Opening a Bank Account as a Brazil Real Estate Investor

October 22nd, 2009 by Ruban Selvanayagam 1 Comment
Opening a Brazilian Bank Account
The process of opening a bank acccount in Brazil is fairly simple and most real estate investors open an account through the Banco do Brasil (the main bank of Brazil).
You may need a Portuguese translator but, nevertheless, the documents required to open an account are fairly similar to most other parts of the world:
a CPF (Natural Persons) registration;
a bonafide identity document – a passport or birth certficate are usually the best forms of ID for an overseas investor (or an identity card, Brazilian driver’s license,
working permit, a special identity card;
a proof of residence (like a utility bill);
if you want to obtain credit (which will be fairly difficult as a foreigner initially)
you will be asked for further information (such as previous statements; a credit reference report etc.)
The Banco do Brasil will verify these documents and register you an account.  You will be sent your account details along with an ATM card and internet banking
information. Note that whilst you will be able to transfer relatively small sums of money from your bank account back home into your new Brazilian account (usually for
a nominal fee) you will need to have proxy a with a power of attorney at the Banco in order to transfer large amounts (such as for a real estate purchase which will
have to registered too).  Note Please also that you could also potentially lose your bank account should you fail to keep up with your taxes or not inform the CPF that you are tax exempt.

The process of opening a bank acccount in Brazil is fairly simple and most real estate investors use the Banco do Brasil (the main bank of Brazil) to manage their affairs.

You may need a Portuguese translator but, nevertheless, the documents required to open an account are fairly similar to most other parts of the world:

  • a Cadastro de Pessoa Física / CPF (Natural Persons) registration number;
  • a bonafide identity document – a passport or birth certficate are usually the best forms of ID for an overseas investor (or an identity card, Brazilian driver’s license if you have residency in Brazil);
  • a proof of residence (like a utility bill);
  • if you want to obtain credit (which will be fairly difficult as a foreigner initially) you will be asked for further information (such as previous statements; a credit reference report etc.)

The Banco do Brasil will verify these documents and register you an account.  You will be sent your details along with an ATM card and internet banking information.  Note that; whilst you will be able to transfer relatively small sums of money from your bank account back home into your new Brazilian account (usually for a nominal fee); you will need to have proxy a with a power of attorney at the Banco in order to transfer large amounts (such as for a real estate purchase which will have to registered at the Cartório de Registro de Imóveis too).  Also note that you could also potentially lose your bank account should you fail to keep up with your taxes or not inform the CPF that you are tax exempt.