Raul Valdes-Fauli recalls the day in November 1960 when an agent of Fidel Castro's revolution arrived at his family's Pedroso Bank in Havana with a machine gun, demanding they leave. The bank was seized, and the family, who had arrived from Spain in the 16th century, were stripped of their property. Seven decades later, such traumatic episodes are resurfacing as President Donald Trump's threats of military intervention and a naval blockade of fuel shipments have prompted negotiations between Washington and Havana.
Many Cuban Americans believe 2026 could see regime change on the communist-run island, but this cautious optimism is tempered by fears of being excluded. They worry about a repeat of what happened in Venezuela, where Trump ousted Nicolás Maduro only to join forces with his former allies, prioritising oil deals over democracy. Valdes-Fauli expressed hope that Trump would not repeat that approach.
A key and emotional aspect of the talks is the potential for hundreds of thousands of legal claims by Cuban Americans whose property was seized after Castro took power in 1959. Nick Gutiérrez, president of the National Association of Cuban Landowners in Exile, advises families on seeking compensation. Interest in the issue has surged amid speculation about regime change, drawing in younger Cuban American entrepreneurs.
Untangling property claims is complex, says Washington attorney Robert Muse. The strongest claims are the 5,913 certified by the Justice Department in 1972 for $1.9 billion, including corporations like ExxonMobil and Marriott International. Under US law, these claims must be resolved for full normalisation of relations, but the executive branch can assume control and negotiate a lump-sum settlement.
Cuba has signalled willingness to discuss the claims as part of broader talks over compensation for damages from the US trade embargo. A thornier issue is Title III of the 1996 Helms-Burton Act, which allows exiles to sue companies “trafficking” in confiscated property. Trump lifted the suspension on Title III in 2019, leading to about 50 lawsuits, with more possible depending on Supreme Court cases.
