Spanish Abstract: Este articulo evalua si el nuevo sistema colombiano de regalias ha tenido un impacto significativo sobre la pobreza en la region Caribe. Examina su diseno ex ante y su impacto ex post en la equidad de la distribucion intermunicipal y en la inversion de esos recursos. Encuentra que, por diseno y por impacto, ha tenido bajo efecto en la pobreza entre 2012 y 2014. La distribucion focalizada directa podria haber erradicado la pobreza extrema.English Abstract: This article assesses whether the new Colombian royalty system has had a significant impact on poverty in the Caribbean region. It examines its ex ante design and ex post impact on the equity of intermunicipal distribution and investment of these resources. It finds that, by design and impact, it has had little effect on poverty between 2012 and 2014. Targeted direct distribution could have eradicated extreme poverty.)