Effective February 16, 2015, Declarations of Brazilian Capital Abroad must be submitted to the Brazilian Central Bank.
In accordance with Resolution No. 3,854 of May 27, 2010, all individuals or legal entities resident, domiciled or headquartered in Brazil, who, as of December 31 of each year, possess assets, goods, and rights abroad in the total amount equivalent to or higher than USD 100,000.00 (one hundred thousand dollars), must submit a Declaration of Brazilian Capital Abroad to the Brazilian Central Bank.
This annual declaration, which relates back to December 31, 2014, must be submitted to the Brazilian Central Bank between 10 a.m. on February 16, 2015 and 6 p.m. on April 06, 2015.
The individuals or legal entities possessing on March 31, June 30 and September 30 of each year amounts equivalent or higher than USD 100,000,000.00 (one hundred million dollars), or its equivalent in other currencies, must submit their respective quarterly declarations as per the schedule set forth in Circular No. 3,624/13 of February 06, 2013 in addition to the annual declaration mentioned above.
Non-compliance with the rules governing the Declaration of Brazilian Capital Abroad will result in fines charged by the Brazilian Central Bank. If necessary, regularization of omissions and/or the previous failure to file a declaration may be made through a specific administrative procedure with the Central Bank.
Legal Basis:
Decree 1,060, dated October 21, 1969
Provisional Measure 2,224, dated September 04, 2001
Resolution CMN 3,854, dated May 27, 2010
Circular BACEN 3,624, dated February 06, 2013
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.