Non-Resident Bank Accounts for Foreigners in Brazil

 

Non-Resident Bank Accounts for Foreigners in Brazil

By Jose Santiago January 25, 2009Banks in Brazil do not open regular bank accounts to foreign individuals who do not have legal and permanent residency in Brazil, which is always verified by whether the foreigner has a RNE card.For this case and a few others there are the non-resident bank accounts, however they are not common in Brazil for foreign individuals. Despite the fact that they prescribed by the current legislation and are fundamental in many circumstances, almost all financial institutions in Brazil do not offer such accounts due to the excessive compliance requirements and excessive governmental scrutiny. These accounts are necessary for a variety of situations ranging for people who simply want to invest their money via a bank account in Brazil to large international corporations that sends and receives numerous international wire transfers on a monthly basis. For example, they are fundamental for foreign individuals who do not have an RNE and thus do not have a bank account in Brazil, but need to sell real estate property in Brazil and get the funds. They are also a great tool for those individuals planning to invest in the financial market in Brazil. Nonetheless, such accounts and their necessity have become more popular in Brazil and now more financial institutions are opening non-resident accounts. Most financial institutions charge heavy monthly fees and requires large amounts of funding, but there is a new bank based in Sao Paulo that requires an investment of R$50,000.00 (fifty thousand Reais) for a 6 (six) months period only. Should you need additional information in this matter, feel free to contact my office. Jose C. Santiago Attorney at Law DISCLOSURE: All information herein given is merely for elucidative purposes. It reflects current Legislation, which can be modified in the future. In case of questions regarding a particular case/issue, always consult with your own attorney.

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