Caribbean Coral Reef Protection Act -States that it shall be U.S. policy to: (1) undertake measures to deny the government of Cuba, the Cuban Communist Party, or any of their instrumentalities the financial resources to engage in activities that threaten U.S. national security and other interests, threaten Cuba's environment and natural resources and Florida's marine environment, and prolong the dictatorship that oppresses the Cuban people; and (2) deter foreign investments that would enhance the Cuban regime's ability to develop its petroleum resources.
Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to exclude from U.S. entry an alien who: (1) is an officer or principal of an entity, or a shareholder who owns a controlling interest in an entity that makes an investment (as defined by this Act) of $1 million or more (or any combination of investments that equals or exceeds $1 million in any 12-month period), that significantly contributes to Cuba's ability to develop petroleum resources off its submerged lands; or (2) is a spouse, minor child, or agent of such person.
Exempts on a case-by-case basis entries: (1) for medical reasons or property-related litigation; or (2) where a transition government is in place.
Defines "investment" and "petroleum resources" for purposes of this Act.
Directs the President to impose two or more specified export, procurement, financial institution, loan, or Export-Import Bank sanctions if the President determines that a person has made an investment of $1 million or more (or any combination of investments that in the aggregate equals or exceeds $1 million in any 12-month period) that contributes to the enhancement of Cuba's ability to develop petroleum resources off its submerged lands or has made an investment of any amount of money that contributes to such an enhancement and has trafficked in confiscated U.S. property.
Makes it illegal for a U.S. person to facilitate Cuba's ability to develop petroleum resources off its submerged lands.
Directs the Secretary of State to report annually respecting the impact of the development of Cuba's petroleum resources on the environment and natural resources of Cuba's submerged lands and Florida's marine environment.