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Hi, Aleit.

I don't know what your circumstances are, but if you're in Europe, have you considered offering your Brazilian property for sale to a European buyer?

That could make things considerably easier as the money would change hands within the European banking system.

You would still want to have a couple lawyers, one on the Brazil side, and one on the European side, draw up a contract to make sure the money and property title all do what is expected.

Or have you considered keeping the property as a vacation rental, on e.g., Airbnb? I think the real estate market is still depressed in Brazil, so selling it now might not fetch a good price, but if the property is in a good location, keeping it as a vacation rental it could provide income.

If you do decide that selling the property within Brazil to a buyer in Brazil, I do recommend enlisting the help of a local real estate agent and lawyer to make sure your sale is successful.

Out of curiosity, may I ask, you're not selling anything near Fortaleza are you?

- Matthew

Hello Matthew,
Thank you for your message.
I'm currently in Brasil and I'm not planning to rent any of the houses.
The plans of the family is to sell everything. We dont have any interest in keeping properties in Brasil, too difficult to handle.
All properties are Rio de Janeiro state.
I will get in touch with some good real estate broker too, i guess they must have sold some properties owned by foreigners.
What is very surprising it's the complicated system to look after your investment in Brasil. They wish you to invest in Brasil but afterwards they make it difficult to look after your investment such as a property. How can you pay bills if you can't open a bank account? Obviously with a friend or a management company..well the reputation of brazilian people looking after investment for foreigners is not the best. Maybe i have not met the right person yet. Well it is very difficult to find a needle in a
haystack.
It's a nightmare to get the correct information, nobody knows anything..all of a sudden they know everything when you are paying. I never had any problem paying an honest person that makes things happen with good speed..i have a feeling that things gets delayed all the time to get more money out of your pocket.
Sorry for my frustration.
Thank you
Regards
Alex

I was in a similar situation earlier this year. Without a bank account there is no easy way to get your money.

This is a totally legal way of doing it..it costs and you will do a lot of standing in line.

Get a lawyer and ask him to do the selling transaction in cash at the notary. Get the lawyer to pay any real estate agents bills etc and most importantly...the capital gains tax for you at the local Receita Federal... its 15% and you will get a receipt with a bar code on it. That bar code is the magic key! Then you arrange very carefully with your lawyer to pick up the remaining cash in (Brasilian reais) and then go as fast as you can.. because its not safe to handle that sort of money in Brasil.. to the airport ..

on arrival at the airport go straight to the Receita Federal department...your lawyer can go with you ..and take all the selling documents, everything you can think of and especially the receipt with the barcode, once he is satisfied then you can take the money out in cash on the plane. (no more taxes)

( Don't even try and change it into euros in Brasil, even an international bank draft for instance will cost you 20%, and you cannot be sure it will be cashed and Brasil lawyers do not have "protected" clients accounts for money like Europe.).
remember to keep your incoming and outgoing boarding passes for flights to "prove" your entry and exit from Brasil.

When you get the money home then on landing you must immediately, and before, your stuff is scanned declare that you are carrying currency and need a customs officer who will repeat the process and give you a paper then you can leave the airport with your money ...wait for the customs officer!!!! ,,,,then you will have to find the best currency firm trade you can to change your money and put it straight into your bank account. Its not easy to do, no-one wants reais so you may have to do a couple of transactions, and each time you will need your selling file and also the receipt federal letter and customs officer tickets. BRASIL If you read carefully over internet it says that you cannot take in or out more than 10,000 euros.. but in fact you can move as much as you like in any currency as long as it is properly declared. Expect your lawyer to want up to 10% although the going rate is about 5%
I sold my house like this, all the charges were heavy but I got the bulk of my money out, but in Brasil...they have a different arithmetic system to ours so do not expect the numbers to add up, some money will just vaporise from the total.
I used EUROCHANGE for money change.
Good luck on your venture.....

by the way... my sale was in Rio as well...the Receita federal main branch is in Niteroi and they did all the capital gains transactions for me and issued the bar code....then on exiting Rio International airport eventually I went as early in the day as possible (and the Receita Federal is on arrivals side!!!! ) when I got to my arrival airport I had to wait a time for a customs man....but it all went well....as long as you have the papers no problems...

as for business in Brasil it was just a corrupt system and I was cheated all the way along....how can you manage to pay house utilities without a bank account even!

Good luck

No question, the purchase/sale of real estate here without residency is a major hassle for precisely the reason cited by the OP.

