Brazil: Opening A Bank Account In Brazil!!

[deedee1]

Hi all,

I have recently bought property in brazil and was wondering if anyone could contribute any information on how to open a bank account??

What banks do you recommend and why??
What documents do you need to take?
Do you have to go in person to open one- or can a solicitor do that for you?
What is the whole process?
What can and cant you do once you have a bank account over there- I.e transfering money, withdrawls, intereste rates etc?

Any information would be GREAT PLEASE!

See ya D

[Jose C. Santiago, Esq.]

Hi Deedee1, please send me an email, and I will provide with a referral.

Cordially,

Jose C. Santiago
Licensed Attorney – Brazil
Licensed Real Estate Agent – USA
Phones: (55-11)9348-5729 - São Paulo
(800)983-7060 - Miami

[MDV]

Hi again Dee, remember and post the results of the referral, I cant wait to hear about it.
MDV

[nickohorny]

The money is paid in Real through a brazilian bank account which you can open on owning property.

[Golfingworld]

Nick, that's a new one on me, perhaps you can tell me about how to go about it. I have been told that there is absolutely no way you can open a Bank account in Brazil unless you obtain either residencia or you start a business. I have also been told that monies to buy a property are transferred direct to the developer or the seller through the Banco de Brasil as I am not allowed to open an account and therefore would not be able to hold funds in Brasil. It is, I believe (reading another thread on here) possible to obtain residencia (and thenBank account) through the fast track scheme where someone invests over USD 50k and a property purchase qualifies for this. But, unless residencia is obtained, no bank account is possible and certainly not possible, just because you have purchased property. So and this won't surprise you, I am not sure you are right in what you say or have been told! Once again, delighted to be proved wrong, all helps to fill the info gap.

[nickohorny]

Oh, i must be wrong then, I knew any means of money must go via Banco de brasil, wether being placed into the country or taken out... this must be what i am thinking of, I was sure you are qualified for a bank account once your CPF num is in place?

I will have to check this out then.

Cheers
N

[deedee1]

Hi all,

GW- Appreciate your comments regarding this but realistically in all your posts you seem to only be able to make comparisons on everything by using spain as the example!
I am aware of the closeness and good relationship between spain , portugal and brazil especially as brazils latin population has stemed from these countries but that does not mean to say that brazil will be functioning 100% like spain or portugal!
They do have their own rules and regulations and may not follow the lead of these countries by the book!
Yet again the information you have given is based on theories and not fact, you are going according to the operations of different countries and therefore different government- in fact I have heard that if anything the brazilian system are very similar to the uks!!

In theory , as it is very early days in brazil yet is that by not permitting purchase and withholding rental licenses and preventing foreigners with properties to open bank accounts this will not do the brazilian economy any favours!
This will deter buyers, sellers and investors from purchasing and will also reduce and create a huge chunk of rental income tax for the brazilian government and cause alot further complications down the line!

I think that large resorts being built in prime locations that have the potential to achieve great rental incomes will be approved as yet again this provides the government with rental income taxes etc!

It does not make sense for a significantly increasing and expanding economy to make these kinds regulations as they would be cutting off their nose despite their face!!

Hhaaa....would gordan brown ever introduce this kind of regulation restricting foreign ownership, buy to let and rentals.....not at all!!!Neither would any other government for that matter!!!

Spain probably has these regulations NOW as the supply and demand factors are up the creek and that there are major issues with oversupply of properties and rentals that it has spiralled out of control and this is a means to try to control it!!

As for not allowing bank accounts for foreigners in brazil- I cant see this is true or will never change- if so then how have people been investing and buying in brazil if this is not possible???
Yet again it makes more sense to allow foreigners to open a bank account so they can deposit funds in brazil- yet again more investment being pumped into the economy!!!
As long as you own property in the country you have bought you are entitled to open a bank account there!!!
Or so it is in all the other countries???

So at the moment what your saying doesnt stack up??
And even if it is true then brazils economy will not be able to function this way as it becomes impossible for all to operate this way??
Yet again if what you say about brazil is true then they will need to re-think their laws and regs pretty quickly before it gets too messy and deters people from investing in brazil once word is out???

See ya D

[Golfingworld]

Dee, Mr Broad would be ideally placed to arbitrate this one..he knows both Spain and Portugal and speaks the lingo in both. My "limited" experience in Brazil tells me that everything I see there and how things are done reminds me very much of Spain and Portugal 25+ years ago. Life has a pattern and Brazil will look to Spain and Portugal to follow what has happened with their tourist/real estate markets. They will learn from their mistakes, allegedly! I raised the licence issue as it has hit a lot of foreigners in the solar plexus as so many were just assuming they could do what they want based on ex-pat hearsay, rather than fact. They are a canny lot the latins and in general us anglo saxons, don't generally realise how canny they are. They also have a habit of doing what they want when they want, when it comes to legislation particularly when it obtains a few quid for the Hacienda and particularly when it is the foreigner that has to foot the bill! I don't blame them one iota. This licence business in Spain is a good example, as was the Portuguese "offshore companies owning properties" change. Both these issues were singularly "un-mentioned or predicted" by the Agents and Developers who were pumping out properties on the costas 2/7 years ago. I doubt anyone has even thought about it when buying in Brazil..bearing in mind the website I read last night which stated that BA, Thomson, Airtours, Thomas Cooke, 1st Choice and wait for it BMI Baby all fly direct to Natal! So based on the fact that this airline info is complete bullxxxx how soon do you think they will rush to tell you about a potential rental tax or licence, whilst you are signing their contract? As for Banks etc, I agree with you..but this ability to shoot themsleves in the foot when it comes to arcane bureaucratic rules and laws is very common and contrary to conventional wisdom it doesn't change as quickly as it should or could. It took Spain and Portugal 20 years to change, then they moved fast, but my guess is that Brazil will be the same. Overall and now the bullets have flown over my head, I feel I am achieving my mission which is learning a lot through discussion but also trying to dispel some of the naive notions that I have read about the "Brazilian Property Boom". Why, because I don''t want to pay over the odds in a market that has been falsely stoked up by some who may (allegedly) be peddling falsehoods. It's like I read all these sites that say "make sure you get a good lawyer" to me it is like reading their personal absolution. How do you get a good lawyer....do you go to a lawyer and say "Escuse me ...are you a good Lawyer?"..."no mate, I'm an awful lawyer, but there's one over the road!" When did you last hear that?

[mitico67]

Hi All,
as I'm planning to buy a property in a small development or even a resale in the south of Natal, I appreciate all the questions that GW has raised. So once I found the right place to buy I'll have more questions that my agent and solicitor will have to answer for me. I think Mr Santiago or all the other lawyers that write in this forum may give us a precise answers.Thanks all for the debate

[Golfingworld]

Here's another one! If you don't buy a unit in a fixed development, but a resale or private flat or house and you can't get a bank account, as you are not resident..how do you pay your electric bill? Wells Fargo? If you are not resident, how do you sign for services such as community charges, gas, electric, phone etc etc? You can't just turn up with cash every three months...so how is it done? I need to learn as I intend to buy a resale. I assume you need an administrator so that's an extra cost. Advice welcome!