Moving funds back out of Brazil - restrictions?

[ExpatNick]

Hello,

A lot of posts relate to the proper method of sending funds into Brazil from outside in order to be able to re-patriate those funds later. It seems to me quite straightforward that incoming funds must be registered in the sender's/investor's name by the Central Bank of Brazil in order to permit those same funds to be removed when required.

My question is this: if I send 40kGBP, properly registered etc, when I decide to cash in on my investment, (hopefully) I will have substantially more than my 40k, so how do I repatriate the amount above that 40k? i.e. if I put 40k in, I'm allowed to withdraw only 40k, so what happens to the profit?

Any (valid!) responses most welcome: thanks in advance.

ExpatNick.

[RalphJ]

Originally Posted by ExpatNick

Hello,

A lot of posts relate to the proper method of sending funds into Brazil from outside in order to be able to re-patriate those funds later. It seems to me quite straightforward that incoming funds must be registered in the sender's/investor's name by the Central Bank of Brazil in order to permit those same funds to be removed when required.

My question is this: if I send 40kGBP, properly registered etc, when I decide to cash in on my investment, (hopefully) I will have substantially more than my 40k, so how do I repatriate the amount above that 40k? i.e. if I put 40k in, I'm allowed to withdraw only 40k, so what happens to the profit?

Any (valid!) responses most welcome: thanks in advance.

ExpatNick.

You can send the profit. It's possible you may have to show that you've paid tax on it though. Best thing to do is to talk to a good accountant.

Nick -

Ralph (MJR) gives good advice, and I'll add that moving $ out of Brazil is one big pain in the a$$! I don't remember the entire procedure and my investment group's #1 guru won't participate here, suffice to say, good luck.

Did I say GOOD LUCK?

[robh]

Originally Posted by ExpatNick

Hello,

A lot of posts relate to the proper method of sending funds into Brazil from outside in order to be able to re-patriate those funds later. It seems to me quite straightforward that incoming funds must be registered in the sender's/investor's name by the Central Bank of Brazil in order to permit those same funds to be removed when required.

My question is this: if I send 40kGBP, properly registered etc, when I decide to cash in on my investment, (hopefully) I will have substantially more than my 40k, so how do I repatriate the amount above that 40k? i.e. if I put 40k in, I'm allowed to withdraw only 40k, so what happens to the profit?

Any (valid!) responses most welcome: thanks in advance.

ExpatNick.

Hi Nick,

I just sent out R$95k without any problems. This I couldn't have done without the help of my lawyer and accountant as you need to ensure that the central bank has all the paperwork it needs to allow the transfer out and what tax, if any, is required to be paid.

Rob.

[jennifer.fordd]

Nick,

You mean repatriate money that you have in a company in Brazil? Or you mean from a purchase of a property you have here?

[Dotty]

I Have invested in Brasil over the yrs and always reinvested in Brasil and not removed the monies to the UK ,but as the market has been dropping in the uk property market I have decided to invest some money there too.
Now the info I have been given here in Brasil and the info on this forum are conflicting .The forum says you pay 15% in CGT(fails to mention sqaushed if reinvested within 5 mths).Also I have been told that 15% also need to be paid in tax for removing money out of Brasil.Which would make the taxes pretty hefty!
Can the people that have LOTS of experience in these matters give some advise to buyers and sellers.Would be of help.
Happy day

[davehoskings]

Originally Posted by Dotty

I Have invested in Brasil over the yrs and always reinvested in Brasil and not removed the monies to the UK ,but as the market has been dropping in the uk property market I have decided to invest some money there too.
Now the info I have been given here in Brasil and the info on this forum are conflicting .The forum says you pay 15% in CGT(fails to mention sqaushed if reinvested within 5 mths).Also I have been told that 15% also need to be paid in tax for removing money out of Brasil.Which would make the taxes pretty hefty!
Can the people that have LOTS of experience in these matters give some advise to buyers and sellers.Would be of help.
Happy day

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

[Dotty]

But did you move money out of Brasil within the 5 mths to pay just 15% ?

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??

[jennifer.fordd]

Originally Posted by Dotty

I Have invested in Brasil over the yrs and always reinvested in Brasil and not removed the monies to the UK ,but as the market has been dropping in the uk property market I have decided to invest some money there too.
Now the info I have been given here in Brasil and the info on this forum are conflicting .The forum says you pay 15% in CGT(fails to mention sqaushed if reinvested within 5 mths).Also I have been told that 15% also need to be paid in tax for removing money out of Brasil.Which would make the taxes pretty hefty!
Can the people that have LOTS of experience in these matters give some advise to buyers and sellers.Would be of help.
Happy day

Dotty,

Did you open a brazilian company in order to do your investments and now you want to send the profit back through your brazilian company or you just purchased some plots as natural person and now want to sell them?

[Dotty]

Jennifer,

I have been selling personal properties which have seen hugh gains over the yrs and would like to take some money out to reinvest in the UK market whilst the prices are dropping and basically that's it ,but there are a few ?? in relation to the full tax costs involved when doing this and within a time limit and it would be a 1st.

Originally Posted by jennifer.fordd

Dotty,

Did you open a brazilian company in order to do your investments and now you want to send the profit back through your brazilian company or you just purchased some plots as natural person and now want to sell them?