Published on and written by Cyril Jarnias
Moving to Venezuela today means accepting a permanent paradox. On paper, the country is one of the least expensive destinations in the world: the cost of living is lower than in 77% of the world’s countries and lower than in 58% of Latin American countries. In reality, hyperinflation, currency duality, shortages, and insecurity turn every expense into a strategic exercise. For an expatriate paid in strong foreign currency, Venezuela can seem very affordable; for the local population, of which 80% live below the poverty line, daily life is a struggle.
The article details the main expense categories (housing, food, transportation, health, education, security) and analyzes the economic, monetary, and fiscal environment that impacts an expatriate’s budget.
Economic and Monetary Portrait: A “Cheap” Country Under High Pressure
Venezuela has the world’s largest proven oil reserves, but has been going through an unprecedented economic and humanitarian crisis since 2015. Approximately 7.7 million citizens – nearly a quarter of the population – have left the country. The GDP per capita, around $15,944, and a human freedom index of 4.18 reflect a fragile economic and political environment.
Inflation remains high (46% in 2024) after years of hyperinflation and successive devaluations. The official currency is the bolívar soberano (sometimes referred to today as the digital bolívar), but in practice, the US dollar dominates most significant transactions, especially in major cities and in the expatriate-oriented economy.
The monthly minimum wage is less than $10, illustrating the purchasing power gap in a context of multiple exchange rates.
Yet, international rankings confirm it: the cost of living in Venezuela is about 1.42 times lower than the world average. The country ranks 127th out of 197 in terms of expensiveness. But this apparent “cheapness” must be put into perspective by the poor quality of infrastructure, the shortage of public services, and security risks.
Sample Budgets: From Frugal Living to Expatriate Comfort
Estimates of monthly budgets vary depending on lifestyle, chosen city, and desired level of security. The following figures provide an order of magnitude for expenses denominated in dollars, the reference currency for most rents and services aimed at foreigners.
Overall Cost of Living Ranges
Aggregated estimates show fairly consistent budgets across different sources:
| Profile | Monthly Cost Including Rent | Monthly Cost Excluding Rent |
|---|---|---|
| Single Person (National Average) | $1,250 – $1,536 | $587 – $786 |
| Couple | $2,037 – $2,751 | $1,287 – $1,692 |
| Family of 4 | $2,755 – $3,214 | $1,692 – $1,834 |
| Average Local (Caracas) | ~$478 | — |
| Average Expat in Caracas | ~$912 | — |
| Digital Nomad in Caracas | ~$4,334 | — |
These figures combine very different profiles: from the corporate-contract expatriate housed in a secure building, to the high-end digital nomad or the local getting by in the informal economy. However, they highlight a key point: an average local salary does not cover a month of “standard” expenses in the capital, while an expatriate with $2,000 to $3,000 per month can enjoy a relatively high standard of comfort.
Realistic Budget Examples for Expatriates
By cross-referencing detailed data, we can outline two typical profiles.
For a single person living in a safe neighborhood of a major Venezuelan city (like Caracas, Valencia, or Maracaibo), in decent but not luxurious housing, the monthly budget can be structured as follows. This estimate includes basic expenses such as rent, food, transportation, and services, reflecting the cost of living in a secure urban setting.
| Item | Indicative Amount |
|---|---|
| Rent (Decent 1-Bedroom, Central Neighborhood) | $300 – $500 |
| Utilities & Electricity (with outages) | $50 – $100 |
| Internet + Mobile | $30 – $60 |
| Groceries | $200 – $250 |
| Restaurants / Cafés | $100 – $200 |
| Transportation (Mix Taxi / Fuel) | $80 – $120 |
| Health (Prorated Insurance + Routine Care) | $200 – $400 |
| Miscellaneous, Leisure, Unexpected | $150 – $250 |
We quickly arrive at $1,100 – $1,800 per month, depending on whether one already has international health insurance through an employer or not, and depending on the level of outings and leisure.
For a family of four, with two children enrolled in an international school and living in a secure building in an upscale Caracas neighborhood, the budget structure changes radically.
| Item | Indicative Amount |
|---|---|
| Rent (Secure 3-Bedroom, Good Neighborhood) | $900 – $1,500 |
| Utilities, Generator, Water | $200 – $300 |
| Internet + Mobiles | $80 – $120 |
| Groceries | $400 – $600 |
| Restaurants / Leisure | $200 – $300 |
| Transportation (2 Vehicles, Fuel, Maintenance) | $300 – $500 |
| International Health Insurance (4 people) | $400 – $1,000 |
| International Schools (2 Children) | $2,500 – $4,000 |
| Private Security / Domestic Staff | $200 – $400 |
The monthly budget easily exceeds $6,000 for a “corporate expatriate” standard of living. The gap with the average cost for a family of four ($2,700 to $3,200) is primarily explained by international school tuition and high-level health insurance.
