796. Are specific licenses still required for transactions relative to the administration of a Cuban estate?
Section 515.523 of the Cuban Assets Control Regulations authorizes all transactions incident to the administration and distribution of the assets of a blocked estate of a decedent. All property distributed pursuant to 31 CFR § 515.523 is unblocked, provided that neither Cuba nor a Cuban national (other than the decedent or a person unblocked pursuant to 31 CFR § 515.505) has an interest in the property. For a complete description of what this general license authorizes and the restrictions that apply, see 31 CFR § 515.523
Furthermore, funds deposited in a blocked account in a banking institution in the United States held in the name of, or in which the beneficial interest is held by, a national of Cuba as a result of a valid testamentary disposition, intestate succession, or payment from a life insurance policy or annuity contract triggered by the death of the policyholder or contract holder may be remitted to the national of Cuba pursuant to 31 CFR § 515.570(g). For a complete description of what this general license authorizes and the restrictions that apply, see 31 CFR § 515.570(g).
Please note, effective November 26, 2020, 31 CFR § 515.570 no longer authorizes any transaction relating to the collection, forwarding, or receipt of remittances involving an entity or subentity identified on the State Department’s Cuba Restricted List.
Date Released
October 26, 2020
1) General restatement of part of the text of 515.523 and 515.570.
2) FAQ Amended on 10-26-2020 to make stylistic changes and to account for the publication of an FR notice announcing certain remittance-related amendments to take effect on Nov. 26, 2020. For further details, see FAQ # 852, and comments thereto. The second paragraph of the FAQ was added.