Currently, it is possible to make investments in the Venezuelan real estate market while being located in another country. This situation has allowed the market to rebound after almost a decade of difficulties in the sector. This is why, with quality advice, many people and companies have been able to buy a property in Venezuela from abroad without major complications. And that is why we want to explain to those interested what are the requirements and how is the process to achieve it.
What must a foreigner do to buy real estate in Venezuela?
All persons who want to buy real estate in Venezuela from abroad can do so as long as they comply with certain process. That is why, depending on whether they are foreigners outside the country, foreigners residing in the territory, or even Venezuelans abroad, they will have to have certain special documents. Because each situation contemplates special requirements according to Venezuelan laws.
In the case of foreigners who want to buy a property in Venezuela, they must take into account that they can only do so with a transient visa. Unlike other countries, where properties can be purchased with a tourist visa, Venezuela establishes certain special bureaucratic processes to achieve this.
Requirements to buy real estate in Venezuela from abroad
If the buyer is a foreigner, he/she must have the corresponding visa and depending on the location of the property, a special border state permit may be required.
In addition to that, it must have the following requirements:
- He entered the country legally.
- Transient Visa.
- National person empowered to formalize the sale and purchase.
What is the process to buy a property in Venezuela?
The process of buying and selling a real estate property in Venezuela is governed by the Title V of the Civil Code. This establishes two processes that are generally carried out in short periods of time. Before formalizing the purchase-sale it is advisable to subscribe a purchase-sale option, where the terms and conditions of the transaction are established, this allows in turn to have enough time to make the previous legal review of the property and thus to validate the ownership of the property and to verify that it is free of encumbrances.
Subsequently, the law establishes the presentation of the final purchase and sale document before the corresponding Public Registry. This is what is known as the notarization of the purchase contract and is fundamental for legal purposes.
The complete list of requirements and documents to be notarized can be found in our article Legal aspects of buying and selling real estate in Venezuela.
Are there any restrictions for a foreigner who wants to buy real estate in Venezuela?
If there are any restrictions for a foreigner to purchase real estate in Venezuela. This is governed by Article 48 of the Organic Law of National Security. Where it is expressed that the acquisition of real estate in certain areas of the country is not allowed:
- A strip adjacent to rivers, lakes and seashores.
- Transmission corridors for gas pipelines, oil pipelines, multi-purpose pipelines and power lines.
- Border areas.
- Any space near military areas and basic industries.
- Land adjacent to major land, water and air communication routes.
- Any other area considered as security and defense of the Nation.
Recommendations when buying a property from abroad
Regardless of whether the buyer is a Venezuelan or a foreigner, he/she must grant a power of attorney to his/her attorney representative or trusted person, through the Venezuelan consulate located in the country where he/she is. If the country does not have a consular office, the power of attorney can be executed through the notary public's office and apostilled according to the Hague Convention.
Once the buyer has selected the property, he/she should be represented by a lawyer who can determine the legality and order of the documents of the property. In addition, the lawyer must make sure that the property is free of liens and prohibitions before the real estate registry or court of the country.
If you want more information or need advice on this and other issues related to the legal side of buying and selling real estate in Venezuela, do not hesitate in contact us at through our form. In addition, we share with you our social networks so that you can keep updated on the legal topics that are in trend: Instagram, Facebook, Twitter y Linkedin.
