US-Venezuela tax obligations

If you’re a Venezuelan citizen living in the US or US citizen with assets in Venezuela, you have cross-border tax obligations with two systems: US IRS and Venezuela tax authority. This guide covers main points.

Official IRS tax treaty status — verified data

Official source: IRS — US Income Tax Treaties A-Z

Verified on: 2026-05-25

✅ Venezuela HAS a tax treaty with the US confirmed on the official IRS list.

Treaty documents: https://www.irs.gov/businesses/international-businesses/venezuela-tax-treaty-documents

US-Venezuela Tax Convention (1999)

Latin American countries with US tax treaty

Only 3 Latin American countries have a tax treaty with the US (IRS data 2026):

  • Chile (signed 2010; entered into force December 19, 2023 — US Treasury; effective for withholding at source from February 1, 2024)
  • Mexico (signed 1992, amended 2002)
  • Venezuela (signed 1999)

Your Venezuela tax ID

In Venezuela, the tax ID is called RIF (Tax Information Registry). If you worked or had income in Venezuela, you should have one.

Your US tax ID

  • If you have SSN: use it
  • If you don’t have SSN: you need ITIN from IRS — see ITIN complete guide
  • ITIN allows fulfilling US tax obligations without work authorization

US-Venezuela tax treaty

The US and Venezuela have an income tax treaty, signed in 1999. Venezuela is on the IRS “United States income tax treaties - A to Z” list, and the IRS publishes the treaty text and its technical explanation (both dated 1999). What that means in practice:

  • The default 30% US withholding on US-source dividends, interest and royalties paid to non-residents (interest on US bank deposits is generally exempt anyway) can be reduced for residents of Venezuela under the treaty’s dividend, interest and royalty articles; the reduced rate depends on the article and the type of income. Rental income from US real property is not reduced by the treaty.
  • To claim a treaty rate, a foreign individual generally gives the US payer Form W-8BEN, which IRS Publication 515 describes as the form used to “claim a reduced rate of, or exemption from, withholding under an income tax treaty.”
  • IRS Publication 901 (U.S. Tax Treaties) summarizes the Venezuela treaty’s rules for students and apprentices, professors and researchers, and personal-services income. Check it and the treaty text before claiming a treaty rate.
  • The Foreign Tax Credit (Form 1116) remains available for income tax paid to Venezuela.

FBAR (FinCEN 114) — accounts in Venezuela

If you’re a “US Person” (US citizen, permanent resident, or tax resident via Substantial Presence) and have bank accounts in Venezuela whose combined balances exceeded $10,000 USD at any point in the year, you MUST file FBAR (FinCEN Form 114) annually.

  • Deadline: April 15 (automatic extension to October 15)
  • Cost: FREE (electronic via bsaefiling.fincen.gov)
  • Penalties: $10,000-$100,000+ for non-filing

See: FBAR complete guide

FATCA (Form 8938) — assets in Venezuela

If your Venezuela financial assets (bank accounts, stocks, funds) exceed FATCA thresholds, you must file Form 8938 with your federal IRS return.

Thresholds (US Persons living in the US) — each has TWO prongs, and hitting either one triggers the form (IRS, Summary of FATCA reporting for U.S. taxpayers):

  • Single / married filing separately: more than $50,000 on the last day of the tax year, OR more than $75,000 at any time during the year
  • Married filing jointly: more than $100,000 on the last day of the tax year, OR more than $150,000 at any time during the year
  • If you live abroad, the thresholds are much higher: $200,000 / $300,000 single, $400,000 / $600,000 married filing jointly

The any-time-during-the-year prong is the one people miss: a balance that peaked at $80,000 in July and sat at $40,000 on December 31 still requires Form 8938.

See: FATCA complete guide

US + Venezuela dual nationality

Venezuela allows dual nationality with US. If you naturalize as US citizen, you keep Venezuelan nationality (verify Venezuela’s current rules).

Dual nationality tax implications:

  • You still owe US tax on worldwide income (the US taxes its citizens on worldwide income)
  • You may also owe tax in Venezuela on income generated in Venezuela
  • The US foreign tax credit (Form 1116) can reduce double taxation on income that Venezuela also taxes

Currency and conversion

Venezuela: VES (Bolívar Soberano). When reporting Venezuelan income to the IRS, convert it to US dollars, generally at the exchange rate prevailing when you receive, pay or accrue the item; the IRS has no official exchange rate and generally accepts any posted exchange rate used consistently.

If you have a business (Self-Employment / Independent Contractor)

If you live in US with ITIN and have freelance/business income:

  • Schedule C (business profit/loss)
  • Schedule SE (Self-Employment Tax 15.3%)
  • 1099-NEC from your US clients
  • FEIE does NOT apply (you’re IN the US, not abroad)

See: Filing taxes with ITIN

Official source: IRS International Taxpayers · FinCEN FBAR

Cross-border tax obligations are complex — consult a CPA or tax attorney with international experience.

Last verified: 2026-09-24.

General procedural information for educational purposes. Not legal, tax, or immigration advice. Laws and fees change — verify with the issuing agency before taking action. For case-specific guidance, consult a licensed immigration attorney or other appropriate professional.