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CDE account: Can people living outside Brazil have a current account?

October 14th, 2022
Vinicius Tersi

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Opinion

Those wishing to build a new life abroad may encounter various difficulties regarding the procedures to be adopted when leaving Brazil. The first of these is how to declaration of definitive departure from the country (DSDP)In order to stop being a tax resident in Brazil. But for those who also want to continue investing in Brazil while living abroadThe second concern is how to maintain a current account in Brazil after making a tax exit.

The "CDE account", or domiciled abroad account, is the name given by the Central Bank to the bank account that can be opened for non-residents. It applies to both foreigners and Brazilians, as long as they are not resident in Brazil (or have ceased to be).

Easier said than done. We've had a few experiences in this regard that have convinced me of the importance of explaining the difficulties of this procedure, not only to our clients, but also to anyone who intends to leave the country to live abroad or to regularize their tax situation while living abroad.

The following will show the difficulties non-resident Brazilians have in keeping their financial resources in Brazil and carrying out the trivial tasks of paying bills and receiving income. We will also explain the reasons for this and our practical experience of opening non-resident accounts with various financial institutions. It is worth mentioning that, as of 2023, the CDE account rules will make it simpler for banks to open these accounts.

What is a CDE account?

The CDE account, or domiciled abroad account, is nothing more than a current account for non-residents, so that those who do not have tax residency in the country can keep sight deposits, in Brazilian reais, with a financial institution in Brazil.

This is not a requirement of tax legislation (Receita Federal), but of foreign exchange legislation (Banco Central). Until 2022, the Central Bank used the criterion of tax residence to determine who should or should not open a CDE account. This should change in 2023, as the legislation has created its own concept of foreign exchange market residencythrough the New Foreign Exchange Lawwhich promises changes for the non-resident account.

In our experience, the most frequent uses of the CDE account are:

purchase and sale of real estate in Brazil by non-residentsThis is because the purchase process may require managing several payments in reais (down payment, notary fees, real estate agent fees), and concluding an exchange contract for each payment can be unnecessarily complex;
solve problems of how to send money abroador to bring money into Brazil, with an account that makes it easier to do so;
manage the delivery of donations and inheritances abroadwhen received in Brazil by non-residents.

Unlike a regular bank account, the Central Bank requires Brazilian banks to comply with a series of requirements in order to open and maintain a current account for non-residents¹These are summarized in the following topics.

Requirements and documents for opening a CDE account

It can be said that current accounts for non-residents:

can only be opened in financial institutions in Brazil authorized to operate in the foreign exchange market²;
it must be identified in such a way as to be easily distinguished from other deposit accounts; and
must be registered by the depositary bank with Sisbacen (the Central Bank's system) when the non-resident account is opened, a requirement that may be eliminated in 2023 as part of the changes to the New Foreign Exchange Law.

In terms of documentation for opening a CDE account, from the practical experience we have with our clients and information from financial institutions, we can mention the following documents, which vary according to the institution where the CDE account will be opened:

Official Brazilian identity document with photo (RG, for example), or, for foreigners, passport with entry visa;
Permanent visa abroad, or equivalent document;
CPF in good standing;
NIF (tax identification number, equivalent to the CPF abroad);
Tax Clearance Certificate, to prove that there are no outstanding tax debts with the Federal Revenue Service (RFB) and the Attorney General's Office (PGFN);
Proof of residence abroad;
Proof of income; and
Copy of Declaration of Final Departure from the Country (DSDP).

Currently, the bank that provides this service most easily is Banco RendimentoThe documents requested by this bank to open a CDE account are:

Non-resident Brazilian
Non-resident foreigner

Documents requested
Photo ID (RG, CNH or Passport)
Up-to-date proof of residence from the country where the person lives
Income tax return and last 3 payslips, or other proof of income
Copy of the DSDP or, in its absence, the Notice of Permanent Departure *If the client has not made the Declaration or Notice of Exit, the bank accepts the permanent residence visa.**

Documents requested
Number in Registration of Individuals (CPF), or the passport of country of residenceor the TIN number
Up-to-date proof of residence from the country where the person lives
Income tax return and last 3 payslips, or other proof of income

In the past, we've seen clients having trouble opening a CDE account, having only submitted the Definitive Exit Communication (CSD), but today this is less common. The CSD must be sufficient to open the account in the period between the date of the tax exit and the date of submission of the DSDP.

We hope that with the change to the non-resident account, which will no longer require the account to be registered with Sisbacen, the procedure for opening a CDE account will become much quicker.

Which banks open CDE accounts?

The information on which banks agree to open a CDE account is not normative, is not easily available and is subject to negotiation with the bank itself. Opening an account is a bilateral contract, so the bank can agree to open it or not.

In addition, banks may have their own policies regarding the opening of these accounts, which can change at any time. For this reason, we have compiled a list in alphabetical order below based on our recent experience, which will certainly become outdated quickly:

Do you have a CDE account?	Account opening fee	Maintenance fee
Bradesco offers a CDE account for Brazilians with permanent residence abroad who have made a tax withdrawal.	There is no fee for opening an account.	The monthly maintenance fee is R$400.00, and an additional fee of R$500.00 is charged for each transaction of R$100,000.00 or more.

You can consult this information here. Last updated on 23.02.2024.

Do you have a CDE account?	Account opening fee	Maintenance fee
The bank no has a CDE account, but provides deposit service for those domiciled abroad.	The opening record has a value of R$1,500.00.	The R$1,500.00 monthly maintenance fee for the current deposit account of a person domiciled abroad.

You can consult this information here. Last updated on 20.09.2022.

Do you have a CDE account?	Account opening fee	Maintenance fee
Itaú Personnalité.	There is an initial registration fee of R$30.00.	The monthly maintenance fee is R$400.00 and the services are unlimited in quantity - Itaú considers up to 40 events a month to be unlimited in quantity.

You can consult this information here. Last updated on 23.02.2024.

Do you have a CDE account?
Banco Modal only opens accounts for residents abroad who have a CPF, proof of residence, an active bank account and a cell phone number in Brazil and who have not informed the bank that they are leaving the country permanently.

You can consult this information here. Last updated on 15.09.2022.

Do you have a CDE account?
The information we were given when we contacted Banco Paulista's Commercial Assistant is that they do not provide this service. As of the last update, Banco Paulista does not open non-resident accounts.

Last updated on 15.09.2022.

Do you have a CDE account?	Account opening fee	Maintenance fee
Open your CDE account 100% digitally, without the need for a legal representative in Brazil. To open an account, simply enter your name, CPF number, e-mail address, country of residence and the plan you want.	The bank has two plans Basic (with an account opening fee of R$150.00) and the Premium (no opening fee). Regardless of the plan chosen, the account is opened within 48 working hours.	The monthly maintenance fee is R$299.90 on the premium plan and R$29.90 in the basic plan. The bank has a list of additional fees for the basic planwhich are free in premium.

You can consult this information here. Last updated on 15.09.2022.

Do you have a CDE account?
Banco Safra used to open non-resident accounts until 2017. Today, the information we have is that it no longer accepts opening this type of account, despite the difficulty of obtaining the information directly from the bank, the updated tariff table does not list the service.

You can consult this information here. Last updated on 20.09.2022.

