July 11, 2017 12:07 PM
In a commentary published in the Daily Business Review, partners Brendan Aloysius Barry and Aliette D. Rodz discuss the negative effect President Trump’s rollback of Obama Cuban policies means for businesses in South Florida.
According to a study by Engage Cuba, rolling back the Obama-era U.S. policy on Cuba would cost U.S. businesses and taxpayers up to $6.6 billion over the next four years and airlines would lose $512 million annually. “There is too much momentum and investment of both financial and intellectual capital for companies to simply abandon Cuba altogether,” said Aliette and Brendan. The new regulations will force a rethinking of how the growing hospitality sector will do business. Unless, Cuba reacts quickly and allows for a more direct employment and payment of its people by foreign enterprise, which may positively impact their economy and people.
Under the new policy, U.S. funds may not be used to benefit any government run facility including hotels or restaurants. This may drastically halt travel and be seen as a hard-line, anti-job stance, considering the positive economic impact that has occurred since the reestablishment of diplomatic relations in 2014.
To read the full article, please click here.
About Brendan Aloysius Barry
Brendan Aloysius Barry is a partner in the Ft. Lauderdale office of Shutts & Bowen LLP, where he is a member of the Real Estate Practice Group and Cuba Task Force. Brendan represents owners, developers and lenders in the acquisition, development, finance, leasing and disposition of corporate assets and commercial real estate.
About Aliette D. Rodz
Aliette D. Rodz is a partner in the Miami office of Shutts & Bowen LLP, where she is a member of the Business Litigation Group and Chair of the Cuba Task Force and the firm’s Diversity Committee. Aliette has experience litigating across numerous industries, including real estate, banking, creditors’ rights, construction, insurance, gaming, professional services and aviation. She also represents international businesses with claims in the U.S. as well as American clients with claims abroad. Aliette is a member of the Cuban-American Bar Association, heads the firm’s Cuba Task Force and regularly assists clients with their business prospects in Cuba based on the recent changes in U.S. regulations.