.

"I will go to Cuba when I can travel there with dignity and hopefully to do some good and not look into so much to invest, [but] what I could contribute," he said.

—The Associated Press contributed to this report