Housing: Affordable Rents, But You Pay for Security
Housing is one of the few objectively cheap items when compared to other major cities in Latin America or Europe, but expatriates must factor in two constraints: security and service reliability (water, electricity, internet).
Dollar-Based Rental Market
The rental market for expatriates operates almost exclusively in dollars. Contracts are typically signed for a minimum of 6 to 12 months, with a security deposit of 2 to 3 months’ rent. In major cities, typical ranges are as follows:
| Type of Housing | Area / City | Monthly Rent Range |
|---|---|---|
| Basic Studio | some cities | $80 – $100 |
| Nice 1-Bedroom | major cities (expat profile) | $200 – $400 |
| Nice 2-Bedroom | major cities | $400 – $800 |
| 2-Bedroom with Garden & Parking | less central areas | ~$150 |
| 3-Bedroom in City Center (National Avg.) | ~85 sq m | $377 – $552 |
| 1-Bedroom in City Center (National Avg.) | ~40 sq m | $150 – $230 |
If we zoom in on major cities:
Overview of rent ranges for a one-bedroom apartment in Venezuela’s main cities. Prices are in US dollars and may vary by neighborhood and property condition.
In upscale neighborhoods (Altamira, La Castellana, Las Mercedes, El Rosal): $300 to $800. In less central neighborhoods: starting at $150–$300.
In a sought-after area (Los Mangos, Prebo): between $200 and $500.
Generally between $150 and $400. From $100–$200 on the outskirts.
University city: rents around $150 to $300.
Buildings sought by foreigners often have 24/7 security, access control, and sometimes a generator to deal with power cuts. These criteria weigh more heavily on the choice than pure square footage.
Real Estate Purchase: Attractive Prices but Risky Context
Residential real estate has been heavily corrected by the crisis. Average purchase prices are relatively low:
– Nationally, the price per square foot in the city center is around $73, and around $46 on the outskirts.
– In Caracas, purchasing in the city center revolves around $99 per square foot, and $73 outside.
You can find apartments of 100 sq m in decent neighborhoods between $50,000 and $100,000, and the median price of a home in Caracas is estimated to be around $35,000.
For an expatriate, real estate purchase may seem advantageous, but it carries significant risks such as political instability, legal insecurity, exchange controls, and economic fluctuations. These factors require great caution. Thus, many expatriates, particularly those on short-term assignments (a few years), prefer to opt for renting rather than buying.
Utilities and Services: The Hidden Cost of Outages
“Official” utility costs are very low: electricity, water, garbage for an apartment of about 85 sq m are often billed at a few dozen dollars per month. Average data indicate $19 to $50 for a medium-sized home.
But the reality for expatriates often includes: social isolation, cultural challenges, language barriers, economic fluctuations, and reintegration difficulties.
– The purchase and maintenance of a generator,
– Fuel consumption for that generator,
– Water tanks and pumping systems,
– Sometimes alternative internet solutions.
For an “expatriate-oriented” apartment, total utility costs can thus climb to $100 to $300 per month, depending on generator use and building quality.
Internet access illustrates these disparities well. A basic plan (8 Mbps) costs around $22 per month, but truly high-performance lines (60 Mbps and above) are more in the $30–$50 range. Furthermore, infrastructure quality remains very variable, with an average speed of 6 Mbps nationwide, and frequent outages.
Food: Affordable for Those Paying in Dollars
Even though the country has experienced shortages and sharp price increases, expatriates who shop at supermarkets accepting dollars still benefit from very competitive prices compared to Europe or North America. The contrast with local purchasing power, however, is striking.
Prices of Basic Products
Aggregated data show relatively cheap food in absolute value. Here are some retail price benchmarks:
| Product | Average Price |
|---|---|
| Whole Milk (1 L) | ~$2.06 |
| Bread (for 2 people, 1 day) | $1.26 |
| Eggs (12) | $3.05 |
| Tomatoes (1 kg) | $1.62 |
| Potatoes (1 kg) | $1.86 |
| Chicken (breast fillet, 500 g) | $3.99 |
| Local Cheese (500 g) | $3.63 |
| Local Beer (0.5 L, supermarket) | $1.70 |
| Decent Bottle of Red Wine | $11 |
| Coca-Cola (2 L) | $2.23 |
In Caracas, prices are slightly higher:
– Milk (1 L) around $2.14,
– Bread (0.5 kg) around $2,
– Eggs (12) about $3.4,
– Chicken (1 kg) just below $9,
– Apples (1 kg) at over $5.
