Despite the apparently cordial relations, U.S. sanctions on Cuba remain in place and risks remain for potential investors.
There is still a trade embargo between the U.S. and Cuba -- which requires congressional approval to be rescinded -- but amendments to the rules have been made to open up travel, economic and communication flows, the U.S. Treasury states on its website.
These amendments were "to further engage and empower the Cuban people by facilitating authorized travel to Cuba by persons subject to U.S. jurisdiction, certain authorized commerce, and the flow of information to, from, and within Cuba," the Treasury said.
There are signs that the trade embargo could be lifted entirely, too, with U.S. Secretary of State, John Kerry, saying on Monday that he favoured lifting the trade embargo on Cuba because the island is making progress in the right direction.Despite the rosy outlook for U.S.-Cuban relations, Verisk Maplecroft's Latin America analyst Ross warned that that it was possible for foreign businesses in Cuba to fall foul of the government's tight control of industry.
"The laws governing foreign investment and employment are very cumbersome and difficult to navigate," he warned. "The government tightly controls what foreign companies do and the country's inefficient bureaucracy is incredibly complex. The rule of law is weak, and companies will be powerless in a government dispute."
Read MoreA warning on doing business in Cuba
Labour is hired through the state and companies do not have control over their workforce or over how much employees are paid, he added. The biggest risk, however, came from a leadership change in 2018.
"Raul Castro's successor, thought to be Miguel Diaz Canel, will have to manage hard-line communist elements and ensure that Cuba continues to implement economic reforms to improve the business environment for foreign investors."