On 18 November 2014, the government of Venezuela published Decree No. 1,438. The core scope of this Decree was to establish the principles, policies, and procedures for foreign investment in Venezuela.
The key aspects of this new Decree are:
- The National Center of Foreign Commerce and the Ministry of Commerce (CEMCOEX) becomes the principal regulatory entities for foreign investments (instead of the Superintendence of Foreign Investments). The Ministry of Petroleum and Mining, the Superintendence of Banks, the Superintendence of Insurances and the Superintendence of Securities. also become responsible for the foreign investment registration and other certificates related to foreign investment.
- In order to obtain approval, at least 75% of the investment must be in the form of equipment, raw materials and other tangible goods.
- Only investments exceeding US$1 million minimum can be eligible to obtain a foreign investment registration. The CEMCOEX has the right to reduce this amount in order to promote foreign investment in SMEs.
- Foreign investors can remit dividends for up to 80% of dividends abroad at the end of the fiscal year.
- Foreign investments must stay in Venezuela for at least five years since their date of inception. After a period of five years and payment of any financial obligations, a foreign investor may repatriate up to 85 percent of the registered foreign investment. He may only repatriate the investment volume earlier and in full in case the investment is sold to Venezuelan citizens.