Do you have a CDE account?	Account opening fee	Maintenance fee
Banco Santander offers the service of opening and maintaining a non-resident account.	The account opening fee is R$ 1,000.00 (one thousand reais).	The bank charges a fee of R$800.00 for each transaction of an amount equal to or greater than R$100,000.00 (previously it was charged on the amount of R$10,000.00).

You can consult this information here. Last updated on 15.09.2022.

Do you have a CDE account?	Account opening fee	Maintenance fee
The bank offers two types of account for non-residents: A CDE account and the account Investor 4373.	According to the information provided by BTG, there is no opening fee.	The BTG Pactual CDE Account has been exempt from the maintenance fee since January 2024.

You can consult additional information here. Last updated on 23.02.2024.

Do you have a CDE account?
Caixa Econômica Federal doesn't open accounts for non-residents, although the bank doesn't have precise information that is easily accessible, the attendants are unaware of the existence of this type of account and it isn't listed in the bank's tariff table.

You can consult this information here. Last updated on 20.09.2022.

Do you have a CDE account?
No, the C6 Bank no has a CDE account, what the bank offers its clients is a so-called "global account" to be used by tax residents in Brazil. This account allows funds to be made available in dollars or euros for use on international trips.

You can consult this information here. Last updated on 20.09.2022.

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It is important to emphasize that the above picture was not easy to compose. All the institutions we contacted were very reticent about opening CDE accounts, and not everyone we spoke to knew what they were about.

For both us and our customers, there is a lack of clarity and conflicting information within the same institution. Branch managers and other bank staff are not used to the procedure, and find it difficult even when they want to provide good service.

Banks have generally only agreed to open CDE accounts for clients with whom they have a special relationship or who have a significant volume of investments deposited in Brazil.

Why is it so difficult to open a CDE account?

The reason for the banks' reticent behavior lies in the strictness of the Central Bank's regulations. In the current regulations³As a result, the Central Bank imposes a disproportionate cost on banks, so that they prefer not to open CDE accounts, or to pass on the compliance costs to customers.

More recently, the Central Bank has sought to make it easier to open a CDE account, which can be seen in a number of changes⁴. Today it is possible, for example, to open CDE accounts not only as deposit accounts, but also as prepaid card accounts, which has allowed institutions other than banks to open CDE accounts.

With the new changes, the strict and disproportionate control that banks were obliged to maintain has been relaxed. For example, before, all bank transactions of an amount equal to or greater than R$ 10,000.00 (ten thousand reais) had to be documented. Currently the amount has been increased to R$ 100,000.00 (one hundred thousand reais), and in 2023 it is to be increased again to R$ 1,000,000.00 (one million reais).

When documentation of the origin of bank transactions is required, the client must prove: (i). the origin and destination of the funds; (ii). the nature of the payments; (iii). the identity of the depositors of the amounts in the account, if it is a credit; and (iv). the identity of the beneficiaries of the transfers made, if it is a debit. Even payments by check must identify the destination of the funds and the nature of the transfer on the back.

Generally speaking, it can be said that the Central Bank has sought to relax the documentary rigor of the CDE account. The express aim is to increase competition between banks and lower costs for account holders. On the other hand, because the changes are recent, many banks are still unaware of them, and as a result are no longer exploring the possibility of offering customers the service of opening a CDE account.

Restrictions on the movement of funds in the CDE account

In fact, the Central Bank's current regulations treat all debits from CDE accounts to typical bank accounts as inflows of funds into the country, and all credits to non-resident accounts from a typical bank account as outflows of funds from the country.

For this reason, the current regulations still have restrictions on how funds can be transferred from the non-resident account. Few people are accustomed to identifying the reason why they are making the transfer with each transaction they make (for example, "paying the electricity bill", "receiving rent", etc.).

Requiring the bank to check the cause of every bank transfer is really beyond the bounds of reason for everyday transactions.

In addition, unlike a "normal" bank account, the CDE account cannot be used in the interests of third parties, which is why banks do not allow the CDE account to be a joint account. This requirement is not expected to change with the New Foreign Exchange Law.

In any case, it is hoped that from 2023 onwards the restrictions will be lessened and more banks will offer CDE accounts.

Why is the Central Bank so strict?

Brazilian foreign exchange legislation has a tradition of exchange controls. Although less pronounced today, there are still important prohibitions on operations carried out without the intermediation of institutions authorized by the Central Bank to operate in the foreign exchange market. Restrictions on non-residents opening bank accounts are a case in point.

On this point, our legislation was once freer than it is today. The non-resident bank account has its origins in the old Circular Letter no. 05/1969This is where the famous expression "CC5 account" comes from.

The function of the CC5 account was to allow individuals and companies resident or domiciled abroad to keep their funds in national currency deposited with Brazilian financial institutions authorized to operate in the foreign exchange market. The amounts deposited in these accounts could be used for free movement in the country or returned abroad, in which case the amounts were converted into foreign currency without the need for authorization from the Central Bank.

The weakness of the CC5 account was that it was easy to convert amounts from national currency to foreign currency, and vice versa. In this sense, the legislation of the time already prohibited the use of the CC5 account to make payments on behalf of third parties without express authorization from the Central Bank, as well as other activities prohibited by foreign exchange legislation (private credit clearing, for example).

Despite the restrictions, the CC5 accounts were abused for the practice of currency evasion and money laundering, as exposed in the Banestado scandalThis led to the setting up of a CPI, closed in 2004 without a vote on the final report. The current regulation reflects the effort to prevent similar practices from continuing.

The change made by the New Exchange Law, in this context, ushers in a new phase, in which less exchange control is expected and only information for statistical use and to guide the Central Bank's monetary policy (for example, deciding to intervene in the exchange market, raising the SELIC Rate, etc.).

Conclusion

The Central Bank's efforts to curb illicit transactions involving the use of non-resident bank accounts are respectable. It should be noted, however, that regulation cannot have the adverse effect of inhibiting the carrying out of what is lawful.

More than 20 years on from the events analyzed by the Banestado CPI, we are in a very different regulatory context, with a greater exchange of information between tax authorities in different countries and between government authorities for the investigation of illicit activities (Federal Revenue Service, Public Prosecutor's Office and other entities). It is time to review whether the effectiveness of the Central Bank's regulations has been effective and what measures could be taken to facilitate the positive use of CDE accounts.

In our experience, the regulation of the CDE account still makes it difficult for Brazilians living abroad to remain regular from a foreign exchange and tax point of view, which is a contradiction in terms. The New Foreign Exchange Law is very positive, but there are still difficulties to overcome, and not all of them will come into force in 2023. It will still be necessary to make it easier to open and operate a non-resident account before waiting for the vast majority of financial institutions to sign up.

On this blog you will always find relevant, up-to-date information on the subject and guidance on how to avoid problems with the tax authorities and other authorities. Feel free to tell us about your experience, share the content with other friends who need guidance and contact us by e-mail at contato@tersi.adv.br or via WhatsApp. Click here to send a message now.

Count me in!

References:

1
Currently, see BCB Circular 3.691/2013Articles 168 to 186. As of 2023, the standard will still be published, which we commented on in this text on what about the non-resident account.
2
The Central Bank keeps an updated list of institutions authorized to operate in the foreign exchange market.
3
See BCB Circular 3.691/2013.
4
The most recent was made by BCB Resolution 137/2021.

