In accordance with Resolution nr. 3.854/2010, issued by the National Monetary Council, and Circular nr. 3.624/2013, issued by the Brazilian Central Bank (“Bacen”), 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 of the year in question.
Furthermore, the same abovementioned rulings establish that 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 2016 CBE Declarations are the following:
i) the annual CBE declaration of 2016, concerning the reference date of December 31, 2015, must be submitted between 10am on February 15, 2016 and 6pm on April 5, 2016;
ii) the quarterly declaration concerningthe reference date of March 31, 2016, mustbe submitted between May 2, 2016 and 6pm on June 6, 2016;
iii) the quarterly declaration concerning the reference date of June 30, 2016, must be submitted between August 1 and 6pm on September 5, 2016; and
iv) the quarterly declaration concerningthe reference date of September 30, 2016, mustbe submitted between October 31 and 6pm on December 5, 2016.
The abovementioned CBE Declarations must be submitted to the Bacen 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, for submission to the Bacen, upon request.
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.
The Corporate Finance Department of Felsberg Advogados is available to provide any further clarification required on this matter.
CORPORATE FINANCE DEPARTMENT
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.