Moving funds back out of Brazil - restrictions?

[davehoskings]

Hi Coxy,

This is the same as Paul Brasil mentioned.

What happens on with other properties owned,as here it is regarding single ownership in Brasil?

Regards Paradise Jericoacoara

interestingly it is nothing like you claimed your "accountant" told you, or did you just make that up like you seem to do a lot?

 

[Dotty]

I am not sure if you read the posts very well,take a look at Paul Brasil and Coxy comments on taxes.The threshold has moved from 400,000 to 440,000 on 1st properties.

interestingly it is nothing like you claimed your "accountant" told you, or did you just make that up like you seem to do a lot?

 

[robh]

I have a friend who is an agent in Singapore who sells a lot of property in Thailand and if you think getting money out of Brazil or doing business in Brazil is difficult then you need to buy a villa in Thailand.

As the villa is on land there is a problem, land cannot be owned by a foreigner, so the only way to buy a villa in Thailand is to open a company, but the company must be majority owned by a Thai national, who you need to (and want to of course) resign after the company is setup and the purchase has gone ahead. If you then wish to repatriate your profits doing it through official channels won't work very easily at all, if at all. So now there are a lot of Thai nationals who will take your money and send it to a relative of theirs living outside of Thailand as a gift. This gift is then passed on to you.

Rob.

 

[Mineiro]

I have a friend who is an agent in Singapore who sells a lot of property in Thailand and if you think getting money out of Brazil or doing business in Brazil is difficult then you need to buy a villa in Thailand.

As the villa is on land there is a problem, land cannot be owned by a foreigner, so the only way to buy a villa in Thailand is to open a company, but the company must be majority owned by a Thai national, who you need to (and want to of course) resign after the company is setup and the purchase has gone ahead. If you then wish to repatriate your profits doing it through official channels won't work very easily at all, if at all. So now there are a lot of Thai nationals who will take your money and send it to a relative of theirs living outside of Thailand as a gift. This gift is then passed on to you.

Rob.

Certainly doesn't fill you with confidence, does it?

 

[AlTag2000]

English Speaking Accountant in Rio

My father-in law passed away last year and owned several properties, stock etc in Brazil. Does anyone have an English speaking accountant in Rio they would recommend that could assist in getting the funds to the US upon liquidation of his assets?

 

[AlTag2000]

Transferring Funds

Hi Nick,

I just sent out R$95k without any problems. This I couldn't have done without the help of my lawyer and accountant as you need to ensure that the central bank has all the paperwork it needs to allow the transfer out and what tax, if any, is required to be paid.

Rob.

Rob:

Did you send your funds to the U.S.? If so are there certain banks you should use? We're going to need to make several transfers in the next year or so and I need to pick a few brains. Thanks.

Al

 

[robh]

Rob:

Did you send your funds to the U.S.? If so are there certain banks you should use? We're going to need to make several transfers in the next year or so and I need to pick a few brains. Thanks.

Al

Hi Al,

My money was sent from Banco do Brasil (who are probably the worst bank in Brazil) to Barclays in the UK, it took over a week but it got there in the end. You really need to engage a lawyer though as it would have taken me a lot longer without one and the major effort in getting the transfer through is making sure the paperwork is in order.

You could also ask Moneycorp as they are now doing transfers to Brazil (I used it myself for 40k€ last month and it works well, funds were properly registered, etc.) so they may now have the return route setup.

Regards,
Rob.

 

[Dotty]

Hi there,

A good idea would be to get in contact with British Consulate Rio.They have lists of english speaking lawyers and accountants based in Rio.
Usually when somebody passes away in Brasil it tends to take forever to resolve
asset distributions normally because info is missing with documnets,somebody makes a claim against an asset etc,etc.

My father-in law passed away last year and owned several properties, stock etc in Brazil. Does anyone have an English speaking accountant in Rio they would recommend that could assist in getting the funds to the US upon liquidation of his assets?

