NEWS 002 - Venezuela After the Capture of Maduro

In this NEWS episode of the Free Cities Podcast, Timothy Allen summarizes a recent Free Cities Foundation Ambassador call focused on the reported capture of Venezuela’s president Nicolás Maduro and the rapid signals of reopening that followed.

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Drawing on firsthand accounts from Tim Stern, founder of CryptoCity, a residential special economic zone being built on Venezuela's Margarita Island, the discussion traced the immediate shock of the news, followed by a sudden surge in activity. Stern described how real estate inventory on Margarita tightened dramatically within days, with entry-level beachfront apartments disappearing and inbound interest spiking.

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He also reported hundreds of new CryptoCity sign-ups in a single day and the return of international flights, including direct routes to Caracas for the first time in roughly 15–20 years, with expectations that flights to Margarita itself would soon follow.

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José Cordero, a Venezuelan economist and futurist, framed the moment in national terms, emphasizing that roughly a third of Venezuela’s population, an estimated 8–9 million people, now lives abroad. He argued that despite sensitivities around sovereignty and colonialism, most Venezuelans viewed the intervention positively, seeing it as a break from an armed regime they could not remove themselves. The call explored how legitimacy, relief, and uncertainty coexist during abrupt political transitions.

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The conversation examined risks to special economic zones established under the previous regime. Stern explained that CryptoCity had been developed deliberately “by the book,” with extensive legal, environmental, and infrastructure studies, reducing exposure even if formal SEZ designations were revisited. Energy security was also discussed, including Venezuela’s dependence on the Guri hydroelectric system, recent outages, and Margarita’s partial local generation, reinforcing CryptoCity’s decision to pursue independent energy production.

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Participants also addressed foreign capital dynamics, particularly Chinese investment in Venezuelan infrastructure and oil, which was characterized as significant but cautious amid shifting U.S. influence. Dollarization was raised as a potential stabilizing outcome following years of hyperinflation.

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The call concluded with an update on Honduras from Alex Ugorji, where a delayed and contested election appeared to be resolving in favor of a transition away from socialist governance. While uncertainty remained, the consensus was that negotiated settlements around special economic zones such as Prospera and Ciudad Morazán were increasingly plausible.

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Overall, the episode captures a moment of cautious optimism marked by reopening signals, unresolved legitimacy questions, fragile infrastructure, and renewed global attention on special economic zones as tools for navigating political transitions.

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