quarta-feira, 26 de junho de 2013

Opening a Brazilian Bank account for non-residents

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UPDATE - MARCH 2015: A middle-sized bank has informed me that it is willing to open bank accounts for non-residents against a minimum initial deposit of USD 50,000.00. 

UPDATE FROM 2014:  Several investment banks contacted me to say that, if the non-resident is an investor who is willing to make large deposits, the opening of accounts will be much easier in their banks


Can you have a Bank account in Brazil if you don't live here? Yes.


The Central Bank of Brazil authorizes the opening of bank accounts in Brazil by individuals and entities who are non-residents.

However, in addition to the fact that Brazilian banks are not obliged to offer such service, each bank has its own procedure, which are, in most cases, unreasonable and too complicated.

After a lot of research, I found that the procedure adopted by Banco Itaú is the most appropriate, which I briefly describe below. (I'm not affiliated with Itau nor authorized to speak in its behalf. Take this post as friendly advice. It is no more than that)

UPDATE FROM 2014:  Several investment banks contacted me to say that, if the non-resident is an investor who is willing to make large deposits, the opening of accounts will be much easier in their banks. 



Pre-registration

Firstly, the non-resident should carry out a pre-registration for opening the account through this link, by filling it up with the following information:

- Full name;
- CPF;
- E-mail for contact;
- Contact phone number;
- Level of education;
- Address in Brazil (where the bank correspondence will be received);
- Parents full name;
- Marital status;
- City, state and country of birth.

This pre-registration will only facilitate the account opening, since the manager will already be supplied with the client’s basic information at that time.

Documents

The advantage of Banco Itaú in relation to others is that it does not require a permanent visa from the foreigners, and does not require the account holder to come personally to Brazil to sign the charter. The non-resident is allowed to appoint an attorney/representative who will perform the entire procedure.

For opening the account, you must submit:

- Representative’s identity and copy (certified) of the account holder’s identity;
- Representative’s CPF and copy (certified) of the account holder’s CPF;
- Proof of residence (can be from an ascending, descending or spouse that live in Brazil, as long as the relationship can be confirmed);
- Proof of income (it does not need to be related to IR. It can be any document showing that the holder will be able to pay for the fees for account maintenance).



After these procedures, one must wait for the bank statement informing that the account is ready for operations and transactions.



7 comentários:

  1. it have very authentic process by Brazilian Bank account for non-residents. that should be better future planing. thanks for post.

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  2. Adler - how is this procedure different for opening bank accounts for a foreign company? In other words, a company without a CNJP?

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    Respostas
    1. It is much harder for a foreign company. The bank will ask for more documents, reference letters, etc.

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    2. Hello Anonymous and Adler! We aren an American company with subsidiary in Brazil and we support foreigner companies bank account opening in Brazil. Visit our website: www.cksa.us

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  3. Hello Anonymous and Adler! We are an American company with subsidiary in Brazil and we support foreigner companies bank account opening in Brazil. Visit our website: www.cksa.us

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  4. Thank you very much for sharing information that will be much helpful for making coursework my effective.

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Do you have any doubts or suggestions? Leave your message (the comments shall not be considered as legal advice)