Moving funds back out of Brazil - restrictions?

[Dotty]

Originally Posted by davehoskings

I have already told what you need to pay which I know from experience. Why don't you see an accountant to be sure??

Thanks for that info,

The accountant said that if you sell below 400,000 reais then you are FREE of CGT,but if it is over 400,000 reais then you need to pay 15% CGT +15%+2% if you plan on moving money out of Brasil.

[Serene]

I'm getting rather confused here, are you then saying that 32% taxes in total are to be paid?
This seems an very high figure.

[robh]

Originally Posted by Serene

I'm getting rather confused here, are you then saying that 32% taxes in total are to be paid?
This seems an very high figure.

I have clients who have moved millions out and they never paid anywhere near 32%. They also made sure that their payments were registered properly. I don't see Dotty's posts but I imagine she is mixing up income and capital gains taxes.

[davehoskings]

Originally Posted by Dotty

Thanks for that info,

The accountant said that if you sell below 400,000 reais then you are FREE of CGT,but if it is over 400,000 reais then you need to pay 15% CGT +15%+2% if you plan on moving money out of Brasil.

What are the names of the taxes as we all would like to know on this forum how you came to this figure?

[Dotty]

Well as Rob's an agent and has experience sending money out maybe he will know.I do have not have experience in sending money out of Brasil ,only quoting what the accountant said.

Originally Posted by davehoskings

What are the names of the taxes as we all would like to know on this forum how you came to this figure?

[davehoskings]

Originally Posted by Dotty

Well as Rob's an agent and has experience sending money out maybe he will know.I do have not have experience in sending money out of Brasil ,only quoting what the accountant said.

Most accountants I know tell you exactly what the tax is, but I suppose if your accountant is an imaginary one then he probably doesn't.

[Dotty]

As you have plenty of experience in buying and selling and sending money overseas then it might be an idea to tell all what one needds to pay and what the taxes are for.I have quoted what I was told by a brasilian accountant , but have not sent money overseas.
Funny how one who seems to know everything cannot help possible future buyers and sellers and people that may like to invest in the future, yet another sends millions out cannot mention % only it's nowhere near 32%,well what is it then????.I can only think that people will be less interested in purchasing than purchasing which can do people like Robh no favours at all.

Originally Posted by davehoskings

Most accountants I know tell you exactly what the tax is, but I suppose if your accountant is an imaginary one then he probably doesn't.

[davehoskings]

Originally Posted by Dotty

As you have plenty of experience in buying and selling and sending money overseas then it might be an idea to tell all what one needds to pay and what the taxes are for.I have quoted what I was told by a brasilian accountant , but have not sent money overseas.
Funny how one who seems to know everything cannot help possible future buyers and sellers and people that may like to invest in the future, yet another sends millions out cannot mention % only it's nowhere near 32%,well what is it then????.I can only think that people will be less interested in purchasing than purchasing which can do people like Robh no favours at all.

Dotty, you are the one claiming that it is 32% but you won't even step up to the plate to offer any evidence!! I can see why people ignore you a lot.

[PAUL-brasil]

Originally Posted by Dotty

Thanks for that info,

The accountant said that if you sell below 400,000 reais then you are FREE of CGT,but if it is over 400,000 reais then you need to pay 15% CGT +15%+2% if you plan on moving money out of Brasil.

Dotty,

1) If you sell after 5 years of ownership of the property and it is the only property you own in Brazil, and the property sale is under R$440,000 then it is tax free on Capital Gains.

2) Regardless of when you sell or the amount of sale, if you reinvest within 6 months the full amount then this would also be tax free. If you reinvest with the 6months but under the full total sale price, you may pay some CG tax but can be offset against your new investment.

3) You can also claim back 4% a year on de- appreciation for every year you have owned the property against any CG.

Regards
Paul

[Dotty]

Thanks Paul- proper answers.

Now for the part about moving money out of Brasil(CGT is one thing and moving money out is something else) -would you happen to know the taxe/s involved or percentage as the accountant said another 15% is applied which seems pretty high and I was also told this by an International lawyer in Natal who deals with property transactions.

Regards and respect

Dotty

Originally Posted by PAUL-brasil

Dotty,

1) If you sell after 5 years of ownership of the property and it is the only property you own in Brazil, and the property sale is under R$440,000 then it is tax free on Capital Gains.

2) Regardless of when you sell or the amount of sale, if you reinvest within 6 months the full amount then this would also be tax free. If you reinvest with the 6months but under the full total sale price, you may pay some CG tax but can be offset against your new investment.

3) You can also claim back 4% a year on de- appreciation for every year you have owned the property against any CG.

Regards
Paul