Declaration of Brazilian Capital Overseas
In accordance with the Resolution No. 3.854/2010, issued by the National Monetary Council, and Circular No. 3.624/2013, issued by the Brazilian Central Bank (“BCB”), all individuals and companies, resident, domiciled or headquartered in Brazil, holding values, assets, goods and/or rights overseas in the total amount equal to or greater than USD 100,000.00 (one hundred thousand US dollars), or the equivalent in other currencies, shall submit the annual Declaration of Brazilian Capital Overseas (“CBE Declaration”), on the reference date of December 31 of the previous year.
Additionally, the same above-mentioned rulings establish that those individuals or companies holding values, assets, goods and/or rights overseas in the 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 obligated to submit the annual declaration referred above – are also obliged 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 CBE Declarations in 2015 are the following:
i) the annual declaration concerning the reference date of December 31, 2014 must be submitted during the period between February 18 and 6pm on April 6, 2015;
ii) the quarterly declaration concerning the reference date of March 31, 2015 must be submitted during the period between April 30 and 6pm on June 5, 2015;
iii) the quarterly declaration concerning the reference date of June 30, 2015 must be submitted during the period between July 31 and 6pm on September 8, 2015; and
iv) the quarterly declaration concerning the reference date of September 30, 2015 must be submitted during the period between November 3 and 6pm on December 7, 2015.
The above-mentioned CBE Declarations must be submitted to the BCB by means of the form available on BCB’s website – www.bcb.gov.br – and must include information on the following goods and rights:
ii) financial loans;
iv) financial leasing operations;
v) direct investments;
vi) portfolio investments;
vii) investments in derivatives; and
viii) other investments, including real estates and other goods.
Those responsible for the submission of the CBE Declarations must keep the supporting documentation relating to the submitted information for a period of five (5) years counting from the reference date of the CBE Declaration, for presentation to the BCB, upon request.
We point out that the untimely submission of the CBE Declarations, the lack of submission of such declarations and/or submission of incorrect, incomplete or false information, may result in the imposition of fines by the BCB, which may reach the amount of BRL 250,000.00 (two hundred and fifty thousand Brazilian reais).
The Corporate Finance Department of Felsberg Advogados is available to provide any further clarification on this matter.
Evy Cynthia Marques, Vivian Tito Rudge e Lays Simão Pedro
CORPORATE FINANCE DEPARTMENT
This publication is merely informative and does not contain any opinion, recommendation or legal advice on the part of Felsberg Advogados with respect to the matters here discussed.