The Bolivarian Republic of Venezuela is a country located in Latin America; it is constituted by a continental expanse and a considerable number of islands and islets in the Caribbean Sea.
functioning as a federal presidential republic within a centralized authoritative framework, Venezuela possesses the world's largest known oil reserves and has historically held a prominent position as one of the leading global exporters of oil.
At present, Venezuela is undergoing a profound political, economic, and social crisis. The
nation is mired in an unprecedented social and humanitarian collapse, stemming from
ill-advised economic policies and political conflicts. This crisis has manifested in
widespread food insecurity, marking the second-largest migration crisis globally, and
regional instability.
Despite the current economic and political crisis, Venezuela offers the Rentista Visa Program.
Rentista Visa
With the Rentista Visa Program, Venezuela extends renewable, temporary residence permits valid for one year to individuals who can substantiate a foreign-source income of at least US$1,200 per month.
After two years, the applicant becomes eligible for Residente status, a visa with a five-year validity period.
Following 10 continuous years of residency (or 5 years if married to a Venezuelan citizen or a citizen of specific countries), the applicant qualifies for Venezuelan citizenship.
The Rentista visa has a validity of one year and is renewable indefinitely as long as the applicant continues to meet the conditions.
How to apply
To be eligible for the Temporary Rentista visa, applicants must demonstrate a foreign-source income of no less than US$1,200 a month for a main applicant, as well as an additional US$500 a month per dependent.
Additionally, the applicant must provide a number of documents, including
Original and copy of the passport;
Passport photos;
A roundtrip or exit ticket to Venezuela;
A Medical certificate;
Proof of payment of the consular fee, which varies by diplomatic mission.
Benefits
No contribution requirement
Minimum investment - only declaration of sufficient means to support yourself is required
Visa-free travel within MERCOSUR
Path to citizenship
not require physical presence at temporary stage
processing time 1- 3 meses
Permits dual/multiple citizenship
Lower cost of living
citizenship grants visa travel: 127 destinations, including schengen countries
Advice
Does Venezuela seem like a good option to us?
Venezuela is a country with strong intervention, and is not a free country, PEOPLE. From our point of view, we understand that it's a place only to obtain a paper residency.
We do not recommend doing business in Venezuela if you do not have a local partner.
Also, due to the crisis, properties in Venezuela are at a low price. However, we think that buying a property today would be high risk.
On the other hand, in case you want to enjoy the natural part, it can be a good option due to the low cost of living, but we understand that there are better places in Latin America with similar requirements.
Some of these countries are:
Fundraising: In terms of fundraising, we believe that Paraguay is a best option because it does not require showing a passive income.
Residency: Regarding the requirements, Paraguay has fewer requirements to obtain Temporary Residency.
Tax residence: Uruguay and Paraguay have lower rates.
Citizenship: The timeframe to acquire Argentine citizenship is 2 years.
In conclusion, if you do not have a special reason to obtain a second residence in Venezuela, we would opt for another country.
If you want more information about Investment Abroad and its opportunities to develop
business, contact us today! Below this article, you will find a link to set up a free
ten-minute consultation with us to discuss your options further.
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