Fidel Castro’s departure from power and the prospect of a different foreign-policy approach to Cuba by an Obama Administration have led to increased speculation about American claims against the Cuban government over lost property. According to the U.S. Foreign Claims Settlement Commission, there are about 6,000 certified claims of Americans who had lost property or other assets to nationalization. The claims, most of which involved commercial land or debts, are valued at about $6 billion.
Some salient points:
>Under U.S. law, the 46-year-old trade embargo can’t be lifted absent a settlement of the certified claims.
>The claims of exiles were not certified. Certification only applies to those who were American citizens at the time of expropriations.
>Cuba has settled all of its property claims with other countries.
>Realistically speaking, we’re talking pennies on the dollar here.
>Moreover, the Cuban government has some interesting counter-claims. It figures the economic damages from the embargo amount to $190 billion.
>And President Bush recently filled an FCSC opening. The new commissioner? Cuban exile Ralph Martinez, the brother of Florida Republican Sen. Mel Martinez.