quarta-feira, 26 de junho de 2013

Opening a Brazilian Bank account for non-residents

See also:

-Financial investments by non-resident in the Brazilian financial and capital markets

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.

Opening a non-resident bank account will require a - CPF (If you don`t know what a CPF is, please read this article). 

These accounts are usually very limited in the services they provide. Also, they are expensive to maintain. 

The non-resident account is more appropriate for investments in Bank Bonds (that provide interests similar to the Brazilian basic interest rates) and Poupança (a savings account that pays 6% of interest per year). 

Some banks will be willing to open bank accounts for non-residents against a minimum initial deposit of USD 100,000.00.  

I have contacts with a limited number of investment banks that provide this service. But compliance evaluation is very strict. 

Some people will prefer to incorporate in Brazil and use a corporate account, instead of managing a non-resident account. 

10 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?

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

    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

  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

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

  5. It is really complicated to open a bank account as foreigner in Brazil due law requirements like FATCA and other international requirements that scare the Brazilian managers who are not used to deal with this kind of account. But I have opened a bank account through a consultancy firm cksa Investments ( http://www.cksa.us ). I had to issue a proxy to their attorneys and they opened the bank account easily. However I had to pay fees for that but at least I have my own Brazilian account to receive my real estate rentals.

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