Author

Vinicius Tersi

Vinicius Tersi is a lawyer and specialist in international tax law. He also has a degree in Accounting and a Master's in Tax Law from USP, and is familiar with different legal and accounting systems. He specializes in international transactions for entrepreneurs and families with tax residency and assets in multiple jurisdictions. He is qualified to act in Brazil and Portugal.

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Comments

Este tópico contém 77 respostas, 54 vozes e foi atualizado pela última vez 10 meses, 3 semanas ago por Eliane.

Visualizando 76 respostas da discussão

Autor

Posts
- 14 de October de 2022 at 12:11 pm #6875
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Those wishing to build a new life abroad may encounter a number of difficulties in terms of the procedures to be adopted when leaving Bra (...)
  
  [See the full article at: CDE account: Can people living outside Brazil have a current account?]
- 19 de March de 2020 at 1:08 pm #7196
  
  Fabriccio Petreli Tarosso
  Participant
  
  1
  ::
  Dear all.
  What would be the consequences for non-residents in Brazil (those who have left permanently and have already notified the RFB of their departure) of not opening the CDE? Foreign exchange consequences, but especially with the IRS.
  
  Thank you
- 13 de May de 2020 at 1:15 pm #7199
  
  Fabiola Dalzotto Conti
  Participant
  
  1
  ::
  Yeah, I'm wondering about that now because I've never been told anywhere that I should do that. I've even had several conversations with Itau about living outside Brazil and they've never said anything... now I want to know how I can resolve this and what the consequences are for having kept/continuing to keep a current account in Brazil.
- 27 de October de 2020 at 4:04 pm #7201
  
  Monica Di Masi
  Participant
  
  1
  ::
  I was surprised by this excerpt: "Furthermore, according to our examination, in fact, the crediting of benefits from the INSS or other public bodies is not provided for by the regulations (even when the payer is the government itself!). " I thought it was more common for Brazilian pensioners to live abroad and receive their pensions.
- 13 de January de 2022 at 5:24 pm #7211
  
  Vinicius Tersi
  Keymaster
  
  1
  ::
  Hello, Sandra!
  
  Thank you for the compliment.
  
  According to Central Bank rules, sending funds from abroad to the CDE is free, as is returning money from the CDE abroad. The difference is when the money is used in Brazil. Currently, transactions over R$ 100,000 are subject to controls similar to those of a foreign exchange remittance. A normal account has similar controls at the time of the exchange remittance, i.e. when the funds enter/exit Brazil. Exchange controls are normally intended to comply with the Central Bank, not the IRS.
  
  As for taxes, there is an IOF on the transfer of your resources from abroad to the CDE and vice versa, but not income tax, because it is a transfer of assets, not income. There would be income tax if the transfer itself is a means of paying income (for example, paying for a service). Income tax will be due if you, as a tax resident in Brazil, receive income abroad, even if you never bring it to Brazil.
  
  I hope I've been able to answer your question. If you prefer, feel free to contact our team by WhatsApp or email!
- 13 de January de 2022 at 5:30 pm #7212
  
  Vinicius Tersi
  Keymaster
  
  1
  ::
  Hello, Michael!
  
  Thank you for your interest. We will soon be publishing a text on the new Law 14.286/2021 (the result of the conversion of the Foreign Exchange Bill into law). This law promises to provide a better solution to your problem from 2023, when the new law comes into force.
  
  Until then, the regulations really make it difficult for you to keep your Treasury Direct account after you have handed the bank the letter of communication requested by the RFB. I dealt with this problem (and I'm due for an update) in the text on the "non-resident's dilemma": https://tersi.adv.br/aplicacoes-financeiras-no-brasil-o-dilema-do-nao-residente/. There I deal with the subject in more detail than I could in a commentary.
  
  Feel free to contact our team by WhatsApp or email!
- 15 de February de 2022 at 9:23 pm #7218
  
  Mauricio
  Participant
  
  1
  ::
  Hello Mr. Vinicius
  
  In September/2021, the BCB released a new Rule on innovations in the foreign exchange market with new features for payment accounts for non-residents:
  https://www.bcb.gov.br/estabilidadefinanceira/faq_inovacoes_cambio_normas
  "Persons and companies not resident in the country may have prepaid payment accounts in reais to make payments and receipts in Brazil, limited to R$10,000 per transaction. These accounts will be held at institutions authorized to operate in foreign exchange."
  
  In December 2021, the New Foreign Exchange Law 14.286/21 was also published, also with new features for non-resident current accounts:
  http://www.planalto.gov.br/ccivil_03/_Ato2019-2022/2021/Lei/L14286.htm
  "Paragraph 4. The Brazilian Real accounts held by non-residents referred to in item VIII of the main body of this article shall be treated in the same way as the Brazilian Real accounts held by residents, with the exception of the requirements and procedures that the Central Bank of Brazil may establish, including in relation to transactions carried out in the manner provided for in Article 6 of this Law."
  
  Do you have any information about these changes and if this would really solve the problem of not being able to maintain an account in Brazil as a non-resident?
- 17 de February de 2022 at 5:44 pm #7221
  
  Vinicius Tersi
  Keymaster
  
  1
  ::
  Hello, Mauricio!
  
  Thank you for your interest in our content. We follow both issues closely (on the first, we even took part in the Public Consultation that led to the September/2021 standard). We are currently preparing an update of the content to deal with non-resident accounts and new material on international remittances and the impact of the New Foreign Exchange Law.
  
  We don't expect a profound change to come with the change that took place in September 2021, as the problem of non-resident financial investments was ignored (even though we spoke directly to DEREG/BACEN about the issue). The big news promises to come in 2023, when the New Foreign Exchange Law comes into force. This will depend on the regulations to be published by the Central Bank this year. The expectation is that bank accounts will become simpler (a change of registration, rather than the need to create a new restrictive account) and that financial investments will not have the same problems as they do today. But it's still too early to be sure about this future.
  
  I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
- 14 de March de 2022 at 10:07 pm #7222
  
  Elcio Leite
  Participant
  
  1
  ::
  My daughter is currently living in Australia, she declared her permanent departure, about five years ago she became an Australian citizen, and she has an empty house in Angra that she wants to sell.
  I am her and her husband's attorney (power of attorney issued by the Brazilian Embassy in Canberra).
  If I sell the house (obviously I have to pay the real estate profit), can I receive the $ in my current account and then make a remittance to it in Australia?
  Is there any BACEN legislation applicable to this situation?
  Or does it need to have a CDE, so that the value of the sale is deposited in this account and, later on, the same account would be used to make the transfer abroad?
- 24 de March de 2022 at 8:46 am #7223
  
  Vinicius Tersi
  Keymaster
  
  1
  ::
  Hello, Elcio!
  
  Thank you for your interest in our content. The simplest and most straightforward way is for the couple to have a CDE in Brazil to receive the funds, with you taking care of the tax collection and other demands made by the tax authorities and the bank.
  
  I don't see a problem with you receiving money into your account and then sending it to your daughter and son-in-law. But the CDE regulations prevent the use of the account in the name of a third party, so this is a gray area in BACEN's regulations. To resolve this in a practical way, I suggest you contact the bank or institution where you want to make the exchange, to agree in advance what documents they will ask for and to be sure of the institution's internal policy on this matter. This will avoid headaches later on, when they ask for documents to justify why you are acting as an intermediary to send money abroad that belongs to someone else.
  
  Your question is a good one, and it comes up time and time again. The Central Bank is due to open a public consultation shortly to announce what it intends to make a new rule from 2023 and open it up to suggestions. We'll pay attention to your point when it comes out.
  
