Has anyone bought property in Taiba (Fortaleza)?

[mouse 32]

[QUOTE=michaelbush;32596][I]I have as neighbour who wants to sell their house quickly. QUOTE]

Hi,

If in fact you don't end up buying, please drop me a line - I'd buy cash if the property interested me.

Mouse

[RalphJ]

Originally Posted by Camelungi

Hello RalphJ,

Thanks for your insight into this area about payment, it is sad that perhaps many folk have not understood this when buying property here in Brazil.

I have as neighbour who wants to sell their house quickly. I was kind of interested in the property but it is highly unlikely I will purchase as it would seem the only way they want to be paid is to their Bank account in Germany. I don't see any way this can be done without encountering legal problems for the buyer. I haven't challenged their opinion as the person involved is going through a rough time, but I will need to explain why payment needs to be made here in Brazil. Is there any articles or law documents which explain this fully?

Thanks in advance

Peter

Peter;

There are numerous reasons why someone that purchases a home in Brazil must send their money to Brazil from their own bank account. First and foremost this purchase money must be registered with Banco Central as entering brazil to purchase a property under the purchasers name and liquidated by the seller via a contract of buy and sell.

This enables the purchaser to 1. Qualify for an investors visa. 2. Have the capability of taking their money out of Brazil if he so chooses after he sells the property.

If banco central has no record of you sending money to the country then you won't be able to obtain a permanent visa, and you won't be able to send monies from the sale of the house out of Brazil if you choose in the future since naturally banco central has no funds recorded as entering from you to purchase or invest in Brazil.


Hope that helps a bit.


GL

[Camelungi]

Thanks Michael, Yes it does look like I need a solicitor. The guy is leaving on Friday so it looks like alot of rushing about - I really don't like rushing a property purchase until I am satisfied everything is ok. It looks complicated if he's going to be outside Brazil

Regards

Originally Posted by michaelbush

I have as neighbour who wants to sell their house quickly. I was kind of interested in the property but it is highly unlikely I will purchase as it would seem the only way they want to be paid is to their Bank account in Germany. I don't see any way this can be done without encountering legal problems for the buyer. I haven't challenged their opinion as the person involved is going through a rough time, but I will need to explain why payment needs to be made here in Brazil. Is there any articles or law documents which explain this fully?
Peter
You need to see a Brasilian solicitor. There is a way, if I have understood correctly, but it requires the purchase-sale contract to reflect the sale as a gift. The prefectura will then value the property for tax purposes only. You need to ask the person if they had bought the property with legally registered money. If so they have no problem in sending the money out to Germany, except the for exchange losses.

[Camelungi]

Hello Ralph,

Thanks for your help. That makes alot of sense.

I am married to a brazileira so the visa shouldn't present a problem - getting the money out of Brazil at some future date....well, I am not sure if I will need to, but you never know whats round the corner. Thanks for all your advice on the forum. Also helping, it would seem alot of people who have come unstuck in Brazil.

Maybe there should be a training camp for Gringoes wanting to invest or come to Brazil. I read and hear so many foreigners run into various problems ...alot which could be avoided if they were enabled to understand and had the right contacts.

Regards

Originally Posted by RalphJ

Peter;

There are numerous reasons why someone that purchases a home in Brazil must send their money to Brazil from their own bank account. First and foremost this purchase money must be registered with Banco Central as entering brazil to purchase a property under the purchasers name and liquidated by the seller via a contract of buy and sell.

This enables the purchaser to 1. Qualify for an investors visa. 2. Have the capability of taking their money out of Brazil if he so chooses after he sells the property.

If banco central has no record of you sending money to the country then you won't be able to obtain a permanent visa, and you won't be able to send monies from the sale of the house out of Brazil if you choose in the future since naturally banco central has no funds recorded as entering from you to purchase or invest in Brazil.


Hope that helps a bit.


GL

[RalphJ]

Originally Posted by Camelungi

Hello Ralph,

Thanks for your help. That makes alot of sense.

I am married to a brazileira so the visa shouldn't present a problem - getting the money out of Brazil at some future date....well, I am not sure if I will need to, but you never know whats round the corner. Thanks for all your advice on the forum. Also helping, it would seem alot of people who have come unstuck in Brazil.

Maybe there should be a training camp for Gringoes wanting to invest or come to Brazil. I read and hear so many foreigners run into various problems ...alot which could be avoided if they were enabled to understand and had the right contacts.

Regards

You're 100% correct Peter, ironic that you've said that. Besides developing our own projects, and also reselling properties, MJR also consults with investors to make them aware of all the potential pitfalls one must be made aware of when investing in Brazil. We have amassed a team of professionals, lawyers, architects, accountants, etc., that are both extremely competent as well as honest.

MJR, as well as another foreign investor in Sergipe, as well as the managing partner in a large foreign investment group here, are currently in the process of opening up an organization that is completely non-profit (SEFIA -Sergipe Foreign Investors Association) and have been promised the support of the state gov't. here in Sergipe. This organization will be similiar to what you described.....a "training camp" for foreign investors and will have numerous accredited professionals that the foreign investor can be sure they will be dealing with people that are both highly competent in their given areas as well as honest!

[robh]

Originally Posted by Camelungi

Maybe there should be a training camp for Gringoes wanting to invest or come to Brazil. I read and hear so many foreigners run into various problems ...alot which could be avoided if they were enabled to understand and had the right contacts.

Camelungi,

There are a few Brazil property buying guides which will give you a lot of information. We do send one out to customers and I have seen one online here: Brazil Property

Regards,
Rob.

[RalphJ]

Originally Posted by Camelungi

Maybe there should be a training camp for Gringoes wanting to invest or come to Brazil. I read and hear so many foreigners run into various problems ...alot which could be avoided if they were enabled to understand and had the right contacts.

Regards

And the last part, "having the right contacts", is undoubtedly the key. You can do all the research you want, and get all the "how to" booklets that exist, but unless you have competent and honest professionals helping you throughout the life of the investment process on the ground here in Brazil, then you could very well be in for unecessary problems.

Brazil, unfortunately, is not easy to navigate, and even more difficult to find honest, dependable, competent people to help investors....especially foreign investors.