Property in Brazil - General buying and selling tips for Brazil

[michaelbush]

yes it is much more complicated!! you cannot have a bank account in Brasil unless you are resident- ie. with a resident's visa. This does not prevent you buying a property in Brasil. If you want your rental income paid it will need to be sent to an account abroad by the rental management company. So far none of the developments that promise a rental guarantee are up and running, so it has not yet been tested by their clients. Maybe our legal mane Jose Santiago can answer this one. If you rent yourself and get aid in the UK or Europe the problem will not arise.

[PeixeGato]

Well let me ask the question in another way:

If I open an HSBC bank account here in the US, can money that is collected from a rental in Brazil be deposited into a local HSBC branch in Brazil into my bank account that was opened in the US? I know I can withdraw money from an ATM at a local branch in Brazil, but can R$ be deposited into my account?

PG

[michaelbush]

the short answer is NO!! You just cannot have a bank account here without a permanent visa. the only ay is use the cash point machines to draw cash in Reais from your overseas account. I suggest you have more than one card, since I have many instances where for one reason or another a card fails!
As far as I am aware rentals collected under a management system can be sent abroad to the owners account. I am not sure if there is a withholding tax for non-residents. perhaps someone else could address this point.

[wolfgang]

Mike,
I will address it for you.
The Brazilian Government withholds 10%.It is called "Contribuicao de Intervencao no Dominio Economico"
The better news is that this may be deduced from a U.K. tax return under the dual taxation treaty.

[glyn]

Waht bad experience with manazares , as I am in middle of using them now to purchase a villa in mar de tabatinga
glyn

[glyn]

has anyone else bought in mar detabatinga in natel , any info regarding development
glyn

[debzor]

Originally Posted by PeixeGato

Well let me ask the question in another way:

If I open an HSBC bank account here in the US, can money that is collected from a rental in Brazil be deposited into a local HSBC branch in Brazil into my bank account that was opened in the US? I know I can withdraw money from an ATM at a local branch in Brazil, but can R$ be deposited into my account?

PG

From experience I can tell you that it is very, very difficult to send money out of Brazil. It is also expensive and needs a detailed, notarised contract for each amount.

Frankly this is because of the number of politicians who accumulated millions, if not billions, of Reais and deposited their gains abroad. So the government has become very tight about it.

[shawnpuett]

True however it is easier to get the money out if your account in Brazil is in your name and the account abroad is also in your name. (MATCHING ACCOUNTS) When you are in Brazil you should go to your Local branch and set up online banking and do a test transfer before you leave the country to know exactly what you will need. Inside the banks online transfer frames you can find the proper forms to fill out and even pre-authorize certain accounts to receive money. However The HSBC can only be deposited into other HSBC inside Brazil without the forms, when the money leaves the country it does not matter that it is another HSBC. By the way you chose a good bank.


From experience I can tell you that it is very, very difficult to send money out of Brazil. It is also expensive and needs a detailed, notarised contract for each amount.

Frankly this is because of the number of politicians who accumulated millions, if not billions, of Reais and deposited their gains abroad. So the government has become very tight about it.[/quote]

[shawnpuett]

Folks it is simply not true that you can only open a bank account with a residency visa. There are SEVERAL ways to get around that. If any one needs help with opening a bank account in Brazil and does not have a residency visa I suggest contacting cpfservicesbrazil(dot)com

[shawnpuett]

Originally Posted by PeixeGato

Well let me ask the question in another way:

If I open an HSBC bank account here in the US, can money that is collected from a rental in Brazil be deposited into a local HSBC branch in Brazil into my bank account that was opened in the US? I know I can withdraw money from an ATM at a local branch in Brazil, but can R$ be deposited into my account?

PG

It is easier to get the money out if your account in Brazil is in your name and the account abroad is also in your name. (MATCHING ACCOUNTS) When you are in Brazil you should go to your Local branch and set up online banking and do a test transfer before you leave the country to know exactly what you will need. Inside the banks online transfer frames you can find the proper forms to fill out and even pre-authorize certain accounts to receive money. However The HSBC can only be deposited into other HSBC inside Brazil without the forms, when the money leaves the country it does not matter that it is another HSBC. By the way you chose a good bank and yes people you can open a Bank account without a permenent visa you dont even need an ID card with a cpf and Passport it can be done, Will the bank tell you these other ways? Haha most likely the personel working there will be unfamiliar with the processes ... you can contract proffesionals to help you with that at CPFSERVICESBRAZIL(DOT)COM