G
Golfingworld
New Member
Getting a bank account is very difficult for an individual non resident in Brazil...this is the crux of the problem for property owners that want to receive rental income. As far as I know it is only possible to get a bank account if you become resident or citizen through marriage, long term residency or by forming a Compay and investing in Brazil over USD$50k. You can get a bank account but like many things in Brazil the rules chop and change depending on who you know and who does what for you. To my mind these are things that all investors in developments should be pressuring their sellers on. As a block of 100 buyers they should get together and ask real answers from the developers on this question. It is claimed that the Companies managing these developments in a "pool" system will hold your revenue for you and pay you out (allegedly) in cash. They could in theory transfer the funds abroad but this will be costly and no regular. If you rent yourself (if they allow you to) then you need a local administrator to do this and pay bills receive funds etc..or you charge rents offshore before the money gets to Brazil. All these matters are very important issues, especially if you need an ncome to pay for your investment. I am the official "profit of doom" on here and thisis exactly why my view is that these off plan developments are over priced, risky and will not yield anything like the rentals that people are hoping for. Even if they do, you can't get your hands on the money. Frankly, the developers should help you resolve this issue as it is in their interest to do so, if they don't then what does this tell you?