Exchange Agreement No. 23
Exchange Agreement No. 23 was published in Official Gazette No. 40,283 of October 30, 2013 (the “Agreement”). Said Agreement informs that the natural persons not residing in the country who enter the Venezuelan territory, through the terminals legally provided and located at the airports and ports, may annually sell up to ten thousand dollars of the United States of America (US$10,000.00) or its equivalent in another foreign currency. Following are the significant aspects of the Agreement:
- Natural Person not Residing in the Country (Persona natural no residente en el país - “PN”): all natural persons who have a residence abroad and enter the Venezuelan territory with the intention of remaining in the same for more than one (1) night and less than one (1) year.
- Authorized Exchange Operators (Operadores cambiarios autorizados - “OC”): the universal banks of a public nature, as well as any other entity or subject that the Board of Directors of the Venezuelan Central Bank (VCB) may authorize to that end.
2. Sale and retention percentage of exchange operators.
- The sale may be made at the desks set up at the airports and ports by the exchange operators authorized by the VCB, at the rate of exchange for purchase determined by said institution, which rate of exchange will be published in its web page.
- The OC may retain twenty-five percent (25%) of the foreign currency acquired in order for the PN to be able, at the time of leaving the country, to obtain foreign currency through the desks located at the same terminals of the airports and ports through which they entered, for up to an equivalent to twenty-five percent (25%) of the amount resulting from the exchange transaction subject-matter of the Agreement, at the rate of exchange for sale published by the VCB in its web page. However, the rest of the foreign currency acquired must be sold to the VCB in accordance with the rules issued to that end.
- The proceeds of said exchange transactions will be delivered to seller in cash and/or, at his/her discretion, they may be credited in his/her favor through a prepaid card issued by the OC in his/her name, which prepaid card may be used for consultation of balances and withdrawals of cash through the electronic or automated teller machine networks and for the payment of consumptions through sales points.
- The PN may require that the OC that issued the prepaid card exchange the balance in Bolivars existing in the prepaid card for foreign currency, at the rate of exchange for sale published by the VCB in its web page.
3. Rate of exchange and OC’s information duty
- The OC must announce at the desks set up at the legally established terminals of the airports and ports the rate of exchange to be used for performing the exchange transaction of the Agreement.
- The rate of exchange applicable to the consumptions made in commercial establishments by natural persons, with a credit card drawn against foreign banks, will be the rate of exchange for purchase published by the VCB in its web page, regardless of the residence of the cardholder.
- The OC must provide the VCB with information about the transactions regulated by the Agreement and must guarantee at all times the proper identification of the PN; they must also guarantee that the PN do not exceed the limits established for said transactions.
The Agreement entered into force upon its publication in the Official Gazette.
In order to access the Agreement, please click here.
“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”