Land V Off plan

[michaelbush]

Janalouki
We have been over this before- you cannot fix the rate in the UK or buy forward the Brasil Real. All transfers should, in the case of a private person (Pessoa Fisica) be made direct to the seller's account in Brazil so that it is registered at the Central Bank of Brasil as an investment. This facilitates the repatriation. If it is not registered coming in, you will not get it out (legally). Just to test the case I have made an application with the relavant questions and if I get a response will post it for you all.

 

[michaelbush]

I made the application to Smart Currency and have got their Client pack and more info- all the examples they use are for currencies you can buy in the market. THe Real is different along with loads of other currencies. Do not use any route that brings cash into Brasil without being registered, not only will it give you problems but is also Illegal! They are paranoid about money laundering! I guess there are several Norwegian developers who are now regretting this as they went to jail for alleged money laundering and ruined the market there for Brasil, because of the bad press they got in Norway! I guess as well, since you cannot have a bank account yourself without a permanent visa, you will take a big risk if you send money through an exchange house for a purchase here to the seller's account. The seller could just take the money and run. Since it entered illegally how do you go to court? You might not get such a good rate but your investment is safely regsitered in the Central Bank.

 

[michaelbush]

Have today received a phone call from Smart Currency. They have confirmed that the Real is a restricted currency and they can only send dollars for you and fix a dollar rate. However they can help if you are buying in Morocco, Europe etc.