According to the Resolution No. 3.854, of May 27th, 2010, and the Circular No. 3.624, of February 6th, 2013, both from the Central Bank of Brazil, individuals or legal entities resident, domiciled or headquartered in Brazil, must declare to the Brazilian Central Bank, all assets and values held abroad, when the amount is equal to or greater than:
- US$100,000.00 (one hundred thousand US dollars) or the equivalent in other currencies. In this case, the obligation to present the statement is on an annual basis and the base period is on December 31st, 2014. Application of the Statement of Brazilian Capital Abroad (CBE) must be delivered from February 18th, 2014 to April 6th, 2015; and
- USS$100,000,000.00 (one hundred million US dollars), or the equivalent in other currencies. In this case, the obligation to present the statement is on a quarterly basis and the base period are: (i) March 31st, 2015 and the application must be delivered from April 30th, 2015 to June 5th, 2015; (ii) June 30th, 2015, and the application must be delivered from July 31st, 2015 to September 8th, 2015; and (iii) September 30th, 2015, the application must be delivered from November 3rd, 2015 to December 7th, 2015.
Assets and values included by the statement are deposits, loans, financing, financial leasing, direct investment, portfolio investment, financial application (derivatives), real estate and other assets and claims against the resident or domiciled abroad.
Penalties may apply in failure to comply with such regulation:
- statement delivered after the deadline: R$25,000.00 or 1% (one percent) of the amount subject to statement, whichever is less;
- statement delivered with incorrect or incomplete information: R$50,000.00 or 2% (two percent) of the amount subject to declaration, whichever is less;
- failure to provide a report or submit the documentation to the Central Bank of Brazil of the declared information: R$125,000.00 or 5% (five percent) of the amount subjected to declaration, whichever is less;
- false statement or false information regarding the amounts subject to declaration: R$250,000.00 or 10% (ten percent) of the amount subject to declaration, whichever is less.
The statements should be retained for a minimum period of five years from the base date for submission to the Central Bank of Brazil.
We are remain at your disposal to assist with the drafting and delivery of the Statement of Brazilian Capital Abroad.
Corporate Team at Pacheco Neto Sanden Teisseire Law Firm.
