From London to Caracas: A Venezuelan's Return Amidst Fragile Recovery

Jeanmiguel Uva returned to his native Venezuela after twelve years living and working in the United Kingdom, discovering a nation caught between painful memories and fragile hope. His journey back to Caracas, following significant geopolitical shifts, reveals the complex reality of a country yearning for renewal.

A Nation Between Two Worlds

When Uva's father arrived in Venezuela during the 1960s oil boom, the country welcomed immigrants from Europe and enjoyed international connections, including Concorde flights to Paris. "The government built huge infrastructure projects, and Venezuelans regularly travelled to the US to spend their strong bolivares," Uva recalls. However, unaddressed corruption and poverty eventually led to Hugo Chavez's election in 1998, setting the stage for decades of turmoil.

Uva left Venezuela in 2013 as economic and political chaos intensified. "I had friends kidnapped, supermarket shelves were bare, and protests happened nearly every day," he remembers. He paused his studies in Caracas to continue in Manchester before settling in London, watching from afar as his homeland descended into crisis.

The Ground Shifts: Political and Economic Changes

Recent developments have accelerated changes on the ground, particularly following US intervention in early 2026. Significant milestones include:

The reopening of airspace to US carriers
The lifting of select oil sanctions by OFAC
A new hydrocarbons law allowing private companies greater involvement in oil production
The reopening of the American embassy in Caracas

Perhaps the most profound economic shift has been the organic adoption of the US dollar as everyday currency. "This happened from the bottom up as a survival mechanism," Uva explains, "and it has stabilised the chaos enough to create pockets of normalcy in major cities."

Signs of Recovery and Persistent Challenges

The visible signs of recovery are both encouraging and sobering. Shopping malls are busy again with lights restored, but many shoppers carry empty bags. "People walk the malls to remember what it feels like to be part of a thriving economy," Uva observes, "even if they cannot yet afford to participate fully."

Venezuelans' international appetite remains strong for imported goods like Scotch whisky, French fashion, and Japanese technology. However, the market supplying these goods has transformed dramatically. Chinese car brands like Dongfeng and Changan now dominate streets, not merely because of availability but because Chinese businesses offer financing options that Western brands currently avoid.

Investment Landscape: Opportunity Meets Risk

The private sector's innovation in response to traditional banking's collapse has sparked a renaissance at the Caracas Stock Exchange. Following strong growth last year, the index has already surged over 100 percent in 2026. "It is not the London Stock Exchange," Uva acknowledges, "but it is growing in its own scrappy, resilient way."

Yet significant barriers remain for investors:

The institutional framework remains fragile
There is no digital Companies House equivalent
Compliance checks cannot be run remotely from financial centres like Canary Wharf
No straightforward mechanism exists for retail investor exposure

"If you want to know if a potential partner is solvent or sanctioned, you have to physically go to the registry or ask around," Uva explains. This information gap creates a substantial risk premium, making reliable on-the-ground teams essential for navigating the market.

A Paradox of Potential

This creates a compelling paradox: enormous opportunities exist across sectors from tourism to food and drink imports, but the entry costs remain prohibitively high. The eight-million-strong diaspora, energy majors, and global investors are watching closely as Venezuela's door creaks open.

"There is no underestimating the problems to iron out," Uva concludes, "those of us on the ground know that better than anybody. But for the years ahead, there is genuine optimism about the future." Venezuela remains a country of contradictions, but after years of crisis, cautious hope is emerging alongside the persistent challenges.

Jeanmiguel Uva now works as a private consultant based in Caracas, bringing his international perspective to Venezuela's complex recovery journey.