The Cuban government's financial obligations to Spanish businesses operating on the island have reached at least 300 million euros, encompassing both acknowledged debts and funds that cannot be transferred abroad.
According to a report from Spain's Economic and Commercial Office in Havana, as cited by El País, the officially registered private debt amounts to 255.9 million euros.
However, the report suggests the actual figure is higher, excluding 39.5 million euros in withheld dividends, 23.6 million euros from commercial transactions, and 11.3 million euros in specific asset accounts, which are also trapped within Cuba.
When these figures are accounted for, the total climbs to approximately 330 million euros. The survey was distributed to 930 Spanish companies with interests in Cuba, with only 182 responding, representing just 19.5% of the total.
Among respondents, 85% acknowledged debts primarily originating between 2017 and 2019.
Business sources revealed that nearly 20% of the affected companies are undergoing insolvency proceedings due to unpaid debts. The regions of Catalonia, Madrid, and the Basque Country harbor the largest concentration of impacted businesses.
Medium-sized enterprises are among the hardest hit, with an average debt nearing two million euros, while microenterprises face an average debt of around 850,000 euros.
Furthermore, 19% of the companies reported that the Cuban government's debts exceed their last year's revenue.
In 2025, the Catalan business organization Foment del Treball highlighted the mounting debt Cuba owed Spanish firms, which at the time had already surpassed 350 million euros in accumulated unpaid invoices since 2018.
Representatives from the Platform of Affected Parties by the Cuban Government's Non-Payments, part of the Catalan employers' association Foment del Treball, argue that Spain's state debt conversion programs could offer relief to creditor companies. This comes as many businesses reconsider investing in Cuba due to unreliable payment assurances.
The economic crisis's impact is also stark in the tourism sector, where Spanish hotel chains and airlines have had to restructure operations due to low occupancy rates and fuel shortages, compounded by extended blackouts and Cuba's liquidity challenges.
The subsistence economy in Cuba is placing Spanish businesses, both large (airlines and hotel chains) and small-medium enterprises, in "serious trouble," forcing them to downsize or rethink operations on the island, as reported by EFE based on investor accounts.
Entrepreneurs interviewed by the agency describe an increasingly challenging environment for conducting business and securing payments, especially after the U.S. detained Nicolás Maduro on January 3, leading to the cessation of oil exports from Venezuela to Cuba and additional pressures on other suppliers.
That same week, power outages left 64% of the island without electricity, alongside fuel rationing and a local currency hitting historic lows, as noted by EFE.
Understanding the Financial Impact of Cuba's Debt to Spanish Companies
What is the total debt of the Cuban government to Spanish companies?
The total debt is estimated to be around 330 million euros, including recognized debts and funds trapped within Cuba.
How many Spanish companies are affected by the Cuban government's debt?
Around 930 Spanish companies have interests in Cuba, but only 182 responded to the survey, with 85% of them acknowledging outstanding debts.
Which regions in Spain are most affected by Cuba's debt?
Catalonia, Madrid, and the Basque Country are the regions with the highest concentration of affected businesses.