Venezuelan Remittances Don’t Just Save Lives

Venezuela’s regime has learned this lesson and already found ways to tap into remittances. With most of the money going to food, medicine, and basic necessities, it lessens the pressure on the regime to provide for its citizens, where even $20 a month can keep a family going. Some of the money coming in ends up directly in the regime’s pockets.  Customs duties, taxes on cryptocurrency and other financial transfers, an unfavorable official exchange rate, and outright bribes all take a cut of family support. One anecdote: A Venezuelan friend sends home Amazon care packages via a woman in Tampa. For every $100 worth of powdered milk, pasta, Doritos, and other non-perishables, he pays an extra $500 to ensure the goods make it across the sea, through customs, and to the family’s apartment in Caracas. More…