Those who think that keeping resources abroad without accountability to the Brazilian and foreign tax authorities are awfully mistaken.
With the automatic exchange of information between governments — like what happens between Brazil and the United States (see below) — the number of Brazilians who are having headaches because of their international bank accounts, investment funds and other assets outside the Brazilian territory grows .
According to a report published by Valor Econômico, in September 2018 there were innumerable irregularities found in resources maintained by Brazilians abroad.
The agreement between Brazil and the United States: FATCA
Since 2015, the Foreign Account Tax Compliance Act (FACTA), an agreement between Brazil and the United States, obligates the financial institutions of these countries to automatically exchange information about their account holders.
To keep away from trouble if you have US-Brazil connected income, it is important to make a careful tax planning with a Certified Public Account (CPA), a specialist in accounting and tax law certified by the US government.
A CPA can guide you on the best options to keep your resources in the United States and move them with no further problems, as well as help you stay up to date with tax authorities in both countries.
Remember that failing to provide information or doing it incompletely or incorrectly can lead to high fines and headaches.