1. Please be reminded that in compliance with the National Monetary Council Resolution ("Resolução") No. 3,854, of May 27, 2010 and the Brazilian Central Bank′s Ruling ("Circular") No. 3,624, of February 06, 2013, the individuals and legal entities resident, domiciled or with headquarters in Brazil (including expatriated individuals who, for tax purposes, are regarded as Brazilian individuals) are obliged to present to the Central Bank a list of the assets and rights that they held outside Brazil on the reference-date of December 31, 2015, in the amount equivalent to or exceeding US$100,000.00 (one hundred thousand US Dollars) (or the equivalent in other currencies), and that they hold on the reference-dates of March 31, 2016, June 30, 2016 and September 30, 2016, in the amount equivalent to or exceeding US$100,000,000.00 (one hundred million US Dollars) (or the equivalent in other currencies). The declaration to be made in relation to the reference-date of December 31, 2015, shall be presented to the Brazilian Central Bank within the period comprised between February 15, 2015 and 6pm of April 05, 2016.
2. In case the total amount of the assets and rights held abroad on each relevant reference-date is lower than the amounts mentioned above, the obligation to present the declaration to the Central Bank does not apply.
3. The following types of assets held abroad shall be declared to the Central Bank:
- bank deposits;
- financing transactions (of export of goods and/or services);
- direct investments;
- portfolio investments;
- financial derivatives investments; and
- other investments, including real estate and other assets.
4. Administrators of Brazilian investment funds must inform the totality of the funds′ investments made abroad, describing the type and characteristics of each investment.
5. The registration of this declaration shall be made directly by each declaring party in the Central Bank′s website, as follows:http://www4.bcb.gov.br/rex/cbe/port/cbe.asp.
6. For more information, we recommend you to verify the Declaration of Assets held Abroad Guide ("Manual do Declarante de Capitais Brasileiros no Exterior"), which is already available in relation to the reference-date of December 31, 2015 at: http://www4.bcb.gov.br/rex/CBE/ajuda/ajudaCBE2014.asp?idpai=CBE
7. The individuals or entities who fail to comply with this obligations might be subject to the applicable administrative penalties, which include fine of up to BRL250,000.00.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.