On 30 July, the CMN (Conselho Monetário Nacional) raised the minimum declaration requirement for residents of Brazil. The limit was multiplied by 10, from US$100,000 to US$1,000,000.
Only individuals (pessoas físicas) holding the equivalent of US$1M overseas are required to complete the annual DCBE (Declaração de capitais brasileiros no exterior).
The decision was taken to reduce the cost of administration and monitoring, given that a large number of Brazilians and foreigners were required to comply with the annual declaration. No doubt, this decision will be welcomed by most expatriates and long-term foreign residents, many of whom own property and bank accounts in their home countries, exceeding the former US$100K level.
More information at the Banco Central website.
Disclaimer: We are providing guidance and personal opinions which should not be interpreted as formal legal or tax advice. We recommend that you consult your accountant or contact us if you would like to be referred to a suitable accountant, based on your needs.
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