As from February 15, 2020, all individuals and companies, resident, domiciled or headquartered in Brazil, holding values, assets, goods and/or rights overseas in a total amount equal to or greater than USD 100,000.00 (one hundred thousand US dollars) or the equivalent in other currencies, must submit their annual Declaration of Brazilian Capital Overseas (“CBE Declaration”), calculated on the reference date of December 31, 2019.
Furthermore, those individuals or companies holding values, assets, goods and/or rights overseas in a total amount equal to or greater than USD 100,000,000.00 (one hundred million US dollars) or the equivalent in other currencies – in addition to being required to submit the annual declaration mentioned above – are also required to submit quarterly CBE Declarations on the reference dates of March 31, June 30 and September 30 of the current year.
The terms for submission of the 2020 CBE Declarations are the following:
I) the annual CBE declaration of 2020, concerning the reference date of December 31, 2019, must be submitted between 10am on February 15, 2020 and 6pm on April 5, 2020;
II) the quarterly declaration concerning the reference date of March 31, 2019, must be submitted between April 30, 2020 and 6pm on June 5, 2020;
III) the quarterly declaration concerning the reference date of June 30, 2019, must be submitted between July 31,2020 and 6pm on September 5, 2020; and
IV) the quarterly declaration concerning the reference date of September 30, 2019, must be submitted between October 31, 2020 and 6pm on December 5, 2020.
The abovementioned CBE Declarations must be submitted to the Brazilian Central Bank by means of the form available on the bank’s website – www.bcb.gov.br – and must include information on the following goods and rights: I) deposits; II) financial loans; III) financing; IV) financial leasing operations; V) direct investments; VI) portfolio investments; VII) investments in derivatives; and VIII) other investments, including real estate and other goods.
Those responsible for the submission of the CBE Declarations must keep the supporting documentation relating to the submitted information on file for a period of five (5) years counting from the reference date of the CBE Declaration.
We should point out that late submission of the CBE Declarations, the failure to submit such declarations, and/or submission of incorrect, incomplete or false information, may result in the imposition of fines by the Brazilian Central Bank.
This article is intended exclusively to provide information and does not contain any opinion, recommendation or legal advice from Felsberg Advogados in relation to the issues addressed.