  I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
- 22 de June de 2023 at 7:51 am #7264
  
  Celita Louback Welsch
  Participant
  
  1
  ::
  Good morning!
  This article is very good, but I've been insisting to BACEN that until today it hasn't been possible for my sister and attorney in Rio to make the remittance through Caixa Econômica (my bank) and from there send it to the São Paulo bank. The latter now requires a CDE account, but not before. It's my salary account, retirement pay! I've always sent the last three payslips to show where the money came from. Caixa is on the list, but they don't accept CDEs, even though it's my bank and even though they're very polite (the new board and president). Other banks won't accept it even though they're on the list.
  I think that paying R$1500.00 to the bank for the CDE, reals per month, for someone who already pays so many taxes at source (IR, INSS), is a kind of confiscation.
  I need resources to get treatment. I've lived in the United States since 20003 and there have never been any problems. I suggested that BACEN exclude the accounts of public servants from this requirement. I have already sent several requests to all possible sectors. Still nothing.
  Thank you!
  Celita
- 7 de December de 2023 at 10:12 am #10217
  
  Eduardo Paiva
  Participant
  
  1
  ::
  Every source of information has been revoked except for the list of institutions authorized to operate in the foreign exchange market.
  - 7 de December de 2023 at 10:14 am #10218
    
    Eduardo Paiva
    Participant
    
    1
    ::
    The content is super interesting and explained, but the validity of the content is no longer known due to the revocation of the central bank documents that I understand were consulted for the preparation of this post.
- 3 de January de 2020 at 5:18 pm #7195
  
  Daniel Mello
  Participant
  
  0
  ::
  Excellent article, very enlightening.
  Do you have any updates on the list of banks?
- 12 de May de 2020 at 8:10 pm #7197
  
  Nilo Demito Lopes
  Participant
  
  0
  ::
  Dear expatriate friends, does anyone know of anyone who has been successful in opening a non-resident account with realistic rates for non-institutional investors?
- 13 de May de 2020 at 1:15 pm #7198
  
  Fabiola Dalzotto Conti
  Participant
  
  0
  ::
  ok, what if you've been living abroad for years but haven't changed your account? I moved to the US in 2013 and I don't remember hearing about it. In other words, I still use my Brazilian account as normal. But I haven't received any kind of income since I moved here. I don't have credit cards or anything. I only use it to transfer money from here to Brazil to buy a present for my mother or something. What should I do now? How do I resolve this?
- 4 de October de 2020 at 11:17 pm #7200
  
  Daniel
  Participant
  
  0
  ::
  Hello Vinicius! Congratulations on your articles, which are very well written and contain very important information. I would like to know your opinion now that Resolution No. 3,568 of May 29, 2008 has been modified by Resolution No. 4,844, increasing the amount to R$100,000.00 for SISBACEN notification. Do you think this will make life easier for non-residents? Will we have rates that are more in line with reality?
- 6 de May de 2021 at 4:09 pm #7202
  
  Dart
  Participant
  
  0
  ::
  they're going to have to start changing that, with the "anywhere office" trend there are going to be a lot of people working in Brazil and living abroad. I myself work in Canada but live in Brazil, and I also work in Brazil kkk
- 6 de June de 2021 at 7:05 pm #7203
  
  Noé Carlos
  Participant
  
  0
  ::
  I have the same question
- 14 de December de 2021 at 5:52 pm #7204
  
  Juliene
  Participant
  
  0
  ::
  Can the bank refuse to open a judicial account to receive alimony due to a lack of proof of address in the name of the person responsible?
- 22 de December de 2021 at 8:27 pm #7205
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Juliene!
  
  I understand that if there is a legal dispute about the payment of the pension and there is a court order to open the account, the bank will be obliged to comply. But it's common for there to be restrictions, either from the bank's internal policy or from other formalities, which create practical difficulties. I don't know the difficulties you're experiencing, but at first, the lawyer handling your case may be able to help you overcome the obstacles the bank is imposing.
- 22 de December de 2021 at 9:25 pm #7206
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Dart,
  
  I share your view. Our legislation today is inadequate to deal with all the situations that teleworking generates on an international level. Fortunately, the Brazil-Canada agreement helps a lot.
- 3 de January de 2022 at 5:09 pm #7207
  
  Fernanda
  Participant
  
  0
  ::
  Good afternoon, Dr. Vinicius
  Please can you tell me if a non-resident account can be used to receive credit for the redemption of PGBL and VGBL pension plans? And will taxation be in accordance with Brazilian legislation (progressive or regressive)?
  Thank you.
- 5 de January de 2022 at 10:08 pm #7208
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Fernanda! Thank you for your interest!
  
  PGBL and VGBL deserve a separate text. Non-resident taxation is quite different: 25% for PGBL and 15% for VGBL, according to the Revenue Solution. But for this to happen, you need to notify the source of payment (pension institute) BEFORE they pay you the benefit. We've already had experience of clients who have had problems with data cross-referencing with the IRS because they didn't do this.
  
  With regard to the CDE, it can normally be used to receive the value of redemptions from any plan. If the value of the transfer exceeds R$ 100,000, the bank operating the CDE must require documentation of the redemption, in order to comply with Central Bank compliance.
  
  If you need our support, just get in touch with the team via WhatsApp or email!
- 12 de January de 2022 at 4:45 pm #7209
  
  Sandra
  Participant
  
  0
  ::
  Good afternoon,
  Excellent article.
  If I manage to open this "CDE" account, when I transfer my account abroad to Brazil, will I pay any income tax in addition to the IOF?
  And if my account is still the normal one, do I have to tell the bank?
  Thank you
- 12 de January de 2022 at 9:19 pm #7210
  
  Michael
  Participant
  
  0
  ::
  Good afternoon, Dr. Vinicius,
  I'm a foreigner and I worked in Brazil for 6 years. I'm going back to my country and doing the DSDP.
  I have an investment in a direct treasury. How can I keep it when my bank can cancel my bank account as a result of the DSDP?
- 13 de January de 2022 at 9:26 pm #7213
  
  Michael
  Participant
  
  0
  ::
  Thank you very much for the clarification!
- 14 de January de 2022 at 3:41 pm #7214
  
  ORCALINO
  Participant
  
  0
  ::
  You could assist a client from India to open an offshore account or whatever is possible for him in any Brazilian bank. Eneias.
- 14 de January de 2022 at 5:41 pm #7215
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Aeneas!
  
  Thank you for your interest in our work. We can help you open accounts or at least refer you to a financial institution that can do the job for you. But we need to understand the problem better before we know how to help (your statement was a bit vague).
  
  My suggestion is to get in touch with our team by WhatsApp or email, so we can see how we can best help your client.
  
