In an article published in the SunSentinel, partner Brendan Aloysius Barry explains what President Donald Trump’s rollbacks of Obama Cuban policies mean for businesses. On June 16, Trump announced a revised travel policy that will ensure tighter enforcement including eliminating the “people to people” visits. Now visitors will need to travel through a licensed third-party travel provider to ensure their travel fits into the authorized categories. According to a study by Engage Cuba, rolling back the current policies will cost U.S. businesses and taxpayers up to $6.6 billion over the next four years and negatively impact 12,295 U.S. jobs.
For those investing in the growing private hospitality sector in Cuba, “these new regulations will cause a halt of operations or a change of course, which will have a ripple effect throughout our South Florida economy,” said Brendan.
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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.