Other complications, regardless of residence, also peculiar to the country, would be the unavailability here of both title insurance and escrow accounts.   You'll definitely need a trustworthy local lawyer (how's that for an oxymoron?) to help manage those risks.

****

Dear Aleit,

I am a Dutchman working in Brazil for almost 15 years (Rio de Janeiro) and as an attorney registered in Brazil, ***

In your case the notary (tabelião) should make a special provision in the final sale contract ("escritura pública de compra e venda") i.e. a "cláusula resolutiva expressa" referring to a payment by a so-called promissory note "pro solvendo" signed by the buyer, which means that the sale only will be (legally) concluded when the seller (abroad) has received the payment of the price. You can also opt for an "power of attorney" to anyone you sufficiently trust and who does have a Brazilian bank-account. ***
***

Frans (Nederstigt).

hello dears

I have owned a plot at the Coral Resort in Fortaleza, Brazil, since 2017, and I am now looking to sell it. I am seeking professional assistance or agencies capable of managing this process on my behalf, as my previous attempts to connect with potential buyers have not yielded committed results. 

If you know someone or an agency that can assist with this, I am willing to offer an attractive commission for their efforts. The funds from this sale are critical to supporting a business partnership opportunity I am pursuing. 

Please let me know if you have any recommendations or contacts who can help. and you can reach me at my email and whatsapp number below

***

thank you,

Samer

Good evening Aleit. I am a Canadian, not resident of Brazil. I bought and sold a house in Bahia. I have a bank account at Banco do Brazil. I had to have a CPF (cartão pessoa física) to open a bank account. I applied for the CPF to the Brazilian consulate in Canada. I have never been asked to hold a RNE.

@mataikhan I totally agree with you. In addition, I purchased the family car for my wife from our neighbor in Brazil. I do not think there was a bank involved with that either.

Roddie in Retirement🕵

@samolababidi

It is possible to repatriate funds from a sale in Brazil without having a bank account here, but it is not easy and requires detailed knowledge and experience, and the payment of commissions. It appears you are happy to do that, so nom problem there.

However first you have to have a sale, and this (most likely) will only be achieved by using a real estate broker close to the property. Do you have a broker already appointed? And he will need to have all the title and tax details, are they all completed and paid up to date? For him to achieve a sale he will need a Public Power of Attorney - is this in place? Do you have an attorney appointed, similarly with a POA to act on your behalf in a sale, if necessary?

It will be legally encumbent on you to sign the escritura in due course, as well as the sales contract - this can be done in your absence, but only with a full POA. So I suggest that is where you need to start...

@Soliloquy20203

I am astounded that you managed to get an account at Banco do Brazil. I congratulate you.

I have been trying many times despite having a CPF number.

I own 3 properties in Minas Gerais and are desperate to have an account in Brazil to manage my affairs but so far have not been able to open one.

I would be immensely grateful to learn how you obtained your account.

with my best wishes

Klaus

London, United Kingdom

@kdlehr Before your next attempt. I too had a Bank Account with Banco Do Brazil with my CPF. It was because my Brazilian wife knows everyone including the Bank Manager. While I did have the yellow Bank Card and money in the bank, I COULD NOT wire money into my account until I became a Permanent Brazilian Resident.

Roddie in Retirement🕵

12/24/24  @Soliloquy20203
I am astounded that you managed to get an account at Banco do Brazil. I congratulate you.
- @kdlehr

Same here.  I would have been able to open a savings account at Banco do Brasil with just my CPF back when I tried, but I couldn't open current account without a CRNM.

My wife (a Brasilian) and I deal with Santander and Itau for our personal banking. In both cases we had introductions to the managers from relatives who were known long term clients. RNE, CPF, passports, proof of residence, etc, was required in each case. No exceptions.

As a footnote banks have, since October of 2023, been allowed to open and manage escrow accounts in Brasil.

Don't know the rules thought as I am a permanent resident, so, it's worth looking into for others.

Hi Kdkehr. Like roddiesho, I was accompanied by a business client of the bank when I applied for a checking account. That may be the trick.

As someone who is married to a Brazilian wife, why does anyone want to live in Brazil when they charge 27.5% tax on foreign income. Of course she wants to come back, but I’m not coming back to a place that takes so much of my income.