  Cheers!
- 17 de January de 2022 at 4:58 pm #7216
  
  Franklin Augusto de Souza
  Participant
  
  0
  ::
  Good morning Mr. Vinicius
  Congratulations on your explanations.
  I have been tax resident abroad since January 2017, I have retirement income in Brazil, with INSS and Private Pension which are deposited in my normal checking account in a Brazilian Bank. I use these funds to pay expenses in Brazil, or even for investment. I declared my change of tax domicile to the pension institutions, and they started charging me 25% of IR at source, which was previously paid at source using the progressive table. I believe it's a 2015 law, and that it was under discussion at the Supreme Court, but nothing conclusive so far. Is there any news on the subject?
  I work abroad as President of a small company, I have my monthly Pro Labore and once a year I receive dividends when it is distributed, since I have a 5% stake in the business. I declare and pay income tax abroad on this income. To transfer my funds to Brazil, I opened a CDE account with Santander, but the first time I sent a remittance, it was transferred directly from the company I work for. I'm trying to send it directly from a personal current account abroad to Santander.
  Question: in these cases, how do I declare and pay IR abroad on my foreign income, as I transfer it to Brazil and only pay the IOF, am I exempt from IR?
- 17 de January de 2022 at 10:18 pm #7217
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Franklin!
  
  Thank you for your interest in our content.
  
  The STF has recognized the general repercussion of the discussion on the (in)constitutionality of withholding the 25% from pension and retirement income of non-residents. The current situation can be seen here: http://portal.stf.jus.br/processos/detalhe.asp?incidente=6179161
  
  Nothing has happened since October. It's normal for the Supreme Court to take a long time (years) to rule on an issue after recognizing its general repercussion. There is no deadline. This discussion has more pro-tax arguments than other recent victories (such as the ITCMD). For the time being, the only way to avoid the 25% of IRRF is to go to court.
  
  On the second point, I understand that the company of which you are president is located abroad, pays pro-labore and dividends abroad and you are not a tax resident in Brazil. If I understand correctly, then there is no income tax in Brazil (Brazil does not cover this income, as it is neither the state of the source of the income nor your tax residence). For this type of situation, there would only be IOF on the remittance of funds to Brazil, not income tax.
  
  I hope this information has helped you. If you need our support, feel free to talk to our team via WhatsApp or email!
- 25 de March de 2022 at 10:32 am #7224
  
  Milena
  Participant
  
  0
  ::
  Hello, Vinicius,
  I've been living in Germany for seven years and I've already made my exit declaration. I'd like to open an account in Brazil because my father wants to send me a certain amount of money, and the way we found to pay less tax would be if I had an account in Brazil in my name and transferred the money to my account abroad. Is that possible? What is the best way to proceed in this case?
  Thank you in advance for your attention and congratulations on the article!
- 25 de March de 2022 at 12:37 pm #7225
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Milena!
  
  Thank you for your interest in our content. If your question is only about opening an account, it would be to open a CDE. The banks that, in our experience, currently offer the best value for money are Santander and Banco Rendimento. The Declaration of Definitive Exit is one of the documents required to open an account.
  
  Regarding the donation, ITCMD taxation is the same, so you shouldn't have any special aspects to deal with.
  
  I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
- 1 de April de 2022 at 4:24 pm #7226
  
  Edivaldo
  Participant
  
  0
  ::
  Good afternoon Vinicius, congratulations on your work!
  For those who make the Declaration of Final Departure from the Country (DSDP), is the opening of a current account for those domiciled abroad (CDE) or a current account for non-residents in a Brazilian financial institution only obligatory for those who wish to keep financial resources invested in Brazil in national currency?
  Otherwise there is no such obligation?
- 5 de April de 2022 at 11:29 am #7227
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Edivaldo!
  
  Thank you for your interest. The Central Bank makes it compulsory to maintain any bank account, whether it has financial investments or not. In any case, when the intention is to liquidate all the investments by closing the account, there is only the closing of the account and liquidation of the amounts, without opening a CDE.
  
  Changes to the CDE rules are expected soon, in view of the New Foreign Exchange Law, which comes into force in 2023. I recommend waiting a while to find out what the Central Bank is going to propose.
  
  I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
- 6 de April de 2022 at 1:25 pm #7228
  
  MARCOS Martoni
  Participant
  
  0
  ::
  Is there a bank in Brazil that allows you to have a joint CDE account?
- 7 de April de 2022 at 5:24 pm #7229
  
  Rodrigo
  Participant
  
  0
  ::
  Hello, excellent website with lots of interesting articles. I have a question: I declared my permanent departure, I have lived abroad for 9 years and recently transferred all my money to the country where I live. I made a "transfer of assets" exchange. As I understand it, I have to close the account and open a CDE, so that I can receive the rent for an apartment as well as pay small bills (IPTU). Should I do this immediately or can I keep the current account and wait until 2023 for the new rules?
  
  Thank you
- 11 de April de 2022 at 12:28 pm #7230
  
  SAKINE RAHIM
  Participant
  
  0
  ::
  Hello,
  I bought an apartment in Brazil and now I need to send the purchase price to the seller. I only have an account with nubank and the amount of the purchase is 540,000 reais and is above the amount that nubank authorizes. I've lived in Canada for over 30 years and have never worked in Brazil. So I haven't made a definitive exit declaration. I wanted to open an account to send this amount in dollars and then transfer it in TED to the seller.
  What is the best way to send this amount? Would I have to send it in dollars directly to the buyer?
  
  Thank you very much.
- 11 de April de 2022 at 2:21 pm #7231
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Sakine!
  
  Thank you for your interest in our content. Generally speaking, you can do the procedure in two ways: (i). make a foreign exchange contract sending the funds directly from your account abroad to the account of the seller of the property in Brazil, or (ii). remit your money from your account abroad to a bank account of yours in Brazil, and from there make the payment to the seller of the property. The first option depends on you providing the institution carrying out the exchange with information on both parties and documents on the nature of the transaction. The second option involves you proving the origin of the funds you are sending abroad.
  
  Both alternatives have their pros and cons. My suggestion is that you contact the exchange desk of the institution you prefer and ask what documents they will require to make the exchange (either option (i) or (ii) above).
  
  It's not clear from your question what your real situation is in Brazil (whether you left the country without submitting declarations or whether you've been submitting them every year, only reporting the Brazilian part). In any case, the situation will need to be regularized to allow the funds to be transferred.
  
  I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
- 11 de April de 2022 at 3:08 pm #7232
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Rodrigo!
  
  Thank you for your interest. It's very difficult to give a recommendation without knowing the case, Rodrigo. Our experience with non-resident accounts has been that the recipient of the Central Bank's rules is the bank, not the client, and that it would therefore be possible to keep the account without penalties, pending certainty about what the new exchange rules will be (everything indicates that they will be made public at the beginning of May). At the same time, there are now banks that offer CDE at slightly more reasonable rates (such as Santander and Banco Rendimento). This decision needs to be made by you given the context.
  
  I can't give you a firm opinion, but I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
- 11 de April de 2022 at 3:15 pm #7233
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Marcos!
  
  Thank you for your interest. There is no joint CDE, simply because the Central Bank prohibits the CDE from being used as a means of carrying out operations in the interests of third parties (in this case, the spouse). That's why no bank offers it.
  
  I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
- 20 de April de 2022 at 6:06 am #7234
  
  Lilian Yalom
  Participant
  
  0
  ::
  Dr. Vinícius, would it be possible to donate the amount in a CDE account to someone residing in Brazil? In that case, what would the donation tax be? I've heard that when the donor and recipient live in different states, the tax is determined according to the state where the donor resides. If the donor is domiciled abroad, how would this donation tax be determined and charged?
- 24 de April de 2022 at 7:54 am #7235
  
  Joca
  Participant
  
  0
  ::
  I'm a non-resident foreigner and Banco Rendimento was very good about opening a CDE. From 95reais a month.
- 27 de April de 2022 at 3:13 pm #7236
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Lilian!
  
