How does President Barack Obama’s recent announcement regarding the significant changes to travel and financial transactions with Cuba affect your clients?
Canadians, Latin Americans, and Europeans have been visiting Cuba as a travel destination for decades, In fact, Canadians are the top travellers to Cuba, making over one million trips to the country each year.
However, the Cuban-USA foreign affairs embassy has been closed since 1961, which has meant that borders between the US and Cuba have not been open to US citizens for over 50 years. While President Obama’s recent announcement on loosening restrictions between the two countries means significant changes for Cuban-USA relations, it will also have the following effects for Canadians, Latin Americans, and Europeans travelling to Cuba:
- Improvement to the country’s infrastructure—more money pouring into the country means improvements to building, roads, and public facilities.
- Difficulties booking accommodations like hotels and resorts—with potentially millions of additional visitors pouring into the country from the US, accommodations will become scarce until the country can catch up to the demand.