Cuba's government is poised to permit Cubans living abroad to own and invest in private businesses on the island, a potential historic shift amid the country's worsening economic turmoil.

In a televised press conference on Friday, President Miguel Díaz-Canel announced that new measures would enable expatriates to participate in Cuba's economic development. He tasked Vice Prime Minister and Foreign Investment Minister Oscar Pérez-Oliva Fraga with providing details on Monday, emphasizing the government's responsibility to welcome, listen to, and assist Cubans abroad. The reforms target mipymes, or micro, small, and medium enterprises, legalizing informal financing from relatives overseas, particularly from Miami's Cuban exile community.

The move comes as Cuba grapples with chronic blackouts, food and medicine shortages, and crumbling infrastructure. Nearly two million Cubans, mostly young professionals, have emigrated under Díaz-Canel's leadership, leaving the state desperate for diaspora capital and expertise. A recent U.S. oil blockade under President Donald Trump has exacerbated fuel shortages, prompting Havana to publicly acknowledge talks with the Trump administration for the first time.

Earlier this month, Decree-Law 114/2025 authorized public-private partnerships for the first time since the 1959 revolution, allowing state enterprises to collaborate with private MSMEs on pricing, wages, banking, and trade. This builds on the growth of nearly 10,000 private firms employing over 30% of the workforce.

Trump has urged Cuban-Americans to return and rebuild the island, while Secretary of State Marco Rubio called for dramatic economic changes. Cuban-Americans possess the skills and funds to revitalize the economy, according to former Congressman Joe Garcia.

However, skepticism abounds. Miami Republican Rep. Carlos Giménez stated there would be no U.S. investment without major political reforms. Experts like University of Miami professor Michael Bustamante warn that without legal guarantees and constitutional changes, major inflows are unlikely, citing past reversals of openings. Havana's bureaucracy could delay implementation for months or years.

The reforms reflect pressure from U.S. sanctions and internal collapse, but exile groups demand democratic transitions alongside economic liberalization. Businessman Hugo Cancio outlined needed steps, including property protections and real estate access.

Díaz-Canel framed the diaspora engagement as resolving 'almost all concerns' raised by expatriates, amid ongoing U.S.-Cuba negotiations.