Venezuela offers a very affordable cost of living with a Cost of Living Index of 37.7. Groceries (43.8) and restaurant prices (40.3) are significantly lower than the NYC baseline.

The housing market is expensive, with property prices averaging 13.9 years of household income. The Rent Index is very low at 6.2, indicating potentially very low rental costs but also a challenging overall market for property ownership.

Average income is very low, reflected by a Purchasing Power Index of 19.1. The official minimum wage is extremely low, significantly impacting residents' buying power.

Venezuela has a progressive income tax system with rates up to 34%. The standard VAT rate is 16%, with additional rates (up to 25%) for transactions in foreign currency. Other taxes include a 0.25% wealth tax and high inheritance/gift taxes up to 55%.

The business environment is extremely challenging, with Venezuela ranking 188 out of 190 in the World Bank's 2019 Ease of Doing Business report. Significant hurdles include high corruption, weak rule of law, US sanctions, and limited access to credit.

Venezuela's social security system, including public healthcare and pensions, is severely compromised. Public healthcare suffers from extreme shortages of medicines, supplies, and personnel. Pensions, though recently nominally increased to $50 (USD-indexed), remain very low in real terms.

The banking and financial system in Venezuela is highly unstable and dysfunctional. There is no readily available information on a statutory deposit insurance scheme or its coverage limit. The sector faces severe liquidity issues due to high reserve requirements (73%) and is impacted by US sanctions.