Blindness and stupidity when investing in Brazil

[markapple]

so true

Good morning everyone

Reading some of the posts here I must say I am surprised by the degree of stupidity some of these “investors to be” have.
First allow me to introduce myself: comprehensive professional experience in Brazil, 100% fluent in Portuguese, owner of a couple of apartments in Natal RN.

When I see common investors going into “off plan” projects of 25.000 units, 10 resorts or 4 golf courses, all this spiced with new airports, marinas and so on… I am simply shocked.

First of all let us put things into context:

1.
BRAZIL IS NOT A MAJOR TOURIST POWER. In fact, despite the beauty and other real assets of the country, Brazil ranks as no. 33, with arrivals at the level of countries like Sweden or Dominican Rep. No way such complexes are going to be filled (if ever concluded) with golfers and other tourists in a foreseeable future.

2.
BRAZIL HAS A HIGH LEVEL OF CORRUPTION, ranking as no. 62 in a list of 160 countries with a score of 3,7 (no. 1 being the les corrupt, with a score of 10). Certificates, deadlines, advice of lawyers, contracts and justice have a relative value there.

In addition, the level of incompetence and bureaucracy is difficult to imagine for somebody who has not worked there.

Gamblers, be blinded by smart web sites and go on with these science fiction projects.

No Gamblers read this:
do not buy anything just to get a rent, buy an apartment only as a long term investment and only if you like spending holidays in Brazil. You may cover expenses by renting to colleagues and friends, but do not count on it as a part of your budget.
Buy something that exists and can be valued and assessed.
Or, taking a risk, buy “off plan” ( “na planta”) only in major cities carefully selecting the project and only if this aims at Brazilians. Do not believe any mumbo jumbo guaranteeing rental income.

I know what I am saying. Should anyone need advice in Rio Grande do Norte Natal: varatraza2000 in the gmail.

Good luck

Good job! I have been shocked by what I have heard from americans and Brits who have bought "projects" in brasil. As an american, I've lived here for over 4 years now and have had been taught the hard way. But I have fought back, learned the system and am coming out ahead. I had to move here to do it. trying to resolve problems from inside the country is hard enough but living outside the country would be IMPOSSIBLE! I've started a company in Fortaleza that will force ethics on the "professionals" , companies, etc. Keep an eye out for my company SPESA - Society Promoting Ethics in South America. We are trying to help people find ethical lawyers, accountants, builders, etc. We will certify them as ethical by forcing them to be transparent and resolve any and all problems through arbitration (6 months as opposed to 6 years legal process). Anyone can contact me at phasinc @ hotmail com.

 

[Bostero]

Can someone please help me. My father-in-law passed away three years ago. He was a U.S. citizen and a resident of Brazil. He worked for years at GE in Rio. He left a sizeable estate down there, all purchased while living there with Brazilian funds. We are now in the process of selliing his property but our Brazilian attorney can not seem to get a straight answer from any one down there as to how we get the Reais converted to dollars and wired to our bank account in the U.S. since we can't open a bank account in Brazil since we aren't resident. Does anyone have any experience with this thanks.

Al

AlTag,

Were you ever able to get your funds etc. transferred? I am in a similar situation at the moment, and would like to "cut to the chase" to find some answers!

-Bostero