  Thank you for your interest in our content. Yes, it is possible to make a donation from a CDE. The bank that holds the CDE will charge for documentation to prove the transfer if the amount involved is at least R$ 100 thousand.
  
  Donation tax is usually due. The applicable law is usually that of the Brazilian state in which the donor is domiciled. When the donor is domiciled abroad, the Federal Constitution stipulates that a complementary law must determine which state has jurisdiction. In practice, each state has established its own rules on the matter and charges the tax. In 2020, the STF ruled that this charge was unconstitutional. For this reason, as long as this complementary law is not approved (today there is only a bill in Congress), it is not possible to demand state ITCMD on a donation when the donor is domiciled abroad.
  
  I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
- 20 de May de 2022 at 3:57 pm #7237
  
  Fernanda
  Participant
  
  0
  ::
  Good afternoon, Joca! Which bank did you open this account with, please?
- 23 de May de 2022 at 4:38 am #7238
  
  Elton
  Participant
  
  0
  ::
  I have lived abroad for about 30 years, I have never declared any tax in Brazil, because I came abroad when I was not yet of age, currently in Belgium I have a tax address, citizenship and residence in Belgium, out of ignorance on my part I did not know about the existence or need for a CDE, I have a bank account in Brazil and I invest in the capital market through it, (indices and futures), because I have a mailing address there in Brazil, can I continue to operate? What are the implications? How should I file the taxes since they are supposed to be delivered and declared here?
- 31 de May de 2022 at 8:50 pm #7239
  
  Jorge A. Jorge
  Participant
  
  0
  ::
  Dear Vinicius,
  Congratulations on your initiative to help people like those above.
  My case is as follows:
  I was transferred abroad 25 years ago and am now retired, living in the USA (citizen), having lived in several other places.
  I have notified the INSS of my non-resident status and as a result I have a deduction at source of 25% from my pension (by law), as does my wife.
  During this time, I never converted my Itaú and CEF accounts (I never knew I needed to) and continued with my investments at Itaú.
  What is the recommended procedure to regularize this situation?
- 3 de June de 2022 at 12:35 pm #7240
  
  Rosita Machado Aquino
  Participant
  
  0
  ::
  I need to know if the central bank is demanding an amount for me to pay in order to apply for a loan.
- 3 de June de 2022 at 12:46 pm #7241
  
  Joelson
  Participant
  
  0
  ::
  Good afternoon Dr. Vinícius!
  I'm planning to move to Australia at the end of 2022. I noticed that CVM64 (May 2022) was a note from that commission, to allow banks to regularize their situations and that of their clients, regarding opening CDE in brokerages. But what about the central bank? Has it recognized this? And are the banks and brokers in Pratt already opening such CDE accounts?
- 7 de June de 2022 at 6:20 pm #7242
  
  Bia
  Participant
  
  0
  ::
  Dear Dr. Tersi,
  
  I declared my permanent departure several years ago, but my "normal" account is still active in Brazil.
  Over the years I have made a number of direct transfers between banks (foreign and Brazilian).
  Sometimes, when I was visiting Brazil, I would withdraw money from my foreign account (via ATMs) and deposit it in my Brazilian account.
  Apart from those few times when I transferred/deposited some money, the Brazilian account earns monthly interest from savings and a fixed-income investment.
  
  To date, I have never been questioned by the bank where I have the Brazilian account, nor by the central bank or the IRS.
  Could this cause any problems? Should I change the account type ("normal" to CDE)?
  
  Thanks for the site and the great information, and for your attention in answering readers' questions.
  
  Sincerely,
  Bia
- 15 de July de 2022 at 9:14 pm #7243
  
  Sarah Souza
  Participant
  
  0
  ::
  Hello Dr.
  An Argentine client purchased a property in Brazil using funds from the sale of a property she owned in Argentina.
  He did the conversion through a bureau de change (the deed was presented to them), and paid for the property in cash, through a deposit in the sellers' account. She doesn't have an RNE, only a passport and a CPF, which was done to make the deed. We are unable to open an account for her here in Brazil. She would like to have an account because she intends to make another investment and it would be much more practical via bank transfer and also to make payments for the expenses of the property she has purchased (water, electricity, internet, IPTU etc.). What is the best way for her to make the next transactions, given the concern about having to declare IR? Does having an attorney help at all?
- 3 de August de 2022 at 7:17 am #7244
  
  Maria Fernanda
  Participant
  
  0
  ::
  Hello, I left Brazil on 30/04/22 (I entered Europe on 01/05) and I have to stay abroad for at least 4 years (I can't guarantee it, but that's what my work contract says). I live in France. But I intend to visit Brazil occasionally.
  I have an apartment in Brazil (it's not rented out and, for the moment, I have no plans to rent it out) and accounts at two banks (with investments in private pensions, CDBs and some investment funds).
  Reading about the complications of having a Non-Resident Account, I'm giving up on making the permanent exit.
  Naturally, I would continue to file my annual tax return in Brazil, indicating all the income I receive in France (and on which I pay withholding tax) - so as to justify the increase in my assets. Considering the Brazil-France double taxation agreement, I imagine that I would avoid paying "double" tax on my income. In the same way, I'm going to declare income tax here in France.
  One concern I have: if I don't make it back to Brazil within 12 months, what would the implications be? My wish would be to return to Brazil at least once a year - but I can't guarantee it, hence my concern.
  I've read a lot about the subject and tried to listen to other people's experiences. But it's a very personal decision and I confess I'm a little lost.
  What would your advice be?
  If I don't declare my departure now, can I declare it retroactively? Or would I declare from the last date of departure from Brazil (in case I return to Brazil on a trip)?
  Thank you very much and congratulations on your content!
- 8 de August de 2022 at 4:36 pm #7245
  
  Carlos Guimaraes
  Participant
  
  0
  ::
  Good afternoon Dr. Vinicius,
  
  I've been living abroad for 5 years and although I've left permanently, I haven't converted my account to CDE. I would like to know what the risks are of keeping the normal account. Thank you,
- 11 de September de 2022 at 4:45 am #7246
  
  Roberto
  Participant
  
  0
  ::
  Congratulations on your articles and information. I am retired and have lived outside Brazil for 5 years. I recently obtained residency in the country where I live. This country has no agreement with Brazil (to receive abroad), I am going to proceed with the Declaration of Exit and open a CDE, but my question is, does the INSS accept that a person living abroad receives through a CDE?
  Thank you very much
- 14 de September de 2022 at 7:45 am #7247
  
  John
  Participant
  
  0
  ::
  Sorry to be so honest, but an account that costs R$1000/m or R$300/m as in the case of Banco Rendimento, is impractical and even ridiculous for the vast majority of expatriate Brazilians and pushes us towards illegality.
  
  A financial system that makes legality so difficult is an oppressive system.
  
  Receita Federal and the Central Bank of Brazil together with the STF are our greatest national shame.
- 16 de October de 2022 at 3:16 am #7248
  
  Daniel
  Participant
  
  0
  ::
  Congratulations on the content, excellent article!
  
  I have a question. I've been a resident of Canada since 2014 and I filed my Final Exit Declaration in 2019 (retroactively for 2016/2015, noting that I became a non-resident in 2015). I recently obtained an opportunity to buy a plot of land in Brazil in installments. The down payment and first installment were paid by my mother (with money from her account), and for the first installment I made a transfer (from the Remitly website) to my mother's account who then paid the boleto.
  
