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About Brian Botta
Expertise

Relocating to a foreign country and adjusting to life in a different culture, with a different language and a different set of values can be difficult. As a foreign expatriate living in Venezuela I've become rather well acquainted with how the country operates and how to avoid problems in Venezuela.

I have specific expertise with regard to the relocation of English speaking individuals and families to Margarita Island, including the associated issues of renting or buying a home, acquiring language training, acquiring a residence or investor visa, opening bank accounts, finding competent professionals (doctors, lawyers, accountants, dentists, etc.) placing children in a private school and other associated issues involved with relocating individuals or families to Margarita Island.



Experience


Experience in the area
I (a US Citizen) relocated my family to Margarita Island in early 2005, and we have been living here since that time. We are now residents of Venezuela, living normal lives and doing business here on the Island.

I am active in real estate development and sales, as well as helping foreigners relocate to Margarita Island. I'm a writer, and my website (http://bulletproofretirement.com) has over 200 articles on the various aspects of relocation abroad and moving to Margarita. As a writer and researcher I am quite experienced with providing complete answers to specific questions.

I currently assist with the relocation of 1 to 2 individuals each month, about half of them from the US and the rest from Canada and the UK. Some of the clients are retirees, others are business or real estate investors who need assistance in finding quality properties to purchase. In either case, I've become experienced in solving problems with moving to Venezuela.


 
   

You are here:  Experts > Cultures > South America for Visitors > Venezuela > Moving Money

Topic: Venezuela



Expert: Brian Botta
Date: 2/10/2008
Subject: Moving Money

Question
I am a US citizen visiting Venezuela. I have a substantial amout of bolivares that I would like to convert to USD. Can I just go into a bank, show them my passort and convert an amount less than US$10,000.00 each time? Or would you recommend me going to ABN Amro and doing $20,000.00 USD every 2weeks? Will the question my source of funds?

Answer
Hi Mack

No, no and yes.

Just because you go into a bank and show them your passport doesn't mean the bank will sell you dollars.  In fact, they aren't going to sell you any Dollars at all, because that's against the law.  They can take your Dollars and give you Bolivares, but they can't turn around and sell you Dollars.

The only practical legal way to get the money out is to use the method known as "permutos de bonos".  This is a proceedure done by the brokerage houses that involves a debt swap, with bonds purchased for Bolivares in Venezuela swapped for US treasury debt and sold for Dollars in Miami or New York.  

This particular operation is legal.  

I do not know if ABN Amro will perform this operation, but almost any casa de bolsa in the country can do so, as well as some of the commercial banks.

Yes, there will most certainly be questions asked about the source of funds, and possibly demands to see supporting documentation.  

There is also the black market, but you have to know somebody.

Cheers,
Brian

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