Carlos Saladrigas Envisions Cuba as a Caribbean Financial Hub Similar to Singapore in 10 to 15 Years

Cuban-American entrepreneur Carlos Saladrigas, a cofounder of the Cuba Study Group, has articulated a bold vision for a post-transition Cuba, aiming to transform it into a significant financial center in the Caribbean, akin to Singapore, within a decade or so.

In an interview with CiberCuba, Saladrigas, who is 77 years old and serves as the chairman of Regis HR Group, expressed his aspirations: "I don't want to see a Cuba that resembles the Dominican Republic. I envision a Cuba that is extraordinary, exceptional, and a crucial financial hub in the Caribbean in 10 to 15 years," said the Harvard MBA graduate.

Strategic Phases for Transformation

Saladrigas has outlined his plan in three distinct phases. The initial phase, termed stabilization, is projected to last between two to four years and would require an investment ranging from $6 billion to $10 billion. This funding would be sourced from the Cuban diaspora, the U.S. government, and international bodies like the IMF. The subsequent phase involves the reconstruction of infrastructure, estimated to take an additional five years. The final phase embodies his most ambitious vision: "Do we want a country reliant on tourism, resembling our Caribbean neighbors, or do we aspire to become a Singapore or a blend of Singapore with Israel or the Baltic nations?"

Rejecting Existing Models

Firmly dismissing the Chinese or Vietnamese development models for Cuba, Saladrigas cited a comment from former Cuban minister Ricardo Alarcón: "Cubans are not Chinese." He also ruled out Cuba's potential as a manufacturing hub due to its population size. Instead, he advocates for focusing on the digital economy, artificial intelligence, medical tourism, and research and development. "We are in a digital era. Cubans have excelled in digital efforts [...] We must quickly integrate into this field," he asserted.

Leveraging Strategic Advantages

Saladrigas points to Bermuda as an example, where a small island has carved out a strategic position in the global economy through the reinsurance market, boasting a GDP per capita that surpasses that of the United States. He also notes that Cuba has the highest proportion of homeownership in the hemisphere, providing a capital advantage for business ventures through mortgage options, aligning with the theories of Peruvian economist Hernando de Soto.

Economic Context and Political Critique

These statements come amid a severe economic crisis in Cuba. The country's GDP fell by 5% in 2025, the Cuban peso depreciated by 47.8% within a year—from 345 to 510 pesos per dollar—and CEPAL reports a GDP per capita of just $1,082.8, the lowest in Latin America. Nevertheless, Saladrigas sees this moment as "the best opportunity we've had as a people" to forge a different nation.

He supports the Trump administration's approach to Cuba, which on February 25 authorized the direct sale of U.S. fuel to private Cuban microenterprises, bypassing the embargo. "It's what we have. It's sheer pragmatism," he commented. In stark contrast, he described Biden's inaction as "political cowardice" for not continuing the thaw initiated by Obama, attributing its failure solely to the Cuban regime's unwillingness: "It didn't work because the Cuban government simply didn't want it to work."

Saladrigas, who launched the Cuba Emprende project over 15 years ago—training over 15,000 entrepreneurs for free—denied accusations of being a Castro regime agent: "I haven't received a dollar from Cuba. I haven't personally invested in any business in Cuba." He succinctly summed up the revolutionary failure with a straightforward critique: "For 67 years, they've been wrong: they've fought against wealth instead of against poverty, which is the correct approach."