In practice, a food basket for one person (home cooking, few high-end imported products) can run between $200 and $250 per month. A family of four typically spends between $400 and $600 on groceries, excluding restaurants.
For households paid in bolívars, the picture is radically different: in 2024, a study mentions a cost of about $531 for a monthly food basket intended for a family of five, while the minimum wage, even supplemented by vouchers and bonuses, remains close to $130 per month in the public sector. Hence the importance of remittances from abroad, which reach about $3 billion per year, or 3% of GDP.
Eating Out: From Very Affordable to “International Price”
The restaurant industry illustrates the diversity of offerings well. In a simple cafeteria or small local restaurant, a meal costs around $10 to $12, while a lunch menu in a business district costs about $16. A combo at an international fast-food chain is around $9 to $10.
The average cost of an Italian meal for two in a neighborhood frequented by expatriates.
For an expatriate, a budget of $100 to $200 per month dedicated to outings (cafés, a few restaurants, movies) is sufficient for a reasonably active lifestyle, especially if most meals are prepared at home.
Transportation: Cheap Gasoline, But Degraded Infrastructure
Venezuela remains the country of cheap gasoline: around $0.50–$0.55 per liter, much less than in most countries. But this apparent advantage comes with supply cuts, waiting lines, and a severely degraded road network.
Public Transportation and Taxis
Public transportation (buses, metro) is extremely cheap on paper, with a single ticket around $0.50–$0.75 and a monthly pass at $27–$30. However, they are generally considered unsafe and unreliable, especially for an expatriate: vehicle obsolescence, insecurity, extreme crowding.
Average cost in dollars for a typical trip of a few kilometers by taxi or private transport in Caracas.
Personal Car: Almost Essential
For many medium and long-term expatriates, owning a car is almost indispensable. The reasons are simple:
It’s important to note that public transportation can present security problems. Frequency is often reduced outside city centers. A certain flexibility is necessary for daily trips, such as shopping, travel to clinics or schools.
With fuel costs being limited, the main weight lies in the purchase and maintenance of the vehicle. A new compact car (like a Volkswagen Golf) costs between $25,000 and $28,000, a sedan like a Toyota Corolla around $39,000. Many opt for a used vehicle, but the supply is very heterogeneous and rigorous mechanical inspection is essential.
A transportation budget for a motorized expatriate, including fuel, minor repairs, some taxis, and parking, can be around $300 to $500 per month for a family, and $80 to $150 for a single person.
Health: A Critical Expense, Largely Underestimated
Health is probably the area where the difference between cost and value is most marked. The public system has largely collapsed: 57% of hospitals do not have regular running water, medication shortages reach 80 to 95%, and tens of thousands of doctors have emigrated.
Public vs. Private: Two Worlds
In theory, the public system is free or very cheap. In practice, the quality is so degraded that most expatriates avoid it, except in absolute emergencies. Patients often have to provide their own gloves, syringes, medications, and waiting times can be incompatible with serious treatment.
Approximate cost in dollars for a short consultation with a private doctor in Caracas.
The problem is that even the private sector is not immune to shortages of equipment or medication. For complex pathologies, evacuation to Colombia or the United States often remains the best option.
Health Insurance: An Incompressible Cost
For an expatriate, having an international health insurance covering major hospitalizations and medical evacuation is not an option but a necessity. Comprehensive policies typically cost between $2,000 and $5,000 per year per adult, depending on age, medical history, and the level of coverage chosen.
This is the monthly cost per person for at-risk profiles or families, often representing the second largest expense after housing.
Alongside this, routine healthcare expenses remain relatively moderate:
– cold medicine for 6 days: about $6;
– box of antibiotics (12 doses): $11;
– box of 32 tampons: $8;
– 2-in-1 shampoo (400 ml): $6;
– routine consultation with a GP or specialist: $40–$50.
The major difficulty is not so much the unit price as the availability of these products and services, especially outside major cities.
Education: International School, A Major Luxury
The public education system also suffers from the crisis. Teacher salaries in the public sector are extremely low (around $19 per month for some) and it is estimated that more than 167,000 teachers have left their posts in recent years. Result: strikes, absenteeism, lack of materials, decline in quality.
For expatriates with children, the almost unavoidable solution is an international school. Caracas concentrates most of the offerings with, among others, Escuela Campo Alegre, Colegio Internacional de Caracas, or The British School Caracas. International institutions also exist in other cities like Maracaibo, Puerto La Cruz, or El Tigre.
