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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Founded in 2001, Tauil & Chequer Advogados is a full service law firm with approximately 90 lawyers and offices in Rio de Janeiro, São Paulo and Vitória. T&C represents local and international businesses on their domestic and cross-border activities and offers clients the full range of legal services including: corporate and M&A; debt and equity capital markets; banking and finance; employment and benefits; environmental; intellectual property; litigation and dispute resolution; restructuring, bankruptcy and insolvency; tax; and real estate. The firm has a particularly strong and longstanding presence in the energy, oil and gas and infrastructure industries as well as with pension and investment funds. In December 2009, T&C entered into an agreement to operate in association with Mayer Brown LLP and become "Tauil & Chequer Advogados in association with Mayer Brown LLP."
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This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.