Why Invest?

Venezuela is of international economic strategic importance because it is a major petroleum exporting country. Venezuela exports not only crude oil, but also gasoline, lubricants, jet fuel, bunker fuel and a patented boiler fuel used by electric power plants.

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Market Report

We forecast that the Spending in the residential construction sector will grow at 3.1%, from US$0.9 billion in 2005 to US$1.2 billion in 2015. This growth is due to the government efforts to meet housing demands of the country's entire population.

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Economic Overview

Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, more than 50% of the federal budget revenues, and around 30% of GDP.

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Visa/Residency Issue

• If travelling by commercial airline, a tourist card can be obtained at airport on arrival. If travelling by private transportation or by land, a visa is required.
• Submit your valid, signed U.S. Passport
• 1 Application form, completed and signed
• 2 Passport-type photographs (Glasses should not be worn)
• Copy of airline tickets or itinerary
• Certification of employment, specifying the following: length of employment, position, salary.
• Bank reference letter (not a bank statement) verifying opening date, number and type of account, current balance.

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Getting to Venezuela

Approximate flight time from London tois 13 hours (indirect). The main international airport is Simon Bolivar International Airport (locally known as Maiquetia airport) located in the Vargas state.

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Fees & Taxes

• In Venezuela, property tax is 0.054%.
• There is a 3% tax for transfer of ownership.
• At 34%, the maximum personal tax rate in Venezuela is comparable to that of neighbouring countries.
• Venezuela's corporate income tax rate is 34%.
• VAT in Venezuela is 14% - 15%.

Venezuela

Basic Information

Venezuela Overview

Venezuela , a third larger than Texas , occupies most of the northern coast of South America on the Caribbean Sea . It is bordered by Colombia to the west, Guyana to the east, and Brazil to the south. Mountain systems break Venezuela into four distinct areas.

Average Property Prices

Buying Process

• In Venezuela a written pre-sales agreement between the buyer and the seller is a common practice.
• Here, the obligations are established between both the parties concerning amount of payment, method of payment, time limit of contract, penalties, etc.
• In order to buy property in Venezuela, the valid documents required are your passport and your tourist visa. Next, you need to register with the tax authority of Venezuela.
• Before investing one should take a look at the legal history of the property. This can be done at the Registry Office of the jurisdiction where the property is located.
• Every municipal authority in Venezuela has a real estate database within its jurisdiction that can be used to identify properties and their owners.