This thesis comprehends a notable research gap through its exploration of risk and opportunity perception for Swedish firms’ internationalizing to Cuba, by conducting a multiple-case study of three Swedish firms’. A qualitative research method has been used in accordance with an abductive approach. The conceptual framework illustrates the correlation between the theories, which has been applied to the empirical findings. Conclusions derived throughout the analysis and the significant theoretical implications demonstrate answers to the dominance of arbitrage opportunities. Empirical implications illustrate why risks and opportunities might be acknowledged differently due to industry, whereas managerial implications emphasize the importance for Swedish firms’ to understand the complexity impregnating the business environment.