12/25/24 As someone who is married to a Brazilian wife, why does anyone want to live in Brazil when they charge 27.5% tax on foreign income. Of course she wants to come back, but I’m not coming back to a place that takes so much of my income. - @Robert Laney

27.5% is the top marginal tax rate, not a flat tax on all income.  What your liability would be depends on your specific circumstances and how they interact with Brazilian tax laws and policies, including the policy against double taxation.  I don't know anyone who pays 27.5% or close to it, but I don't know many very rich people. 

If you're wife isn't really hard over on returning to Brazil, maybe you can make her a better offer.  If she is, it would be worth your while to set up a meeting with a Brazilian accountant on one of your visits here to get an idea of what your taxes might really be.  But whatever you decide, if you're a US citizen your taxes will be more complicated than they are now, especially if you plan to maintain a US residence in a state that imposes its own income tax. 

@Robert Laney Of course, there is that $1 American Dollar to $6 Brazilian Real Exchange Rate. That would really be awful to come back to🙂

Roddie in Retirement🕵

@abthree

Good.luck finding one knowledgeable  in international  laws and one that knows the country you're  coming from.

@Soliloquy20203
I am astounded that you managed to get an account at Banco do Brazil. I congratulate you.
I have been trying many times despite having a CPF number.
I own 3 properties in Minas Gerais and are desperate to have an account in Brazil to manage my affairs but so far have not been able to open one.
I would be immensely grateful to learn how you obtained your account.
with my best wishes
Klaus
London, United Kingdom - @kdlehr

Do your 3 properties add up to an escritura value in excess of 1 million reais? (It would have been a total of R$700k if located in the North or Northeast.)

If so, (or if you make further investments to achieve in excess of the required value), then you can make an application for a Golden Visa, and that would solve your problem.

As someone who is married to a Brazilian wife, why does anyone want to live in Brazil when they charge 27.5% tax on foreign income. Of course she wants to come back, but I’m not coming back to a place that takes so much of my income. - @Robert Laney

In 17 years of living in Brazil, and meeting literally hundreds of foreigners, I have never met anyone who pays ANY tax in Brazil on their foreign income, let alone 27.5%!!! Perhaps the occasional one declares some transfers to Brazil in their annual return, but 27.5% on all foreign income? Not one!

In addition to which, if said transfers were from assets you previously owned and paid tax on in your country of origin, and the transfers were completed within 6 months prior to, or12 months after your official first day of residency in country and legally declared on your "declaracao do bems" when you filed it here at tax time, they are also tax free.

It's obvious you need to hire a tax specialist. Plan your next trip around finding out the legal and financial aspects of moving, and visit people down here. Spend a couple of thousand on advice, or more, depending on your financial net worth/income situation.

12/26/24 @abthree Good.luck finding one knowledgeable in international laws and one that knows the country you're coming from. - @Cserebogar

All of the Big Four accounting firms have representation in Brazil, and I imagine that one or more of them would do the whole thing for enough money.  Expats who don't want to pay Big Four accounting firm prices have to put the pieces together themselves -- a home country accountant and a Brazilian accountant.  For people with uncomplicated finances, neither needs to have in-depth knowledge of the other country's tax laws, just enough, including any tax treaties in effect, to keep the client out of trouble.

@Peter Itamaraca

When I make transfers to Brazil from my US account into my Brazil account, doesn’t Brazil note the income? Are all these people failing to declare money they transfer into Brazil?

@sjpetzold

It depends on the value of the transfer and how you do it...

Transfers over R$10,000 are automatically recorded, (same as over $10,000 in the US), but that does not mean any particular action will be taken. If you transfer through a "casual" transfer house, like Wise or Remitly, then you will get a decent exchange rate, but the funds will not be registered with the Central Bank of Brazil. If you use Moneycorp to, for example, purchase a property, then the value will be higher and it will be registered with the Central Bank.

@sjpetzold
It depends on the value of the transfer and how you do it...
Transfers over R$10,000 are automatically recorded, (same as over $10,000 in the US), but that does not mean any particular action will be taken. If you transfer through a "casual" transfer house, like Wise or Remitly, then you will get a decent exchange rate, but the funds will not be registered with the Central Bank of Brazil. If you use Moneycorp to, for example, purchase a property, then the value will be higher and it will be registered with the Central Bank. - @Peter Itamaraca

Exactly.  But even the "casual" transfer houses use Brazilian correspondent banks to complete their transfers -- Wise certainly does -- and eventually, especially if the transfers hit their internal alarm points, the correspondent banks will start requiring additional documentation. 

At this end my Brazilian bank has been requiring a copy of my Brazilian income tax declaration every year for years; after a certain point, a permanent resident can expect that.