Investing in Venezuela in 2027: sanctions, sectors and how to structure a deal

Updated on 12 November 2026. This guide is revised whenever the rules change.

In 2027 a foreign company or fund can invest in Venezuela, but no serious deal starts with price. It starts with three questions: what the sanctions allow, which bank will move the money, and who exactly the counterparty is.

The change dates from 2026: the capture of Nicolás Maduro by the United States on 3 January, diplomatic relations with Washington restored in March, the return of the IMF and the World Bank in April (World Bank, April 2026), a cooperation roadmap with the European Union (Euronews, April 2026). What has not changed weighs just as much: US sanctions remain in force, no election date has been set and inflation is still in triple digits. Venezuela is not yet a normal market, and it is no longer the closed country of 2025.

How is the Venezuelan economy doing at the end of 2026?

It is growing fast, with triple-digit inflation. A business plan has to survive both.

In a KPMG Venezuela survey of 68 executives (August 2026), 44% confirm new investments in 2026 and 40% are studying them.

On the official exchange rate, which the BCV publishes: we will not print a figure that would be out of date within a week. With monthly inflation at 6.2% in October, the bolívar loses value continuously. The economy has largely run on dollars since 2019, although the government rules out official dollarisation. Think in dollars and measure how much of the revenue is actually collected in hard currency.

Sanctions: where do things stand in November 2026?

They are still in force, with wide and revocable exceptions. What follows is a snapshot as of the Bracewell practical guide of 19 October 2026. It is not legal advice: before any transaction, consult a lawyer who specialises in sanctions.

United States: licences, not a lifting

OFAC, the Treasury office that administers the sanctions, issues general licences that authorise defined activities:

• Oil and gas. GL 46E (lifting and sale of crude), GL 48D (goods and services for oil, gas, petrochemicals and electricity), GL 49B (negotiation of conditional investment contracts) and GL 50C (operations of certain named oil majors). Last updated on 28 September 2026 (OFAC, September 2026).
• Banks. GL 57 (14 April 2026) authorises financial services, including dollar correspondent accounts, with the Central Bank, Banco de Venezuela, Banco del Tesoro and Banco Digital de los Trabajadores. It is a licence: those entities remain on the sanctions list (Cleary Gottlieb, April 2026).
• Non-oil investment with the State. GL 56 (14 April 2026) authorises the negotiation of conditional contracts. Signing and performing them requires a separate OFAC authorisation.
• Other licensed sectors. Aviation (June 2026), telecoms (August), mining and gold (September).

Still prohibited, among other things: transactions in the debt of the State and of PDVSA, payments in gold or crypto, and dealings linked to Russia, Iran, North Korea or Cuba.

European Union: individual sanctions

The EU maintains sanctions against 69 individuals and an arms embargo, both extended to 10 January 2027 (Council of the EU, accessed November 2026). They are individual: they do not prohibit trading or investing with private companies that are not listed. The Council's decision for the period after that date is not yet known.

What this means for a European or Latin American company

• Your counterparties. Check who the ultimate owner is, who runs the company and whether anyone appears on the EU or OFAC lists.
• Your banks. A permitted deal is worthless if your bank refuses to process the payment. Ask before you negotiate.
• The US component. A dollar payment passes through correspondent banks in the United States, and a US partner or director can bring the deal under OFAC rules.

Sectors: where are the real opportunities?

Our reading: for an investor that is not an oil major, the interesting part is private companies that sell essential goods and services and get paid in dollars.

• Energy. The reform of the Hydrocarbons Law (29 January 2026) opens primary activities to private players and allows arbitration (Baker McKenzie, March 2026). Several international majors announced agreements or investments in the country in 2026. For a mid-sized player, the realistic way in is energy services, within the conditions of GL 48D.
• Electricity. The country generates about 12,000 MW against peak demand of 16,000 MW (AFP, October 2026), and CAF puts the cost of restoring the grid at about $5bn. Self-generation is a market in its own right, and any company you buy needs its own back-up power.
• Food production and distribution. No reliable public figure here: basic goods, steady demand, prices in dollars in practice, and companies that are often family-owned, with no credit to renew equipment.
• Healthcare. Clinics, laboratories, distribution of medicines: the same logic of essential demand and hard-currency revenue. The filter is the quality of management and of the accounts.
• Non-oil exports. Between $2.3bn and $2.5bn a year, with potential of $8bn according to the exporters' association AVEX. Customers pay outside the country, which makes it possible to secure a loan offshore.
• Telecoms. Under an OFAC licence since August 2026. With no solid public figures, study each case with the text of the licence in hand.

Where does the money for a deal in Venezuela come from?

From abroad. Local banks barely lend: the legal reserve requirement (the share of deposits that banks must keep at the Central Bank) is 73% on sight and savings deposits. Since 15 September 2026 it has been cut to 50% for bolívar term deposits only, which make up 0.78% of liquidity (El Diario, October 2026; Bloomberg Línea). Bank lending stands at about 3.4% of GDP according to Ecoanalítica, against 75% in Chile and 46% in Colombia (The Rio Times, data to September 2026).

