Click on the above article which was published in the Brazilian Chamber of Commerce (UK) magazine at the beginning of 2018.
It provides a concise explanation of the CRS and how will affect Brazilian residents – including expatriates – who are holding overseas assets.
“In 2016 the estimated value of undeclared overseas assets held by Brazilian residents was a staggering R$ 400bn. The RFB has one of the most technologically advanced cross- referencing systems in the world – and so the government, suffering from a severe budget deficit, can depend on the sheer might of the RFB machinery.”
“Individuals, who believe they are in an irregular fiscal position are advised to seek professional tax advice immediately instead of procrastinating or merely hoping that they will be not be identified via the information exchanges. Inaction is only more likely to result in more severe penalties being imposed in the future, with many tax lawyers believing that the RFB will impose fines ranging from 80% to 225% on the total value of an individual’s undeclared overseas assets.”