  I intend to open a CDE (probably with Santander) so that I can transfer directly to this account and: make the payment of the boletos, reimburse my mother.
  
  Is there any problem with this procedure? If in the future I return to live in Brazil and have to declare income tax, would I have any problem declaring assets obtained in Brazil while I was not a tax resident in Brazil (and only declared income tax in Canada)?
- 26 de October de 2022 at 8:40 pm #7249
  
  Sandra Iuri
  Participant
  
  0
  ::
  Dr. Vinicius, I've just visited your site and I'm finding the articles very enlightening. Congratulations and thank you very much for sharing your knowledge.
  My sister left Brazil in 2018 to work in Japan, and since then she has been declaring her personal income tax as normal because she was unable to open a non-resident current account, not least because of the expensive fees she would have to pay.
  1) My mother is the attorney-in-fact and 2nd holder of a bank account that we hold jointly;
  2) My sister receives rent from a property;
  3) My sister wants to send money to Brazil to invest.
  Given the whole scenario, would it be better for my sister to declare her permanent departure, notify the sources of payment, pay 15% on the rent, open a bank account as a non-resident and no longer worry about the obligation to file a tax return every year?
  And since she left Brazil in 2018, can she declare her definitive departure now?
- 26 de October de 2022 at 11:41 pm #7250
  
  Gabriel
  Participant
  
  0
  ::
  Franklin, could you tell us more about the experience of having a CDE account with Santander?
  Do you have access to their Internet Banking? And when you're in Brazil, can you make purchases using a debit card? Can you make boleto payments, PIX transfers, and other common transactions from your online current account? What about investments? Do they offer the bank's own CBDs, private pensions, or any other options?
- 26 de October de 2022 at 11:55 pm #7251
  
  Gabriel
  Participant
  
  0
  ::
  I've had a CDE account with Banco Rendimento for about a year with the basic package, which currently costs R$ 29 per month. I'll tell you a little about my experience:
  
  * I can send money to the account via Wise or any other similar company at a lower cost than ordinary SWIFT transfers. And it's much faster via Wise.
  * When I'm in Brazil, there is no debit card with which I can make any payments in the shops. I end up having to use my foreign credit card for this, even though I have money in my CDE account to cover my expenses. For someone who spends a month a year in Brazil, this is a major inconvenience. What's more, if I want to withdraw cash, the only option is to go in person to the bank's office in São Paulo during business hours.
  * The bank only offers its own CDBs with very poor yields. There are much more attractive options on the market for those who are tax residents in Brazil and can choose the bank with which they have a relationship.
  * To make investments and redemptions in these bad CDBs, I have to stay up late at night, because I live in a country with a 12-hour time difference and the bank's system doesn't allow me to schedule these operations. I understand that operations can only be carried out during Brazilian banking hours, but it's completely unreasonable that the bank doesn't even offer a scheduling option.
  * When making payments via the mobile app (iOS), the app takes the date/time from the cell phone, which is set to the time zone of the country I'm in. When making payment transactions, for example, this causes all sorts of errors because the time differs from the current time in Brazil. It's a very amateurish implementation.
  * If I want to speak to anyone at the bank, the service is only available during Brazilian business hours. There is no 24-hour call center like most other banks offer.
  * There isn't even a savings account available with the CDE account, even though it is an investment exempt from income tax and would therefore have no regulatory obstacles due to its non-resident status.
  
  In the end, the money I invest in the bank's bad CDBs yields below inflation. In other words, I only lose money on this account. In short, I'm not happy at all, but I'm forced to keep it for lack of choice.
- 27 de October de 2022 at 11:12 am #7252
  
  Mizael R de Camargo Larocca
  Participant
  
  0
  ::
  Good morning, Dr. Tersi.
  By the way, researching the NR or CDE accounts, in view of my activities related to the foreign trade area, being a Broker Agent of Providers for BG SBLC issuance, Customs Broker trained in international, customs and maritime law. memorials for proof of the origin of funds
  First of all, I must commend your efficient work and valuable information content, which is easy to understand and very useful for guidance, congratulations!
  
  Here are the reasons for my simple question, for which I am grateful for your attention As I am Brazilian, and reside in Brazil, ! Can I open a Non-Resident Account in another country (UK) and make online transfers to my Brazilian bank account?
  what are the procedures to avoid violating foreign exchange legislation?
- 31 de October de 2022 at 1:59 pm #7253
  
  Carlos Montes
  Participant
  
  0
  ::
  Dear Dr. Vincius,
  Congratulations on your articles and thank you for your invaluable service.
  
  I've been researching for some time and I can't find an adequate answer for my case. I left Brazil a long time ago and declared my permanent departure. Now I intend to move back, also permanently. Among other minor things, I intend to take the amounts I have accumulated in my current account abroad, as a result of savings and the sale of a house I used to own. The source of the funds was my earnings from work during my permanent residence abroad. I saw in one of your answers the comparison between "income and assets". Would my situation be a transfer of assets and therefore not subject to income tax?
- 14 de November de 2022 at 8:09 pm #7254
  
  Gabi Nepo
  Participant
  
  0
  ::
  Hello Dr. Vinicius! I want to thank you in advance for your goodwill and help!
  I have a question! I've been living in Norway since 1990! I was very young (19 years old) when I left there and I didn't know that I had to declare permanent departure from Brazil, nor did I ever declare income tax there! I am a Norwegian citizen, I keep my Brazilian citizenship and I currently live in Portugal! When I went on vacation to Brazil in 2001, I bought my only property there while it was still under construction! But now I'm going to sell it! What will happen? Will the sale be registered with the IRS? Then I don't know what to do to be able to pay this tax on the sale in Brazil, without having lived there for so many years! I've also read on the websites of online remittance banks that it will be difficult or impossible to increase my limit to transfer this sum to my account in Portugal, without a declaration of income in Brazil! But none of my income is generated in Brazil, nor do I have a fiscal address there! What should I do?
- 22 de November de 2022 at 5:44 pm #7255
  
  Pedro
  Participant
  
  0
  ::
  Very good explanation!
- 12 de December de 2022 at 4:40 pm #7256
  
  Vinicius Tersi
  Keymaster
  
  0
  ::
  Hello, Bia! Thank you for your kind compliments and for your interest in our content.
  
  The first point that needs to be made regarding your question is that the he CDE account is the regular way in which a non-resident can hold a bank account in Brazil. According to Central Bank rules, a non-resident cannot hold a "normal" current account in the country. As far as the Receita Federal is concerned, the type of bank account doesn't matter.
  
  These Central Bank rules are aimed specifically at financial institutions, as are the penalties for non-compliance. Although we are unaware of any penalties or fines that could be applied to the person holding the account in question, we would stress that the correct way is to notify the sources of payment, close the "normal" accounts and open the account for those domiciled abroad.
  
