In brief

The National Assembly issued the Law of Registries and Notaries ("Law") on 16 December 2021,1 partially repealing the previous Law of Registries and Notaries published on 19 December 2014 ("Law of 2014").2 The substantial changes made by the Law in relation to the Law of 2014 refer to the reference value of the rates, substituting the tax unit for the petro (PTR) as a unit of account for all the services offered by the Autonomous Registry and Notary Service (SAREN).

Although the Law does not expressly establish the applicable rate to calculate the value of the PTR, we can assume that it will be governed by the official rate issued by the Central Bank of Venezuela.3 The value of the PTR is calculated based on the price of raw materials that form part of the Venezuelan commodities basket, which itself is priced in US dollars.4 Therefore, the PTR being the unit of account for the procedures performed before the SAREN considerably increases their costs.

The Law entered into force on the date of its publication in the Official Gazette (16 December 2021).

In depth

The Law modified the reference value of the PTR in the payment of fees for the following matters: (i) authorization (habilitación); (ii) provision of services; (iii) processing; (iv) noncontentious commercial matter; (v) noncontentious civil, commercial and contentious administrative matter; (vi) performances outside the premises; and (vii) transfers.

The rates reflected in the Law vary depending on the matter and the act to be carried out:

  1. Authorization (habilitación): For the authorization of the registration, protocolization or authentication of documents or acts in a period of no less than three days, the payment of up to 6 PTR is required,5 except for cases that refer to travel authorizations for children and adolescents, registration of lawsuits and powers of attorney, and the appointment of guardians or counselors.
  2. Provision of services; noncontentious commercial matter; noncontentious civil, commercial and administrative contentious matter; performances outside the venue; and transfers: The Law establishes the minimum and maximum amounts of the fees applicable to each act, and extra amounts in case of additional sheets. However, the Law establishes that the managing director of SAREN must publish the exact amount of the fees for each case.
  3. Processing: The maximum cost of the processing rights of marginal notes and fees is 1 PTR for the total of the amounts, as long as the value of the operation to be registered is less than 100 PTR.

The Law establishes that the administrative ruling that will state the specific rates for the acts indicated in the Law must be published within 15 days following its publication, i.e., 16 December 2021. The administrative ruling has not been published to date.