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Its possible to buy a property in brasil without register the money in Central Bank ?

Discussion in 'Brazil Property' started by bana1104, Apr 7, 2008.

  1. bana1104

    bana1104 New Member

    Hi All,

    I was speaking with a few agents and it seems i could by propertys in brasil without register you money in central bank.
    One of the agents who i was spoken said me i could transfer the money for one europe account.

    Is it Possible ????
    in my opinion it seems ilegal but i don't know anything about laws.

    Someone could explain me this ?

    Thanks
    Jo
     
  2. robh

    robh Administrator Staff Member Premium Member

    Jo,

    You can do this, but you will have problems getting the money out of Brazil when you sell.

    So it is probably not worthwhile doing unless you intend to hang on to the property forever or else you can find someone to buy the property off you later by also not registering their money with the central bank (not too likely).


    Regards,
    Rob.
     
  3. bana1104

    bana1104 New Member

    Thanks for your reply

    ok it seems it's not ilegal.

    The only problem is get out the money from brasil.

    But in case if you want to keep your money in brasil it seems a good choise no ????

    Cheers
    Jo
     
  4. robh

    robh Administrator Staff Member Premium Member

    Jo,

    What sort of deal is this? How much money are you talking about?
     
  5. bana1104

    bana1104 New Member

    Around 600.000 R$

     
  6. robh

    robh Administrator Staff Member Premium Member

    Is this a resale or a new build?
     
  7. bana1104

    bana1104 New Member

    thanks for your quickly reply.

    will be a New build

     
  8. robh

    robh Administrator Staff Member Premium Member

    Jo,

    It sounds a bit strange that the money isn't going to be registered in your name for a new build.

    Are you sure your money isn't being sent to a lawyer's trust account who would then forward the money on in your name?

    Where and on which development are you buying?
     
  9. bana1104

    bana1104 New Member

    I was speaking with a few agents last week. And they said me it not a problem to buy without register.

    problably will be a resale i don't know

    I'm thinking to buy in cumbuco area but i still doesnt have any choise for now. I'm open to see more things in that area.

    I will check it next month in brazil.

    Problably what you said in your last line could be possible.



     
  10. michaelbush

    michaelbush New Member

    It is not legal to receive money into Brazil into an account here, whether it be the sellers account or your own account, without it being registered at the Central Bank of Brasil. It is an offence that could put you in jail, and also the recipient. The Federal Police here investigate on behalf of the Receita Federal such cases. If you are being asked to send money in this fashion, it will end up black money and could be consficated. Also I would be very suspicious of any developer asking for that. Why would you want to do it? A sure fire way to get cheated! Using Casas de Cambio it may still be possible, but I think they have tightened up on them now.
     
  11. bana1104

    bana1104 New Member

    Thanks Michael,

    I didn't say i want to do it, i just ask if it is possible to do it because a few agents said me that.

    That's why i was put this post just to clarify my clues. I'm a new possible investor in Cumbuco and before buy some property i really like to be inform from everything.

    After read your email i could see its ilegal (because in this case it seems the sellers doesn't have account in brazil but juts in europe)
    correct ???

    Thanks for you reply
    jo

     
  12. michaelbush

    michaelbush New Member

    The problem will then also be to register the property in your name at the value paid. If no money enters Brazil then it is a gift, which would be valued by the prefectura for tax purposes. You would then be taxed on the whole sum on sale as capital gain, and still not be able to take the money out! If the developer does not have a company in Brazil with a bank account, then again be suspicious. What agents told you it is possible? Other people may wish also to avoid wrong advice.
     
  13. Dotty

    Dotty Banned

    The most important thing to do in Brazil is put your money through the central banking system(if you do not )then it will be tough to try and get the money out because it willd not show what resourses and how the money got in the country.
     
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