Spanish companies scale back in Cuba after investing $541 million over 30 years

Spanish business groups have scaled back their operations in Cuba amid recent threats from the United States, a Caribbean island where cumulative Spanish investment from 1993 to 2024 amounts to 465 million euros (541 million dollars). The majority of this investment is concentrated in the accommodation sector, with major hotel chains like Meliá and Iberostar being prominent players, according to the latest data from ICEX, Spain's public business entity for foreign investment promotion.

The deadline set by the U.S. Administration for foreign companies to sever economic and business ties with Cuba, particularly with companies belonging to the Revolutionary Armed Forces' conglomerate (Gaesa), has led to a partial withdrawal by Spanish firms operating on the island. This includes major hotel operators who have significant stakes in Cuba's tourism industry.

Over 100 administration contracts managed by approximately 20 foreign chains are approved in Cuba, with more than 70 involving Spanish firms such as Meliá, Iberostar, Valentín, Blau, Roc, Barceló, and Axel. The European Union is a crucial trading partner for Cuba, with Spain playing a significant role. European data indicates that the EU had a trade surplus with Cuba in goods totaling 914 million euros in 2025. For Cuba, the EU represented 24% of its total trade exchange in 2024, with Spain accounting for 55% of that amount.

The trade balance between Spain and Cuba has historically favored Spain. In 2025, imports from Cuba were valued at 111 million euros, primarily consisting of Cuban cigars and rum. Conversely, Spain's commercial exposure in Cuba is relatively minimal. Exports to the island reached 682 million euros in 2025, representing only 0.18% of Spain's total annual exports. Top Spanish exports to Cuba include electrical apparatus and materials, beer, and mineral water. From 2015 to 2019, Spanish exports to Cuba peaked above 900 million euros annually, though the trend has been downward in recent years, with a 15% decrease in 2025. The island has also seen a decline in tourist arrivals, falling from a record 4.7 million in 2018 to 1.8 million in 2025.