A resumed relationship is not a disbursed loan. The IMF and the World Bank resumed dealings on 16 April 2026. For the World Bank, up to $5bn over two years has been mentioned, with a first planned operation of $500m (water and electricity), subject to approval (World Bank, April 2026). The IDB reopened its Caracas office on 2 October without announcing any loan, and CAF set up a post-earthquake reconstruction fund at the end of June. Development finance institutions are returning in stages; their first financings for the private sector have not yet been announced.

That leaves two sources for 2027: private credit (debt funds that finance companies with dollar revenues and security outside the country) and foreign equity (industrial partners, family offices, funds). Both ask for the same things: clear accounts, verified counterparties and a banking route that works. We go into the detail in our article on financing companies in Venezuela.

How do you structure an investment in Venezuela?

What follows are general mechanisms, with no value as legal or tax advice: every point has to be validated with your lawyers.

• Holding vehicle and governing law. The usual route is to invest through a company located outside Venezuela, with the main contracts (shareholders' agreement, loan) governed by a foreign law.
• International arbitration. An arbitration clause with a seat outside the country, before a recognised institution.
• Flows in dollars or in euros. The dollar means US correspondent banks; the euro reduces that point of contact without removing the others. Have the banks validate the full route of the money before signing.
• Security outside the country. A pledge over the shares of the holding vehicle, offshore collection accounts, assignment of receivables owed by foreign customers.
• Counterparty due diligence. Shareholders and beneficial owners, sanctions lists, ties to the State, source of funds. It comes before financial due diligence.
• Entry in stages. A minority stake with governance rights, a joint venture, or a call option subject to conditions.
• Exit. It is negotiated on the way in: drag-along and tag-along rights, a put option, a timetable. The clauses that count are in our article on the term sheet.

Which risks need a hard look?

• Politics and elections. No election date has been set as of 12 November 2026. Protection: invest in tranches, with drawdowns tied to milestones.
• Currency and inflation. The IMF projects average inflation of 175% in 2027 (IMF, October 2026, via Bloomberg Línea). Protection: dollar revenues and as little cash in bolívars as possible.
• Reversible sanctions. A general licence can be amended or revoked. Protection: suspension and exit clauses triggered by a change in sanctions.
• Legal certainty. Local litigation is hard to predict. Protection: foreign law, international arbitration and security outside the country.
• Infrastructure. Power generation does not cover peak demand. Protection: budget for self-generation and audit every site.
• Earthquakes. The World Bank estimates the direct damage from the earthquakes of 24 June 2026 at $19.6bn. Protection: technical inspection of the assets and a review of the insurance cover.

Where to start: six steps

1. Write your thesis on one page: sector, amount, horizon and what you will not do.
2. See a sanctions lawyer before the first substantive meeting.
3. Ask your bank in writing whether it will process payments to and from Venezuela.
4. Go there. Direct flights resumed in 2026: Air Europa from Madrid (February), TAP from Lisbon (March) and American Airlines from Miami (30 April). For French companies, Business France has announced a business mission from 25 to 28 January 2027 (Team France Export).
5. Pick two or three target companies and check the counterparties first.
6. Negotiate a staged entry, with a term sheet that sets out governance, tranches and exit.

What does Prouesse do between Europe and Venezuela?

Prouesse is an investment bank based in Paris that is building a practice between Europe and Venezuela. We help Venezuelan companies find international financing (private debt, funds, European investors) or a buyer. We support European investors, lenders and companies entering the country: identifying opportunities, structuring, negotiating. And we work on project financing (infrastructure, energy, water) backed by long-term contracts.

We focus on companies that are critical to the economy and generate dollar revenues, on deals from €2m. Adrien Pannetier, the founder, has family ties in Venezuela and has been building a network there since 2024. The team works in Spanish, French and English. We advise, structure and make introductions, without lending or investing, and only within the applicable sanctions framework (OFAC, EU). The detail is on our Venezuela page.

Frequently asked questions

Is it legal to invest in Venezuela in 2027?

Yes, in many cases, but not in all. EU sanctions are individual and do not prohibit investing with private companies that are not listed; US sanctions remain in force and authorise defined activities through licences. It all depends on who invests, with whom, in which sector and in which currency: have it confirmed by a specialist lawyer.

Are the sanctions on Venezuela still in force?

Yes. The United States has not lifted its sanctions: it manages them through OFAC general licences, which can be amended or revoked. The European Union maintains sanctions against 69 individuals and an arms embargo, both extended to 10 January 2027 (Council of the EU).

Which sectors offer the most opportunities?

For an investor that is not an oil major, the most accessible are those that sell essentials and get paid in hard currency: healthcare, food distribution, food production, exporters and energy services. Electricity has large needs, but it usually involves the State as counterparty.

Can profits be repatriated?

It depends on the structure, the banks and the exchange regime in force at the time of payment: there is no general answer. The question is worked through before investing: which currency the company collects in, where its accounts are and which bank will process the transfers.

How do I start investing in Venezuela?

With three checks before negotiating: a sanctions lawyer reviews your exposure, your bank confirms it will process the flows, and you establish who stands behind each counterparty. Then come the trip, the selection of two or three companies and a staged entry.

Adrien PannetierFounder of Prouesse. 15 years in private equity and impact investing, formerly at Caisse des Dépôts.