Venezuelan migrants wait for refugee applications at the Peruvian border in Tumbes. AFP
More than 7 million Venezuelans live outside of their country, most settling in Latin America and the Caribbean, where they comprise one of the largest diasporas in the region's history.
The high number of expats is due to the crisis plaguing the oil-rich country under President Nicolas Maduro, whose reelection last year was not recognized by a large part of the international community.
"The Venezuelan migrant population has emerged as a key economic motor in host countries, boosting trade and strengthening the private sector through their spending patterns," the report said.
The study analyzed the trends of Venezuelan populations in several Caribbean and Latin American nations -- including Aruba, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Panama and Peru -- between 2021 and 2025.
It found Venezuelans spent $10.6 billion during that time period, primarily on food, housing and services, as well as another $2 billion generated via fees and taxes.
The study also found the migrant population performs about 80 percent of its work through informal means, which impedes their integration into society and payment of higher taxes.
Venezuelan immigrants represent "considerable potential for the economic growth of host countries," the report concludes, adding that it is "crucial" to help integrate them into the formal labor market.
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