Tuition fees are high for the region:
Major international schools often charge between $15,000 and $20,000 in annual tuition per student.
For a family with two children enrolled in this type of institution, the annual bill easily exceeds $30,000 to $40,000. On a monthly basis, this adds $2,500 to $3,500 to the family budget.
At the opposite end, local nurseries and kindergartens can seem very affordable in statistics (sometimes less than $150 per month), but they are rarely adapted to the linguistic and academic constraints of expatriate families moving from country to country.
Security: A Direct and Indirect Cost
Venezuela is ranked among the most dangerous countries on the continent. The Safety Index of Caracas is around 33, with an overall risk level considered high. Risks include pickpocketing, assaults, express kidnappings, armed robberies, sometimes in broad daylight. Terrorism is also considered a significant risk in some border areas.
For expatriates, security translates into very concrete costs.
Secure Housing and “Safe” Neighborhoods
The most sought-after neighborhoods, like Altamira, Los Palos Grandes, La Castellana, Las Mercedes, or El Rosal in Caracas, owe their popularity partly to a higher level of security (though not perfect). Buildings have guards, cameras, access controls, and sometimes underground parking.
In Caracas, for equivalent square footage, rent in secure neighborhoods is significantly higher than in popular neighborhoods. This additional cost is considered an integral part of the “expatriate cost of living” in Venezuela.
Private Security and Transportation
Some international companies go further by financing: research and development, sustainability initiatives, social programs, and technological innovation in the countries where they operate.
– private drivers trained in security protocols,
– sometimes armored vehicles,
– bodyguards or patrols in front of residences.
This is the minimum monthly cost in dollars for an individual wishing to employ a guard or private security agent.
Even without resorting to very sophisticated services, many expatriates adjust their budget:
– by preferring reputably safe taxis or ride-hailing services over public transportation;
– by investing in alarm systems, reinforced locks, cameras;
– by limiting paid nighttime outings, or moving only in groups.
These choices, while reducing risk, have a direct cost (services, equipment) and an indirect cost (limited mobility, wasted time).
Telecoms, Leisure, Clothing: Cheap but Not Always Smooth
Apart from critical sectors (health, education, security), most consumer goods and services remain generally affordable for those with income in foreign currency.
Telecoms and Equipment
Mobile phone and internet services are inexpensive in absolute value:
– mobile plan with calls and 10 GB of data: around $10 to $13 per month;
– prepaid communication minute: about $0.27;
– fixed high-speed internet (60 Mbps or more, unlimited data): $35 to $40 per month on average;
– some more modest plans (8 Mbps) run around $22.
For consumer electronics:
– a 40-inch TV costs about $219,
– an 800/900 W microwave, about $107,
– a 128 GB Wi-Fi iPad, around $523.
Internet subscription prices are comparable to international markets, sometimes slightly higher, but remain accessible for expatriates. The main difficulty lies not in the cost, but in the network quality, which can be affected by frequent outages and slow connection speeds.
Leisure, Sports, and Culture
Regarding leisure, the pricing can be surprisingly moderate:
– a monthly gym membership in a business district costs about $37 to $58;
– renting a tennis court for an hour on weekends is around $15;
– two movie tickets cost about $8;
– two theater tickets (best seats) run around $53.
The amounts spent allow for maintaining a social and sporting life without straining the budget. However, insecurity and transportation problems sometimes limit the frequency of these outings. The quality of cultural offerings is not uniform, but the city still has iconic venues like the Teatro Teresa Carreño or museums of modern art.
Clothing and Personal Care Products
Clothing and personal care products fall into a mid-range price bracket:
| Item | Average Price |
|---|---|
| Jeans type Levi’s 501 | ~$49 – $63 |
| Summer Dress (international chain) | ~$33 – $39 |
| Sports Sneakers (Nike/Adidas) | ~$91 – $104 |
| Leather City Shoes | ~$88 – $115 |
| Deodorant (50 ml) | $5.03 |
| Shampoo (400 ml) | $6 |
| Toilet Paper (4 rolls) | $3.29 |
| Toothpaste (tube) | $3.18 |
Prices are close to those in many Western countries. For an expatriate, this item remains minor in the overall budget. For a local household paid the minimum wage, buying a pair of brand-name sneakers represents several months of income.
Banking, Exchange, and Transfers: Mastering Currency to Master Your Budget
One of the most sensitive aspects of life in Venezuela for an expatriate concerns currency management and financial flows. The local banking system has been weakened by years of hyperinflation and exchange controls.
