Brasília – The Brazilian Central Bank received 16,528 statements of Brazilian capital abroad. The deadline for submitting the statement expired on July 30th, but the document may still be submitted. Late submission, however, results in a fine.
The statement is mandatory to all natural and legal persons living in Brazil that owned assets in currency, property and rights worth US$ 100,000 or more in foreign countries as of December 31st last year.
According to the Central Bank, the total value stated is yet to be calculated, because the system is open to receiving new statements. The fine for submission up to 30 days late is 2,500 Brazilian reals (US$ 1,400) or 1% of the stated value (whichever is lowest). For submissions from 31 to 60 days late, the value is 12,500 reals (US$ 7,100) or 5% of the stated value. A fine is also charge in case of non-submission or false statement. The fines result from administrative processes established by the bank.
According to the institution, statements of capital abroad contribute for Brazil to be aware of the wealth that it has in other countries, and of its foreign indebtedness.
Last year, the Central Bank received 16,105 statements, totalling US$ 170.397 billion. Deposits, currency loans, financing, leasing, capital leases, direct or portfolio investment, investment in financial derivatives and any other type of investment, including real estate and other property must be stated.
*Translated by Gabriel Pomerancblum