 

[AlTag2000]

Funds Transfers

Hi Al,

My money was sent from Banco do Brasil (who are probably the worst bank in Brazil) to Barclays in the UK, it took over a week but it got there in the end. You really need to engage a lawyer though as it would have taken me a lot longer without one and the major effort in getting the transfer through is making sure the paperwork is in order.


Regards,
Rob.

Rob:

Thanks for the information. We do have an attorney. We already have a deal on one property and as I understand it we will receive a check with a letter from a judge authorizing us to wire the funds from Brazil to the U.S. so all I have to do is go to a bank and request the funds be wired. Does this sound right to you?

If I have a Citibank account here in the States can I just take check to Citibank in Rio to expedite the transfer? Or are there only certain companies/banks that can be used?

Al

 

[AlTag2000]

Hi there,

A good idea would be to get in contact with British Consulate Rio.They have lists of english speaking lawyers and accountants based in Rio.
Usually when somebody passes away in Brasil it tends to take forever to resolve
asset distributions normally because info is missing with documnets,somebody makes a claim against an asset etc,etc.

Dotty:

Thanks for the response, I will contact the consulate. We do have an accountant who is preparing taxes but he only speaks Portuguese. My wife is fluent but I'm not and would like be able to converse with someone who I understand, It seems like a lot gets lost in the translation when I tried to get answers now when dealing with our attorney.

I understand about the time, we've been dealing with this since last April and we still have additional properties and a car to liquidate.

Any suggestions on how to sell a car down there?

Al

 

[Dotty]

They normally do not translate word for word (unfortunately).Persist with the portugese acountant by asking questions e.g is the inventory 100% ok?Are the documents all ok,is there anything missing , how long will this whole process take(in Brasil it's like asking how many trees are in the Amazon!!)Get hold of a native speaking lawyer as you do not speak portugese ) through the consulate or trade and commerce and that just might get it moving slightly quicker .

Unfortunately I am not a driver ,but you could try www.carros.com.br.:)

QUOTE=AlTag2000;77118]Dotty:

Thanks for the response, I will contact the consulate. We do have an accountant who is preparing taxes but he only speaks Portuguese. My wife is fluent but I'm not and would like be able to converse with someone who I understand, It seems like a lot gets lost in the translation when I tried to get answers now when dealing with our attorney.

I understand about the time, we've been dealing with this since last April and we still have additional properties and a car to liquidate.

Any suggestions on how to sell a car down there?

Al[/QUOTE]

 

[robh]

I just got this emailed to me:

"Brazil’s Finance Ministry has said that as of Oct. 23, Brazil will lift a 0.38 percent tax and a 1.5 percent tax on financial operations, Reuters reported. The removal of the tax is designed to facilitate inflow of foreign capital investments."

 

[jeduardo]

Capital Gains on real Property:

Although you should use a certified accountant or lawyer you can calculate your capital gains using a free program by Brazilian IRS (Receita Federal). It is "GCAP2008", "Ganhos de Capital 2008". http://www.receita.fazenda.gov.br/PessoaFisica/GanhoCapital/2008/GCapital/programaGCUnico2008.htm

Single properties owned for 5 years are exempt to R$440,000. Worst case scenario is that you own more than one property and are cashing out. The capital gains rate is 15% but the bottom line is more like 5-6% of the gross gains. As an example, a property purchased in 1986 for R$5000 selling for R$900,000 in 2008, your capital gains using above program will be R$49560.

 

[natalproperty]

Hello,

Basically, the advice that everyone is giving is that one needs to get an account and a good attorney.
We sold some land in Brasil and we want to transfer this money to the USA.

 

[robh]

Hello,

Basically, the advice that everyone is giving is that one needs to get an account and a good attorney.
We sold some land in Brasil and we want to transfer this money to the USA.

NP,

Is that a question or a statement? If it is a question then the answer is yes.

Rob.