[David B. Svaiter]

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Good morning, Vinicius.
I'd like to echo everyone's words: your explanations are complete and very enlightening - my sincere congratulations on both your knowledge and your didactic approach.

If possible, I would like to clarify one point: a national bank/brokerage where I have had investments in funds for some years offered me to open an investment account in the USA to invest in shares, with a deadline of 10 days, in accordance with the Central Bank's regulations. So I liquidated an investment in a national fund (withholding the IRPF portion) and deposited it in the account, paying a higher dollar for the purchase (broker's spread) and IOF 0.38%. I intend to keep the shares until I make a reasonable profit, at which point I should liquidate the operation (sell the share) and proceed in one of two ways:

1) Keep most of the balance in US dollars to reinvest in other US stocks.
2) Bring a portion of it back to Reais, so that you can reinvest it in Brazil or just spend it on personal expenses.

If possible, could you clarify these points for me?

a) What would be the ORIGIN OF THE RESOURCES? Reais or foreign currency?

b) Will the dollar value used be that of the broker (spread on purchase and repatriation) or the official one?

c) If I were the official, and hypothetically, wouldn't I be pointing to a non-existent profit? After all, the spread actually penalizes the operation, both when converting to USD and when reconverting to Reais.

d) If I sell the share and keep the balance in USD and then reinvest it in the US stock market, will I still have to fill in the GCAP (Capital Gains) form from the IRS if I make a profit?

I'm sorry if I've abused your time and expertise and thank you once again for your attention.

[Author]

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