De Facto Dollarization and Foreign Accounts
Most expatriates operate as follows:
– main bank accounts abroad (home country, or neighboring countries like Colombia or Panama);
– limited withdrawals in bolívars, or in dollars if possible;
– cash payments in US currency for rent, health, school tuition, etc.
International transfers to Venezuelan banks are often complicated or refused by foreign banks, primarily due to US sanctions targeting state entities. When accepted, these wire transfers incur significant fees and delays, with margins on exchange rates that can reach 4 to 6%.
Furthermore, the government maintains strict exchange controls, with several official rates and a parallel market encapsulating much of the economic reality. Resorting to this unofficial market constitutes a crime, even if it is very widespread.
Remittances and Cryptocurrencies
Remittances sent by the diaspora represent an essential windfall: approximately one-third of households are believed to benefit from them, and 94% of these amounts are used for food, 58% for health. Only 3% of these transfers go through traditional banking channels; the majority go through specialized intermediaries (Western Union, MoneyGram, Remitly, etc.) or digital solutions.
Cryptocurrencies, particularly stablecoins like USDT (Tether), are increasingly used to circumvent banking restrictions. They offer advantages in terms of speed (transactions in minutes), reduced costs (fees often under $2), and global accessibility. In response to this phenomenon, authorities are establishing regulatory frameworks and specific supervisory bodies, especially to monitor fund transfers made via these digital assets.
For an expatriate, this means:
– the need to master multiple payment channels (banks, transfer platforms, crypto);
– the importance of following official and parallel exchange rates, and understanding their impact on prices;
– the obligation to manage cash reserves in dollars, with the security implications that entails.
Taxation and Status: Moderate Burden, Real Complexity
The Venezuelan tax administration (SENIAT) applies a progressive income tax ranging from 6 to 34%. A person is considered a tax resident if they spend more than 183 days in the country during a calendar year. VAT (IVA) is set at 16% on most goods and services.
For an expatriate:
Key points regarding the taxation of income earned abroad and declaration procedures.
Agreements with certain countries, like the United Kingdom, mitigate the risk of double taxation on the same income.
Currency variation complicates the precise calculation of taxable income in the local currency.
Most income is often earned abroad but must be declared in the taxpayer’s home country.
Companies employing expatriates usually handle a large part of these procedures. For freelancers or digital nomads, assistance from a tax specialist familiar with both the Venezuelan system and that of the home country is highly recommended.
Quality of Life: What the Numbers Don’t Say
Statistics show a relatively low cost of living, but the overall quality of life score in Caracas is around 52 out of 100, reflecting the following difficulties:
The country presents major challenges: fragile energy infrastructure with possible daily outages, a failing water network requiring tanks (tap water is not drinkable), slow and unstable internet in many areas, high insecurity with dangerous roads and unreliable public transportation, recurrent shortages of food or health products, as well as a tense political climate and an absence of true democratic counter-powers.
In return, some positive elements soften this picture:
– pleasantly warm climate year-round, with temperatures around 23–25°C in Caracas;
– relatively low air pollution in the capital;
– spectacular nature (Angel Falls, Los Roques archipelago, Orinoco);
– still rich cultural life in some urban centers and the friendliness of the inhabitants.
For an expatriate, the question is therefore not just “how much does it cost?” but “what level of risk and discomfort am I willing to accept for this cost?“.
Summary: A Financially Accessible Country, Logistically and Psychologically Demanding
The cost of living in Venezuela for expatriates can be summed up as a double contrast.
On one hand, the raw numbers are attractive: reasonable rents, affordable food, very cheap fuel, daily services often below North American or European prices. With $1,500 to $3,000 per month, a single person can live comfortably in major cities, and a family with a budget of $4,000 to $7,000 can benefit from secure housing, international schools, and private healthcare.
Expatriation in difficult contexts leads to additional expenses often underestimated. Beyond the basic cost of living, one must plan for expensive but essential international health insurance, higher rents to live in safe neighborhoods, as well as costs for private security. It is also necessary to budget for redundancy of essential services (backup generators, water tanks, multiple internet connections) and to dedicate daily time to managing local risks.
For an expatriate, the real question is therefore not just budgetary. It is strategic: under what conditions, with which employer, what health coverage, and what hard-currency compensation structure does moving to Venezuela still make sense? Well-negotiated and properly secured, the experience can offer a materially comfortable standard of living at a restricted cost. Ill-prepared, it exposes one to constraints and risks that the mere cost of living figures do not reveal.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
