If you have values of any nature outside of Brazil, stay tuned: in July, the National Monetary Council (CMN) approved two amendments that will simplify the rules for declarations made by foreigners who have deposit accounts in reais in Brazil and for individuals or legal entities, resident in Brazil, who have assets abroad.
In the first change, the CMN raised the minimum amount for the provision of information to the Central Bank on movements of foreign bank funds made in reais: it was R$ 10,000, now it’s R$ 100,000. According to the Central Bank, in some situations it will still be necessary to provide information on transactions below R$ 100 thousand, but only in specific cases.
The second change brought up the minimum value of the annual Brazilian Capitals Abroad (CBE) declaration. From now on, those who have investments outside of Brazil should only declare assets with values above US$ 1 million. Before, the declaration was mandatory above U$ 100 thousand.
The new rule will take effect on September 1, 2020.
Deadlines for submission of the CBE declaration
If you need to submit quarterly the declaration of Brazilian Capitals Abroad, pay attention to the deadlines:
- For quarterly statement referring to the trigger date of June 30: from July 31 at 6 pm to September 5 of the same year;
- For quarterly statement referring to the trigger date of September 30: from October 31 at 6 pm to December 5 of the same year.
The Drummond Advisors professionals can assist you with your CBE statement.