  I hope I've helped. If you need our support, just contact us atWhatsApp or by e-mail contato@tersi.adv.br!
- 30 de January de 2023 at 2:38 pm #7257
  
  Carlos Franco
  Participant
  
  0
  ::
  Hi Vinícius, how are you? Congratulations on the articles, I follow several of them and there are always particularities that are clarified in the doubts of those who participate with each experience. With the Foreign Exchange Law coming into force in 2023, do you have any updates on this CDE point? Bank and account opening facilities, etc.? Thanks again for your attention. Cheers!
- 14 de February de 2023 at 2:33 pm #7258
  
  Paulo Eduardo
  Participant
  
  0
  ::
  In addition to ITCD, donations to non-residents are subject to income tax. But this tax is only levied on the remittance abroad of the amount received as a donation, right? If the money stays in the CDE, there would be no income tax, right?
- 10 de April de 2023 at 3:10 pm #7259
  
  Maria
  Participant
  
  0
  ::
  Hello Dr. Vinicius Tersi
  I read your website and found it very interesting, even useful for Brazilians living abroad. Your information is very specific and up-to-date.
  I'll make a note of your name and contact details so I can contact you when I need you.
  Thank you very much.
  Maria Maia
- 26 de April de 2023 at 7:55 pm #7260
  
  Ermano
  Participant
  
  0
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  Sorry, unless it's specific to the CDE account, but when a donation is made in kind, the recipient is the one who pays the tax according to the state where they live, so regardless of where the money came from, the recipient pays tax, as long as it doesn't exceed (in Rio de Janeiro) 11,250 ufirs, which today in 2023 is a total of R$48.745.12.
- 27 de April de 2023 at 9:55 am #7261
  
  Ermano
  Participant
  
  0
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  Hi Bia, how are you?
  Which country do you live in? I'm asking because I'm in a similar situation and from what I've been told, the countries communicate. I don't know to what extent this is true. If it is, the country you live in would know that your account is still open in Brazil and that would lead to double taxation. On the other hand, if you don't qualify for the mandatory income tax return in Brazil, then you would only declare the income of the country in which you live, plus your account in Brazil.
  Is that basically it?
  Thank you for sharing your experience.
- 11 de May de 2023 at 4:45 pm #7262
  
  Marco
  Participant
  
  0
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  Hello!
  I've been living abroad for 5 years and did my DSDP after 1 year of living abroad. I'd like to send some money to Brazil to invest in the stock market through a broker. Is it possible to carry out this operation by opening a CDE account and sending funds from this CDE account to the broker? How would this remittance from abroad to the CDE account be taxed?
- 22 de May de 2023 at 1:14 pm #7263
  
  Salmir Leo Ferrara
  Participant
  
  0
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  Thank you for such a useful and enlightening text on this obscure subject in our legislation, Vinicius! Please, based on your content, I would like to confirm the procedure I should follow: I made a permanent tax exit in 2018, and I will receive two amounts: i) one from a donation from a family member and ii) another from the sale of a property, both above R$ 200k. I've opened a CDE in Brazil to receive the amounts, and I want to invest in CDBs in this same CDE. I'm tax legal, right? Is there any tax to be paid by me when I receive the amounts? Can I send the investment income to my account abroad in the future? Thank you very much!
- 13 de September de 2023 at 8:51 pm #7265
  
  Helaine
  Participant
  
  0
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  Hi Vinicius, your explanations on the tax and banking situation of expats are very enlightening and useful. Congratulations and thank you for your valuable social work.
- 26 de September de 2023 at 7:22 pm #10199
  
  Daniel
  Participant
  
  0
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  Dear Dr. Vinícius,
  Congratulations on an excellent article. Very clear and practical. You could update it in light of Law No. 14,286/2021 and BCB Resolution No. 277/2022.
  I'm preparing a brief opinion on the subject and your article has helped me a lot. If you like, I can share it. Please let me know.
  Cheers and success!
  Daniel Gudiño
- 2 de October de 2023 at 7:43 am #10200
  
  Gio
  Participant
  
  0
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  Good morning Vinicius, Great article! I've been looking for something clearer on the subject for a long time and only found vague articles.
  In my case, I've been living abroad for almost 20 years, and I don't remember making any exit declarations at the time. In 2014, I lost my Brazilian nationality and acquired a European one. I'm married to a diplomat and I also have a diplomatic passport, changing countries every 4 years.
  During the pandemic, I bought a property in Brazil as a foreigner, and I used a BB account to carry out the transaction in question, sending euros through Wise and everything within what the Central Bank asked for at the time.
  My CPF has never been canceled and I have never declared IR in Brazil. My BB account is as if I still lived there, but the manager herself knows that I no longer reside there. I'm investing in Treasury Direct, but I'm always in doubt: Do I leave the situation as it is or open a non-resident account? I've never had any problems and I've already received life insurance money from both my father and my mother. My account is current and I have a credit card in Brazil, but I only use it when I'm there.
  The person who wants to invest in Brazil within the four lines, but the lack of information is enormous. When you lose your nationality, the lack of information doubles.
  Thank you in advance for any reply.
- 7 de December de 2023 at 12:36 pm #10219
  
  Gilson Filho
  Participant
  
  0
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  Hello, Vinicius. I hope you're well.
  First of all, congratulations on the content, very informative. And if I may, I have a few questions about my current situation.
  
  A bit of background, I left Brazil in February 2023 to work for a company in Bulgaria and I'll be making my Final Exit Declaration next year. Here, I'll also file my income tax return at the beginning of next year for what I received here that year.
  
  My question is this: I intend to make monthly international transfers (amounts below R$10,000.00) to a current account I hold in Brazil, would I have any tax due on these transfers? And if so, would a CDE relieve me of the obligation to pay tax?
  
  Thank you very much in advance.
  Gilson
- 19 de December de 2023 at 8:39 pm #10224
  
  Helmut Alexander Sedlmayr
  Participant
  
  0
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  a foreign resident who receives a donation in brazil needs to open an account in brazil. How is taxation in Brazil and Germany?
  Thank you very much
- 5 de January de 2024 at 8:02 pm #10230
  
  Lorenzo
  Participant
  
  0
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  Dr. Tersi, please, I am a foreign tax resident in Brazil and living in Brazil, my father is a foreigner and resident in Italy with tax residence in Italy. He wants to donate a certain amount to me and I would like to know if it would be legally possible for me to leave Brazil permanently, establish my tax residence in Italy to receive the donation (because there is no tax from father to son or ITCMD), live there for a few months or a year and then return to live in Brazil and re-establish my tax residence in Brazil to be able to bring this amount to Brazil after having declared it in Italy. Would this be a legally correct 100% procedure or would I be committing an illicit act? I have no intention of doing anything illegal, I'm just looking for the best solution for me, thank you very much.
- 26 de January de 2024 at 5:19 pm #10234
  
  Eliane
  Participant
  
  0
  ::
  Hello,
  Thank you very much for all the information. I have a very peculiar situation and I would like to see if you can help me.
  I left Brazil with my husband in August 2023. We intend to stay abroad for 2 years (he has a temporary job), and we're not sure what will happen afterwards, whether we'll want to return or not. I haven't received any income abroad until then, only him. Questions:
  1- From what I've read, my husband needs to report and declare his departure from Brazil, otherwise he could be taxed on the amounts acquired abroad, right?
  2- I would very much like to keep my BB account, as I have savings and situations where I need to make small (very small) transactions. Could I NOT declare my withdrawal, and do my individual income tax return normally, while he will declare the withdrawal?
  3- If I decide to do what I said in item 2, and perhaps only declare my departure the following year when I sort out my life, am I doing something illegal that could have consequences?
  Additional information: we intend to visit Brazil within the next year; we got married last year and have never filed a joint income tax return.
  Thank you very much in advance.
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