March 09, 2020

Declaration of Brazilian Capital Located Overseas - CBE

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According to Resolution No. 3.854/2010 of the Brazilian National Monetary Council, individuals and legal entities resident, domiciled or headquartered in Brazil, who possess an amount equal to or greater than US$ 100,000, or its equivalent in other currencies, in assets and rights located overseas, are obliged to present a statement to the Brazilian Central Bank named “Declaração de Capitais Brasileiros no Exterior (CBE)”.

In accordance with Circular No. 3.624/2013 of the Brazilian Central Bank, the annual statement related to the December 31, 2019 cut-off date must be submitted by 6:00 pm of April 5, 2020.

If the assets and rights located overseas are equal to or greater than US$ 100,000,000, or its equivalent in other currencies, must also be filed quarterly statements during 2020.

The fines for failure to comply with these rules range from 1% to 10% of the amount subject to the statement or from R$ 25,000 to R$ 250,000, whichever is the lowest.

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