Residents of Brazil with foreign assets at the end of 2020 may need to file a CBE declaration with the Central Bank. You read that correctly. Your nationality doesn’t matter; the filing is related to your residency in Brazil.

CBE means Capitais Brasileiros no Exterior. It’s a yearly declaration that applies to both individuals and companies. The filing period always starts on February 15 and ends at 6 p.m. on April 5 (Brasília time). Last year, the deadline was extended to June 1 because of the pandemic. However, the treat is not likely to repeat itself again this year.

The second requirement relates to the total amount of assets you had outside Brazil on December 31. If that was equal to or greater than US$1,000,000.00, you must file a CBE. The Central Bank provides a quick Q&A on its website to help you figure out if you must comply. Check it out here and click on Avalie a obrigatoriedade de declarar CBE.

Filing is done online through the Central Bank’s website. Just enter your CPF and password and start filling out your investments, including the value and type of each asset you own.

If you’re waiting for information about your investments, you’ll still want to file on time. You can always file a revised declaration within 60 days of the original deadline.

Failure to comply can give rise to fines up to BRL$250,000.00 (approximately US$46,000.00). So check your residency status and financial statements while there’s still time.