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Compensation Issue Revived in Cuba

HAVANA, Cuba—While it may be years before normalization allows for investment, the issue of compensation claims must be settled more quickly, and may involve business opportunities rather than cash.

By David Phillips | Updated on December 28, 2014

HAVANA, Cuba—The United States and Cuba appear to be moving to normalized relations and the end of more than 50 years of trade embargo, Bloomberg noted last week that the issue of compensation for those individuals and corporation’s whose property was seized in the 1959 revolution is still in play.

Under the 1996 Helms-Burton Act, the U.S. can’t lift its embargo until the Cuban and American governments agree to settle the outstanding claims. Under another law, it will fall to the U.S. State Department to negotiate the value of the claims with the Cuban government. The two nations may settle for a fraction of the $7 billion (by today’s accounting) owed.

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